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  • Protocol
    • 🛣️Introduction
    • 🔒MarketVault
    • 👁️Oracle
    • 🎰Redemption Mechanic
    • 💧Pools
  • Tokenomics
    • 🖼️NFT Index Token
    • 🍄FUNG Token
    • 🪙Token Distribution
  • Governance
    • 🔐Security
    • 🏛️Governance
  • Users
    • 🧑‍🎨Collector
    • 👨‍💼Seller
    • 💁Staker
    • 🍄DAO Member
  • USER GUIDE
    • 🖼️Index
      • Buying Fungify NFT Index
      • Depositing NFT
      • Redeeming NFT
      • Earning Interest
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  • Motivation
  • MarketVault
  • Collections Whitelist
  1. Protocol

MarketVault

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Last updated 8 months ago

The MarketVault is where NFTs sold to the protocol are kept. NFTs that have been sold to the MarketVault can be purchased by 🧑‍🎨 using the redemption mechanism. The MarketVault also directs the minting and burning of the 🖼️, which allows the token to track its backed value via arbitrage.

Motivation

Interacting with the MarketVault is permissionless; it is not just a guaranteed counterparty for the protocol, but for every market participant. Since it is able to receive multiple types of NFT and produce a single fungible token, each new collection whitelisted to the MarketVault builds upon the liquidity of the previous collections, allowing it to accrete upon itself. Rather than a variety of fragmented vaults with shallow liquidity, the MarketVault provides a unified, global source of liquidity for NFT trading.

MarketVault

NFTs enter the vault when a 👨‍💼 directly deposits their NFT into the MarketVault in exchange for 🖼️. NFTs in the MarketVault can only exit via the 🎰.

Collections Whitelist

The protocol will only accept whitelisted NFT collections. The following NFT collections are currently on the whitelist:

  • Bored Ape Yacht Club

  • Crypto Punks

  • Mutant Ape Yacht Club

  • Pudgy Penguins

  • Azuki

  • Doodles

NFT collections can be added to the whitelist through 🏛️. In order to be added, a collection must have a reservoir price feed. No collection with a total marketcap of under 50MM was included in the initial list.

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Collectors
NFT Index Token
Seller
NFT Index Token
Redemption Mechanic
Governance