Bitcoin has just breached the 100 million won mark but is now showing signs of hesitation. While the crypto winter seems to be coming to an end and there are signs of a bull run, the NFT market appears to be stuck in its own crypto winter.
New NFT projects are not emerging as frequently as before, and even well-known projects like CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins, which Burrito members may have heard of, are not doing well. This is likely due to the high prices of major NFT projects, which result in low liquidity.
How to solve these NFT ecosystem problems? Floor Protocol is the answer!
Designed to make top-tier NFT collections more accessible to a wider range of users, Floor Protocol lowers the barrier to entry by fractionalizing NFTs into μ-Tokens, allowing more people to participate and providing a way to gain liquidity for high-priced NFTs.
So how does Floor Protocol provide liquidity for NFT?
In a nutshell, when a user deposits an NFT into Floor Protocol, they receive 1,000,000 corresponding micro-tokens called μ-Tokens. For example, depositing a Bored Ape Yacht Club NFT will grant you 1,000,000 μBAYC tokens, which you can freely trade!
Of course, you can also redeem 1,000,000 μBAYC for a Bored Ape Yacht Club NFT.
There are two ways to deposit NFT: ‘Vault’ which relinquishes ownership and earns μTokens, and ‘Safeboxes’ which retains ownership and earns μTokens by proving ownership with ‘Safebox Keys’. However, note that you need to stake a certain amount of FLC tokens to use the Safeboxes method, so you should choose based on your situation.
The FLC token serves as the native currency of the Floor Protocol ecosystem and can be used for various utilities, including staking to earn various VIP benefits, providing μToken liquidity and earning rewards, and bidding on NFT auctions.
In addition to DEX for liquidity provision, FLC & μToken trading is reportedly available on CEX as well. The project is said to be accelerating its efforts to revolutionize the NFT market landscape with greater accessibility and liquidity.
P.S. Did you know the Burrito x Floor Protocol event is happening now? Don’t miss out! Hurry before it’s too late!