PolygonPunks picks PolyDoge as the Exclusive Collateralization Token on ghostNFT
PolygonPunks has selected PolyDoge as the exclusive collateralization token on ghostNFT. This means that any Collateralization and Uncollateralization Fees originated from PolygonPunks NFT Collection will be paid out to $POLYDOGE token holders.
This marks the first native NFT collection on Polygon to migrate over to ghostNFT and get collateralized.
The first 50 NFT collections to list their collection on ghostNFT will get special considerations from the GHOST team ranging from prioritized dev support to token allocation.
Why Should NFT Collections Be Listed on ghostNFT?
ERC-721Envious Standard enables a new use case of Collateralized NFTs. The best part is that because ERC-721Envious Standard is backwards compatible with ERC-721 Standard the existing ERC-721 NFT Collections can be listed on ghostNFT in under 10 minutes without any technical knowledge or coding skills.
How an NFT Collection Can Be Registered On ghostNFT
When registering an NFT Collection on ghostNFT, the following three fields need to be specified:
- Collateralization Fee
- Uncollateralization Fee
- Commission token
Accumulated Collateralization and Uncollateralization Fees can be claimed by Commission Token holders. One of the most interesting aspects of ghostNFT is that an NFT collection can choose any token to be their Commission token, providing a high level of flexibility and customization for users.
Massive Benefits to PolyDoge Token Holders
PolygonPunks has recently integrated $POLYDOGE as a Commission Token, offering token holders the opportunity to claim a share of the Collateralization and Uncollateralization Fees generated by the PolygonPunks NFT Collection. With an on-chain verifiable balance of the collected Fees, the price floor for $POLYDOGE tokens is now equivalent to the total balance of fees divided by the total number of $POLYDOGE tokens in circulation.
As more NFT Collections adopt $POLYDOGE as their Commission Token, token holders will have greater optionality, potentially leading to a higher price floor. Game theory dynamics may come into play as token holders decide whether to claim their fees immediately or hold onto their tokens, anticipating a future increase in the Fees pool.
PolyDoge is a digital currency with one of the most vibrant communities on the powerful Polygon Network. It offers a wide variety of fun interaction to its holders in the form of NFTs, apps, airdrops and access to different DeFi platforms ready to use on Polygon.
PolygonPunks are the 1st Punk NFTs on the Polygon blockchain, the 10k collection officially minting on August 3rd, 2021. The project has since gained $2.5m in sales,
and a community of over 2.5k holders, becoming one of the leading PFP NFT projects on Polygon.
ghostNFT is the first application of ERC721Envious Standard. ghostNFT introduces an intuitive user experience enabling creators and users to add, redeem, and view collateral to individual NFTs and NFT collections. ghostNFT targets NFT collections, NFT owners, Token Holders, and Web3 Users.