What is Flooring Protocol? Flooring Protocol is an NFT Fractionalization platform deployed on Ethereum to increase user access to Blue Chip NFTs. So what’s special about this project? Let’s find out with Weakhand in this article.
Before entering the article, all users can refer to some of the following articles to understand better.
- What is Fractional NFT? Will it open up a new trend?
- What is Blue Chip NFT? Top NFT Blue Chip Collectibles on the Market
What is Flooring Protocol?
Overview of Flooring Protocol
The current situation for Blue Chip NFTs is that the floor price is too high and is a big problem for user accessibility. Therefore, Flooring Protocol was born to solve this problem by dividing NFTs into 1 million tokens called μTokens.
Currently, Flooring Protocol only supports 4 NFT collections including: Bored Ape Yacht Club (BAYC), Pudgy Penguins, Azuki Elementals and Y00ts. This also means that users can buy and sell μAzuki, μBAYC, μPudgy, μY00t on the Flooring Protocol itself at a price consistent with the floor price of NFT collections at the present time (price 1 μToken = 1/ 1 million floor price of NFT collection). Additionally, Flooring Protocol also uses DeepNFTVault to provide users with an estimated value of their NFTs before dividing them into μTokens.
What is Flooring Protocol?
Although it has only been launched for a short time, Flooring Protocol has achieved initial success when at one point Flooring Protocol’s daily trading volume surpassed that of the leading NFT Marketplace, Blur. In the future, Flooring Protocol aims to list μTokens representing featured NFT collections on leading Cex exchanges such as Binance,…
Flooring Protocol’s operating mechanism
Flooring Protocol will provide 2 methods to divide NFT into 1 million μToken including:
- Vault: By depositing their NFTs into the Vault users give up ownership of their NFTs but gain instant liquidity through freely tradable μTokens on the Flooring Protocol.
- Safebox: For those who want to maintain ownership of their NFTs, Flooring Protocol offers Safebox. This exclusive method requires users to stake an amount of FLC tokens (main token of Flooring Protocol). Users can then deposit their NFT into their personal Safebox and receive a unique Safebox key verifying ownership along with 1 million μTokens.
In essence, Vault provides easy liquidity by forking NFTs publicly while Safebox forks them privately to maintain ownership privileges. Both serve important purposes for different needs and strategies.
Core Team
Flooring Protocol was created by FreeLunchCapital – an anonymous NFT whale with the NFT value held in his wallet address over 1.1M USD.
Investor
Update…
Tokenomics
FLC token is the main token of the Flooring Protocol platform with some outstanding use cases such as:
- Activate Safebox: By staking FLC Tokens into the Flooring Protocol, users can create a personal Safebox to lock their NFTs for a customizable period of time.
- Unlock VIP privileges: Staking the FLC token also determines a user’s VIP level, with higher levels unlocking more perks for the user.
- Incentives for liquidity providers: Flooring Protocol rewards liquidity providers for Pools holding FLC and μToken.
Information Channel of Flooring Protocol Project
- Website: https://www.flooring.io/
- Twitter: https://twitter.com/flooringproto
- Discord:
summary
Flooring Protocol was created to solve the liquidity pain of high-value NFT collections as well as increase user accessibility. Above is all the information that I want to introduce to everyone about Flooring Protocol. I hope everyone has received useful knowledge.
