Multichain interoperability platform and ecosystem GHOST has deployed their ghostNFT service on the Fuse Network blockchain. NFT holders and creators in the Fuse ecosystem can now collateralize their digital assets.
Blue-chip NFT collections like Crypto Punks, Bored Ape Yacht Club, and World of Women illustrated the potential of collecting a vast following around a brand or idea. However, the NFT 2.0 standard solves many problems the crypto community experienced with NFTs.
One big issue is releasing an NFT asset’s liquidity, as holders can’t usually trade them quickly. Another issue is providing accurate floor prices of NFTs. The NFT 2.0 concept opens up new use cases for NFTs, such as lending, borrowing, and prediction markets.
We are excited to announce that ghostNFT is live on Fuse. ghostNFT is the first application of the ERC721Envious open-source standard. It introduces an intuitive user experience enabling NFT creators and users to add, redeem, and view collateral to individual NFTs and NFT collections.
One of the most critical advantages of ghostNFT is that it enables NFT collateralization. This allows NFT collections and individual NFTs to have an objective floor price, making them more valuable and accessible to a broader audience.
NFT collateralization and an NFT 2.0 standard are significant steps forward for the NFT market. By adding value and functionality to NFTs, they can become more than just digital assets. NFTs can now be used as collateral for digital loans, prediction markets, and other financial products, which opens up new opportunities for Web3 participants.
ghostNFT use cases
- NFT royalties backed by baskets of digital assets;
- On-chain verifiable NFT floor price by linking intrinsic liquidity to each NFT;
- Additional monetization streams for NFT Collection Creators through additional fees (Collateralization fee, Uncollateralization fee, NFT transfer fee);
- Gamification of NFT collateralization driving both NFT Collection Creator and community members to collateralize the NFT Collection on a first-come, first-serve basis.
For NFT holders and creators in the Fuse ecosystem, this integration with ghostNFT means they can now collateralize their digital assets. One benefit is that the floor price of Fuse NFT collections collateralized on ghostNFT can’t fall below a certain level.
ghostNFT under the hood
ghostNFT is the first application of the ERC721Envious Standard and introduces an intuitive user experience enabling creators and users to add, redeem, and view collateral to individual NFTs and NFT collections.
The ERC721Envious standard is an extension of the standard ERC721 NFT token standard, similar to OpenZeppelin’s ERC721Enumerable abstract contract. ERC721Envious is designed to ensure compatibility with OpenZeppelin ERC721, making it more convenient.
This standard permits the collateralization of individual NFTs and NFT collections. Furthermore, EnviousHouse allows for adding collateral to previously minted NFTs, turning them into collateralized NFTs.
To showcase the functionality of the ER721EnviousDynamic preset, the GHOST team has unveiled the John McAfee Legacy (JML) NFT Collection, which comprises 71,202 one-of-a-kind NFTs. The JML gNFTs are designed to increase rarity as the collateral in the GMV tokens rises, using GMV as a measuring token for the JML Collection.
NOTE FROM CREATORS: ghostNFT is an experimental initiative to unite the DeFi and NFT communities to benefit both. It is crucial to understand the project’s objectives, examine the code thoroughly, and review the contents of the ./audits folder.
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