NFT

The NFT Protocol provides decentralized exchange (DEX) infrastructure to support the NFT (non-fungible token) asset category. NFTs are used to represent and demonstrate ownership of digital and physical assets such as digital art, in-game assets, physical art, real estate, sneakers, etc. The protocol aims to meet the needs of the NFT asset class while also taking care of the changing needs of the NFT community. The NFT Protocol also seeks collaboration and input from the NFT community, industry participants, and enthusiasts across the NFT sector.

As the whitepaper states, the first piece of infrastructure of the NFT Protocol is a decentralized exchange that enables the users to swap NFTs for other assets. The NFT Protocol's DEX is for NFTs on Ethereum (ETH) and Polygon. The DEX supports the ERC 721, ERC 1155, ERC 20token standards and ETH. Users can utilize the DEX to generate and fill 1:1 or multi-asset swap orders involving any combination of supported asset types in any quantities.

Moreover, the platform token of the NFT protocol is NFT, which is a governance token. The holders of the token can participate in the future of the platform. The fee structure of the DEX is dependent on the NFT token, as no cost is incurred on those who hold over 100,000 NFT tokens. Also, for keeping 10,000 NFT tokens in the associated wallet, the user gets a 10% fee reduction. This concept is intended to encourage NFT holders to keep and stake their tokens in order to lower or eliminate DEX costs while also reaping the benefits of participating in NFT Protocol governance.

The core team members of the platform are lead developer Joseph Fiscella, blockchain architect Tilo Ochotta, and frontend engineering manager Remon Nashid. Further, the team also has UI/UX design & engineer Sean Madrid, community & product manager Jake Cox, and others..

The maximum total supply of the NFT tokens is 88,888,888.

NFT tokens are staked with a time-lock mechanism. Owners of NFT tokens can enter a staking contract and earn non-transferable veNFT tokens. The veNFT token is utilized in NFT Protocol governance and represents ownership of the NFT Protocol Treasury (fees accrued by the NFT Protocol DEX). Besides this, stakers accumulate veNFT based on the time they have locked their NFT tokens. Stakers who choose longer time-lock periods receive more veNFT than those who choose shorter time-lock periods.