In this article, we'll discuss information about the Feisty Doge NFT project and NFD token.
Feisty Doge NFT is a fractionalized piece from the original Doge NFT auction on Zora using Fractionalized.art
Fractional is a decentralized protocol where NFT owners can mint tokenized fractional ownership of their NFTs. These tokens then function as normal ERC20 tokens which have governance over the NFT that they own.
Fractional NFT Ownership
Through Fractional, it will become easy to buy and hold a percentage of an NFT. This allows users who have been previously priced out of certain NFTs or artists (such as Beeple) to be able to buy a piece of their work. Alongside this, fractionalizing an NFT allows for the NFT holder to be able to see some liquidity from their asset without selling the entire piece.
Alongside individual NFTs, users will be able to fractionalize entire collections of NFTs and release them under one fractional ownership token. This will allow for users to enjoy learning from the industry knowledge of accomplished NFT collectors while being able to collect fractions from their curated vaults.
A non-fungible token (NFT) is type of cryptographic token which represents ownership of a unique asset on the blockchain. No two NFT tokens have identical attributes, which means that the NFT that you hold exclusively belongs to you. It is yours, and only yours. Smart contracts prevent duplication and the public nature of blockchains ensure the scarcity of the asset.
There are numerous benefits of fractionalizing NFTs. For the original owner, fractionalizing provides increased liquidity and quicker, more efficient price discovery, while reducing volatility. Secondly, it allows buyers either priced out of certain pieces, or those who want to diversify their portfolio over a more broad collection, the ability to do so.
Though trading volume is far off its momentary peak of $310M in May, volume has rebounded recently, exceeding $110M in transactions during the last month, a figure that still is higher now than at any point from 2020. About ⅔ of that figure is through primary sales, while the rest is accounted for from secondary sales. A more bullish indicator is the 30 day moving average for the amount of active wallets, which has remained steady from March to June, even with decreased trading volume. Over 27,000 unique wallets bought or sold an NFT during the month.
Cryptocurrencies are inherently risky, and emerging asset classes like NFTs are no exception towards the rule. In fact, as a whole, this asset class may carry even higher volatility than other crypto assets. While the NFT space has seen strong momentum, that may not always be the case; research accordingly and proceed with caution.
All NFTs held by the Fractional protocol are custodied in the protocol smart contracts. They can only be withdrawn in the case of a buyout auction or if a user has accumulated 100% of the total supply of the token. This is to make sure that there is no situation in which the NFT can be withdrawn from the platform unless through a planned withdraw.
Token holders have the ability to continuously vote on a reserve price. The weighted average of this vote decides on the price needed to initiate a buyout. Alongside the reserve price, a buyout is also limited by a minimum quorum of token voters. This quorum is set by governance.
A buyout can happen when there is an external party who deposited ETH that is greater than or equal to the reserve price after a minimum percentage of token holders have voted on the reserve price. This will kick off an auction. At auction completion, the NFT will be withdrawn and fractional owners will be able to trade in their tokens for ETH.
Token governance's primary focus is in creating safeguards for the system to allow for fractional owners to hold their tokens in peace. This is primarily through finding edge cases in the ownership models and working through different griefing vectors and then eliminating those through settings, variable caps and governance upgrades. Some examples here are capping curator fees, setting a minimum auction length or in serious cases kicking a curator from their role.
Benefits of fractionalizing an NFT:
Curator fees are the core of monetization for NFTs on Fractional. When an NFT holder who wants to fractionalize their token (curator) brings an NFT to the platform, they are able to choose a fee. This fee is the annual supply inflation of the fractions of the NFT they lock up. This is constantly dripped to the curator. This fee unlocks consistent returns equal to a percentage of the total value of the trading fractions.
This fee can be updated at any time by the curator. This value is capped at a maximum which is set by Fractional governance to disallow for hyperinflation.
Increased Utility and DeFi Legos:
Through fractionalizing an NFT, the curator is able to reduce their ownership of their NFT(s) by distributing a percentage of their fractions to others in whichever way they desire, while also maintaining bragging rights that they own a fraction of the NFT. Options include creating a mechanism to realize liquidity through third party AMMs such as SushiSwap or UniSwap, creating competitions, or fun airdrops to target audiences.
By fractionalizing NFTs into ERC20 tokens, tokens will be able to be used in native DeFi protocols in the existing DeFi ecosystem such as AMM pools, lending platforms, and options protocols.
This unlocks a variety of use cases for the NFT holder.
Benefits of fractional ownership:
Buy in with any amount:
Users will be able to buy fractions of expensive NFTs at whatever their desired price range is. This unlocks high end and iconic NFT ownership for a group of users and collectors who have otherwise been unable to access or afford them.
Own with friends:
Now it is easy to buy ownership of the same NFT with friends. Whether this is one person buying the full NFT and fractionalizing it or just a group all buying fractions of the same NFT, it is easier than ever to be aligned with your friends on NFTs and a part of these exciting communities.
Total Supply: 100,000,000,000 NFD token
How and Where to Buy NFD token?
NFD token is now live on the ETH mainnet. The token address for NFD is 0xDFDb7f72c1F195C5951a234e8DB9806EB0635346. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
Just be sure you have enough ETH in your wallet to cover the transaction fees.
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet
If you don’t have a Metamask wallet, read this article and follow the steps
Transfer $ETH to your new Metamask wallet from your existing wallet
Connect Metamask Wallet to Uniswap Decentralized Exchange and Buy, Swap NFD token
The top exchange for trading in NFD token is currently: Uniswap (V3), AOFEX, 1inch Exchange, Hotbit, and DODO
Find more information NFD token:
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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