YFL NFTs

Limited edition NFTs with YF Link-unique artwork that is backed by $YFL locked to the NFT

A clean up of existing NFTs is planned. It will require holders of existing YFL NFTs to send those existing NFTs to a burn address, and we'll both refund gas and then send them the verified new version of their NFT. Do not act on this yet, wait for detailed instructions.

Overview

NFTs (non-fungible tokens) based collectibles are gaining popularity in DeFi markets, but currently exist largely as art assets without intrinsic value. $YFL NFTs are a pilot program wherein we attempt to solve this problem within the bounds of the $YFL ecosystem by creating NFTs with unique artwork, as well as functionality within the $YFL ecosystem by tying $YFL to the NFT itself.

How it works

The $YFL attached to the NFT will be non-transferrable except to be deposited/withdrawn in the governance contract – furthermore, the $YFL will follow the NFT when transferred to another wallet. The smart-contract created by this project will also be reusable in the future, easily allowing for the minting of additional $YFL-tethered NFTs in response to demand.

We would also note that other than costs for developer and artist work, the cost of 35 $YFL requested for this project will be fully reimbursed per the specifications below.

Specifications

There will be a limited run of 6 NFTs (3 of Card A and 3 of Card B) featuring Y Fu + Serg artwork in a Roy x BONK collaboration. The sale of the cards will benefit both the card creators and the $YFL Treasury.

Minting

At the time of minting each NFT will have 5 $YFL locked/delegated to them.
$YFL will not be locked to a new card until the previously minted NFT has been sold
Any cards and/or $YFL that remain unsold after 180 days of the passage of this proposal shall be returned to the treasury.

Sale

Cards will be auctioned off with a starting price of: Equivalent of 5 $YFL in $ETH + 0.5 $ETH
At the time of first sale proceeds shall be allocated as follows:
- The $ETH equivalent of 5 $YFL shall be reimbursed to the treasury with the remaining profits split as follows:
  - 20% to artists/creators
  - 80% to $YFL treasury
- On subsequent sales, a 10% fee is taken from the sale price and divided equally between the $YFL treasury and artists.

Technicals

Refer to the developer proposal 11 for technical specifics on deliverables.

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Last updated 4 years ago

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Overview

How it works

We would also note that other than costs for developer and artist work, the cost of 35 $YFL requested for this project will be fully reimbursed per the specifications below.

Sale

Cards will be auctioned off with a starting price of: Equivalent of 5 $YFL in $ETH + 0.5 $ETH

At the time of first sale proceeds shall be allocated as follows:

The $ETH equivalent of 5 $YFL shall be reimbursed to the treasury with the remaining profits split as follows:
- 20% to artists/creators
- 80% to $YFL treasury
On subsequent sales, a 10% fee is taken from the sale price and divided equally between the $YFL treasury and artists.