🔒MarketVault

The MarketVault is where NFTs sold to the protocol are kept. NFTs that have been sold to the MarketVault can be purchased by 🧑‍🎨Collectors using the redemption mechanism. The MarketVault also directs the minting and burning of the 🖼️NFT Index Token, 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 👨‍💼Seller directly deposits their NFT into the MarketVault in exchange for 🖼️NFT Index Token. NFTs in the MarketVault can only exit via the 🎰Redemption Mechanic.

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 🏛️Governance. 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.