Introducing ERC-721Fi, a groundbreaking standard extension and dApp that revolutionizes the world of Non-Fungible Tokens (NFTs) by unlocking and amplifying their intrinsic value. With 721Fi, you can say goodbye to concerns about scams and dropping collection floor prices.
By combining the power of the "burn-to-withdraw" and staking, 721Fi establishes a unique synergy that transcends the mere artistic and community appeal of NFTs. It empowers NFT owners to not only enjoy the benefits of owning rare digital assets and participating in vibrant communities but also venture into a whole new realm of economic possibilities.
Through the "burn-to-withdraw" mechanism, users have the ability to reclaim their initial investment along with a portion of the generated yield, offering a compelling incentive to hold onto their NFTs. Furthermore, by seamlessly integrating FTM liquid staking tokens (e.g. Stader of AnkrFTM), 721Fi provides users with the opportunity to increase the value of their NFTs over time and generate additional yield.
With 721Fi, purchasing an NFT from a collection goes beyond mere ownership; it becomes a gateway to yield generation and risk mitigation. Creators can confidently set higher prices for their NFTs, knowing that the risks for collectors have been effectively eliminated. This enables creators to focus on delivering exceptional value to their collections and fostering a robust and thriving community of NFT enthusiasts.
Avaialable at: https://721fi.xyz/demo/
721Fi is an all-encompassing platform that serves a dual purpose.
Firstly, it provides users with a user-friendly and comprehensive platform to effortlessly create, deploy, and manage their NFT collections and communities. Best of all, this platform is available to users completely free of charge and offers advanced functionalities to enhance the NFT creation experience.
Secondly, 721Fi introduces a groundbreaking paradigm of DeFi NFTs through the integration of staking and burn-to-withdraw mechanisms. With 721Fi, concerns about scams and questionable projects become a thing of the past.
The creation process within 721Fi revolves around four key pillars:
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Creation: 721Fi offers users an intuitive and user-friendly interface to create stunning NFT artwork. Users can either upload their own artwork or leverage the platform's built-in artificial intelligence tool. 721Fi seamlessly guides users through the process of creating metadata, defining rarity levels, and uploading collections to IPFS—an immutable and decentralized file system—without any associated costs.
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Contract and DeFi settings: Prior to deployment, the collection creator has the opportunity to define essential characteristics of the collection, encompassing both basic ERC-721 attributes (e.g., name, symbol) and more specific settings related to the DeFi aspect of 721Fi (ERC-721Fi). These DeFi settings include parameters such as the minimum mint price, collection size, early-burning penalty time, penalty percentage, and other customizable options that shape the collection's economic dynamics within 721Fi. By fine-tuning these settings, creators can tailor their collections to align with their desired DeFi strategies and optimize value generation for both themselves and their community.
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Deployment: 721Fi empowers users to create and deploy their NFT contracts on the Fantom blockchain, ensuring immutability, verification, and public accessibility. The platform's optimized system boasts ultra-low contract deployment fees while retaining advanced functionalities such as random minting, AI-generated content, and soulbound tokens. Additionally, 721Fi offers the option to utilize upgradeable contracts, enabling users to take advantage of upcoming features. Upon deploying a collection, users receive an NFT representing ownership.
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Administration: The administration pillar focuses on facilitating efficient collection management and nurturing the community aspect of the NFT lifecycle. Users can create custom subdomains or minting widgets for their own websites, modify collection settings, and engage with their community in meaningful ways.
Now, let's delve into some of the fantastic features that make 721Fi truly unique.
721Fi introduces several key aspects that shape its innovative approach to NFTs and DeFi. Let's explore these features in more detail:
721Fi implements a unique "burn-to-withdraw" mechanism that allows users to reclaim a portion of their initial investment by burning their NFTs. The amount refunded depends on the timing of the burn, with early burners receiving at least 80% of the initial price paid. This incentivizes users to hold onto their NFTs and delay the burn process, as they stand to benefit from both the accrued value and the initial value of early burners. By providing a safety net for NFT purchasers, 721Fi offers enhanced confidence and liquidity within the ecosystem.
When burning an NFT in 721Fi, the amount received upon withdrawal is determined by several factors:
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Duration of NFT Hold: 721Fi incorporates a penalty system based on the length of time an NFT has been held. The collection creator defines a penalty time frame (e.g., a year) and a penalty percentage (e.g., 5%). Initially, only the higher penalty (5%) applies at the time of minting. Over time, the penalty percentage linearly reduces until it is completely removed (e.g., after a year). This incentivizes users to hold onto their NFTs for an extended period, as they can benefit from reduced penalties. This increases the collection floor price. Also, the longer an NFT is held, the more value it accumulates (as the value is staked). Time becomes a crucial factor in determining the amount received upon burning an NFT, as the value of the NFT grows over time. This also encourages to hold the NFTs for long time.
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Order of Burn: The number of people who have burned the NFT also impacts the amount received. If you are among the first to burn, you will incur the maximum penalty. Conversely, if you are one of the last to burn, not only will you avoid penalties, but you will also receive rewards derived from a portion of the penalties imposed on early burners. Additionally, you will benefit from the generated yield during the holding period. This encourages to hold the NFTs for long time.
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Penalties and Fees: The creator of the collection can set specific penalties and fees associated with burning and minting the NFT. Lower penalties and fees result in a higher return for the burner, incentivizing collectors to choose collections with more favorable terms.
These three factors collectively contribute to the final amount refunded when an NFT is burned in 721Fi. By carefully considering these aspects, users can strategically navigate the burn-to-withdraw process to optimize their returns and maximize the benefits of holding their NFTs.
721Fi harnesses the power of the DeFi ecosystem and liquid staking tokens on (or bridged to) Fantom, providing users with a robust staking mechanism that generates a high yield. The yield will depend on the staking token used. By integrating staking into the 721Fi, NFT holders have the opportunity to actively participate in the growth and value appreciation of their NFT holdings. Unlike traditional scenarios where NFTs may gradually lose value over time, 721Fi flips the script by enabling NFTs to accrue value over time through staking. We not only stake the minting fee but also enable manual and automatic reinvestment to auto-compound the yield of the underlying NFT value (only applies on liquid staking that rebase, like deprecated Ankr version).
When users mint the NFTs, they indirectly contribute to the overall ecosystem and play a vital role in its development. In return for their participation, NFT holders receive rewards based on the value they add. This alignment of interests between NFT holders and the 721Fi community fosters a vibrant and engaged user base, where users are incentivized to actively support and contribute to the success of the platform.
Through the powerful combination of staking and NFT ownership, 721Fi empowers users to not only enjoy the aesthetic and community aspects of their NFTs but also actively generate additional income and enhance the value of their digital assets.
This feature allows NFT owners to increase their investment in their token and thus increase their percentage share in the project and future yield generation. You can add as much as you want. You'll receive the relative stakes for the new value of the NFT.
This feature allows NFT owners to individually withdraw both rewards they have generated so far through staking or excess of investment, leaving at minimum the underneath mint price value on the NFT. Their global stakes will be reduced according to the new investment. Penalties only applies to burning, so excess of investment and rewards doesn't have penalties, only optional fees set by collection owners.
721Fi introduces a nuanced early-burning penalty system that accounts for both the duration of NFT ownership and the order in which burn transactions occur. Let's explore these aspects in more detail:
Penalties Based on Duration: Users who choose to burn their NFTs before a designated penalty time frame will face a penalty percentage. The penalty percentage gradually reduces over time, promoting a long-term holding mentality. For example, at the time of minting, an initial penalty percentage may apply (e.g., 5%). However, this penalty reduces linearly as the NFT is held, and after a specified period, the penalty is entirely removed. This structure incentivizes users to hold onto their NFTs for an extended duration, as they can benefit from reduced penalties.
Penalties Based on Burn Order: The order in which NFTs are burned also plays a crucial role in the penalty system. Early burners, who choose to burn their NFTs sooner, may face higher penalties compared to those who hold onto their NFTs for a more extended period. This mechanism further encourages users to delay the burning process, as they can avoid more significant penalties and potentially receive additional rewards.
Rewards for Late Burners: Late burners, who hold their NFTs for a more extended duration, are rewarded for their commitment. They receive a portion of the penalties incurred by early burners, allowing them to benefit from the penalties imposed on those who burned their NFTs prematurely. Additionally, late burners may also receive rewards in the form of yield generated over time from their contributions to the 721Fi ecosystem. These rewards serve as an incentive for users to support the project's growth and actively engage with the community.
By combining penalties based on duration and burn order, 721Fi establishes a comprehensive early-burning penalty system. This approach fosters a sustainable NFT ecosystem, encourages long-term ownership, and rewards late burners for their commitment and contribution to the NFT collection.
721Fi introduces an innovative approach to minting NFTs by offering users the flexibility to set their own minting price within a specified range. While there is a minimum minting price to ensure the value of the NFT, there is no maximum limit, enabling users to mint their NFTs at a higher price if they choose to do so.
Every NFT minted within a collection holds a percentage of stakes from the collection. The exact percentage of stakes assigned to each NFT is determined by the minting price and the value of the collection at the time of minting. This approach ensures that every participant, regardless of when they enter the collection, holds a proportionate share of the collection's value.
For example, if a user mints an NFT when the collection has already accrued rewards and increased in value, they would receive the same absolute value as early participants but a lower percentage of stakes. This mechanism allows for a dynamic distribution of ownership and ensures that latecomers have the opportunity to participate in the collection's growth while maintaining a proportional share.
Also, it gives flexibility to the collection owner to change price over time, as the current owners won't suffer penalties if the price is higher or lower.
With the unlimited minting price feature and the proportional stakes system, 721Fi creates a fair and inclusive environment where users can mint NFTs at their desired price point while ensuring a balanced distribution of ownership and value within the collection.
721Fi introduces an innovative concept that allows burned NFTs to be reused. When an NFT is burned, its unique characteristics and attributes are retained, enabling creators to resurrect or reissue those NFTs in the future. This concept opens up exciting possibilities for creators to reintroduce popular or special edition NFTs, breathe new life into their collections, and engage their community in unique ways.
Users who leave the collection won't harm the rest, not letting the collection die if people start to burn-to-withdraw.
These key aspects form the foundation of 721Fi, enhancing the economic value, liquidity, and sustainability of NFTs within the platform.
This feature allows NFT owners to increase their investment in their token and thus increase their percentage share in the project and future yield generation.
This feature allows NFT owners to individually withdraw both rewards they have generated so far through staking or excess of investment, leaving at minimum the underneath mint price value on the NFT. Their global stakes will be reduced according to the new investment. Penalties also apply during early withdrawals. This will depend on whether the underlying token does a rebase process or not, which may require using an Oracle.
721Fi revolutionizes the NFT experience for collectors, offering a range of benefits that enhance their ownership and participation in the ecosystem:
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Intrinsic Economic Value: Through the burn-to-withdraw feature, collectors can reclaim their initial investment and even earn additional rewards based on the duration of their NFT ownership. This introduces a unique dimension of intrinsic economic value to NFTs, making them not only collectible artworks but also potential sources of financial growth.
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Reduced Risk and Increased Trust: The burn-to-withdraw mechanism mitigates the risk of losing money on NFT purchases. Collectors have the option to burn their NFTs and receive a refund, ensuring a safety net and fostering trust in the 721Fi ecosystem.
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Opportunity for Yield Generation: By staking their NFTs through the Fantom staking mechanisms, collectors can actively participate in the growth of their NFT holdings and earn rewards based on their contribution. This incentivizes long-term ownership and encourages collectors to actively engage in the 721Fi community, creating better and bigger NFT communities.
721Fi provides a host of benefits for creators, empowering them to unlock new opportunities and maximize the value of their NFT collections:
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No more low floor prices: With the ability for users to mint-to-withdraw their tokens for actual value, the floor price of NFTs in a collection will always be higher than the withdrawable value. This eliminates concerns about low floor prices and instills confidence in both creators and collectors.
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Enhanced Marketability: 721Fi makes it easier to attract NFT collectors, even at a higher ticket price, as the risks are minimized and there are compelling benefits associated with holding the NFTs. Creators can showcase their collections with confidence, knowing that the value of their NFTs is backed by their intrinsic worth and the additional benefits provided by 721Fi.
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Royalties from Secondary Sales: Creators can earn royalties from the secondary sales of their NFTs. As more people choose to mint NFTs at a higher ticket price, and the floor price of the collection increases, the secondary sale market becomes more valuable. This ensures that creators continue to benefit from the increasing value and demand for their artwork, creating a sustainable long-term revenue stream.
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Optional Commission from Mints: Creators have the flexibility to set an optional commission from every mint within their collection. This allows them to earn additional revenue from each new NFT minted. By offering this commission structure, creators can further monetize their collections and incentivize minters to engage with their NFTs.
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Innovation and Differentiation: 721Fi empowers creators to innovate and differentiate their NFT collections. The unique features of "burn-to-withdraw" and staking functionality set 721Fi apart in the market, providing creators with the opportunity to offer novel experiences and value propositions to their collectors. This enables creators to establish a distinct brand identity within the competitive NFT space.
721Fi empowers creators to monetize their artistic talent, engage with a vibrant community, and capitalize on the continuous growth of the NFT market. With its innovative features and comprehensive platform, 721Fi offers a robust ecosystem where creators can thrive and realize the full potential of their NFT collections.
721Fi brings a wave of transformation to the Fantom ecosystem, fostering innovation, security, and accessibility. The integration of Fantom unique precompiles features allows 721Fi to contribute to the overall growth and enhancement of the Fantom ecosystem in the following ways.
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High Value as Collateral: The utilization of 721Fi NFTs as collateral provides a new dimension to the Fantom NFT ecosystem. Creators can leverage the high intrinsic value of their 721Fi NFTs to access borrowing opportunities, unlocking liquidity and expanding their financial capabilities within the Fantom network.
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Risk-Zero Lending: With the burn-to-withdraw mechanism, 721Fi eliminates the risks associated with traditional lending. This risk-zero lending feature creates a secure borrowing environment within the Fantom ecosystem, instilling confidence and promoting financial growth for participants.
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Revamped NFT Marketplaces: 721Fi introduces a new movement within the NFT market, which in turn revitalizes the Fantom ecosystem. The integration of 721Fi's innovative functionalities brings a fresh wave of interest and participation, attracting a diverse range of creators and collectors to engage within the Fantom network.
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ERC-721Fi - New ERC-721 Standard Extension: 721Fi's extension of the ERC-721 standard promotes openness and inclusivity within the Fantom ecosystem. By providing an accessible definition and implementation, 721Fi encourages developers and users to explore the potential of this new extension, fostering collaboration, interoperability, and a thriving blockchain community.
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Increased Security: The adoption of FiNFT and its staking mechanisms bolsters the security of the Fantom ecosystem. More people will stake. With a higher Total Value Locked (TVL) resulting from the integration of FiNFT, the Fantom network becomes more resilient against potential attacks, ensuring a safer and more robust environment for all participants.
Through its revolutionary features, 721Fi actively contributes to the evolution and revitalization of the Fantom ecosystem, creating a dynamic and secure environment that enables users to explore new possibilities, maximize their assets, and drive the future growth of the network.
Easily implement a DAO: With the utilization of an on-chain Governor that utilizes collections from 721Fi, we offer an enhanced version of the ERC721 standard that enables voting and delegation. Either choose one-NFT one-vote or base it on the % value of the NFT within the 721Fi.
Our technology simplifies the process of implementing a DAO (Decentralized Autonomous Organization) directly from the NFT Collection, granting your users both voice and voting capabilities, all within the blockchain itself!
If you have any feedback / suggestions, please reach out to us at 721Fi@nfts2me.com