Digest 001 — INTRODUCING FISHFACTORY NFTs
Fishfactory Protocol project shall be joining the NFT space in addition to it’s Utility and DeFi features for $XFP tokens.
INTRODUCTION TO NFTs
The creation of Bitcoin introduced the concept of trustless, digital scarcity to money. Before it, the cost of digitally copying of something was next to nothing. With the advent of blockchain technology, programmable digital scarcity has become possible — letting us map the digital world to the real world.
Non-fungible tokens (NFTs), often referred to as crypto collectibles, expand this idea.
Unlike cryptocurrencies, where each token is equal, non-fungible tokens are unique and limited in quantity. NFTs are a key building block in a new, blockchain-powered digital economy. Numerous projects have experimented with NFTs in a variety of use cases, including gaming, digital identity, licensing, certificates, and fine art. What’s more, NFTs even allow for fractional ownership of high-value items. Copied from Binance Academy
WHAT IS NFT?
A Non-Fungible Token (NFT) is a type of digital token that represents a unique asset. These can either be entirely digital assets or tokenized versions of real-world assets. As NFTs are not interchangeable with each other, they function as proof of authenticity and ownership within the digital realm.
THEN, WHAT IS FISHFACTORY NFTs?
The Fishfactory NFTs are collectibles which represents a unique type of digital art-work 🎭 surrounding the protocol either as a redeemable tokens backed to $XFP or as tradable-genie arts convertible to Fishfactory NFTs token ($FROE) at Protocol infrastructure.
Fishfactory NFTs are of two art types:
Type A: Redeem-ABLE NFTs
Type B: Trade-ABLE Genie NFTs
A. What are Redeem-ABLE NFTs:
These are digital-art collectibles minted with a total backing supply of 20 Billion Fishfactory Protocol ($XFP) tokens, which are redeemable according to their nft product class and can be re-cycled.
TYPE-A ART CLASSES
#1. THE FRY.NFT
FRY.NFT are redeemable collectibles with a backing supply of 1,000,000 $XFP. Only 1000 FRY.NFT can be minted.
#2. THE FINGE.NFT
FINGE.NFT are redeemable collectibles with a backing supply of 10,000,000 $XFP. Only 350 FINGE.NFT can be minted
#3. THE JUVE.NFT
JUVE.NFT are redeemable collectibles with a backing supply of 100,000,000 $XFP. Only 50 JUVE.NFT can be minted
#4. THE MIDR.NFT
MIDR.NFT are redeemable collectibles with a backing supply of 500,000,000 $XFP. Only 10 MIDR.NFT can be minted.
BQ.NFT are redeemable collectibles with a backing supply of 1,000,000,000 $XFP. Only 5 BQ.NFT can be minted.
B. TRADE-ABLE GENIE NFTs
These are digital art works which powers GENIE DUCK NFT Farm on Waves Duck and a backing of FROE token against it’s genie wish codes. Each trade-able genie art has a wish number or code, which can be converted as follows:
Genie Wish x 0.2 $FROE🍳
Note: $FROE🍳 — Are catfish fry eggs (roe) tokens backing Fishfactory NFTs trade-able genie arts.
Where GW is Number of a Genie Wish Color Code, found on Art background (3, 5, 7, 11, 13, 17, 19, 23). There are 8 Genie wish color codes. Also each Genie Wish color code has 4 variant shades as follows: 0.2, 0.4, 0.6, 0.8 . We shall also mint in phases the SGW (Super Genie Wish Codes) as 10x GW, featured as: 30, 50, 70, 110, 130, 170, 190, 230
FROE Asset ID on Wavesplatform:
Creator: Fishfactory Protocol Team
Every Trade-able Genie NFT is burnt at the point of conversion on Sign-Art launchpad. Fishfactory NFTs are mintable on the Sign Art launchpads, available for sales on he secondary markets & convertible if users intend to trade them in FROE assets.
WHAT WE DO WITH NFT FUNDS
The funds raised from minted NFTs are used in following directions:
👉 30% are spent on Buy back of $FROE tokens intermittently for volume.
👉 70% in development of GENIE NFTs Waves Duck 🦆 Farm & other miscellaneous. Holders of $FROE are distributed with 50% farm $EGG proceed, as loyalty rewards on monthly basis provided a wallet holds 15 FROE.
WHO DETERMINES THE PRICE OF $FROE TOKEN
NFTs Collectors determines the value of $FROE tokens depending on their investments in minting (buying) Fishfactory Protocol NFTs.
WHERE & HOW TO BUY FISHFACTORY PROTOCOL NFTs
At launch of the Fishfactory NFTs, happening September 1st 2021, A few NFTs will be available over on a SIGN NFTs Launchpad.
HOW TO CONVERT NFT COLLECTIBLES?
TYPE A: REDEEMABLE COLLECTIBLES
👉 All Type A NFTs Collectibles are backed to a fixed supply of 20,000,000,000 $XFP after launch of Fishfactory Protocol in 2022.
TYPE B: TRADEABLE GENIE COLLECTIBLES
👉 All Type B NFTs Collectibles are convertible to $FROE tokens, starting from September 14, 2021.
👉 Visit nfts.fishfactory.cc/convert-nft
Happy Reading. If you missed Waves Duck 🦆, It’s another opportunity here.
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Originally published at https://medium.com on August 26, 2021.