NFT stands for non-fungible token, meaning "heterogeneous token", which is the concept of crypto assets as opposed to FT (homogeneous representative). Common project tokens such as BTC, ETH, and stable coins USDC, USDT, etc. are all FTs. FTs refer to undifferentiated assets, such as currencies, securities, voting rights and etc.
NFTs, on the other hand, refer to assets that are unique and perhaps need to be referred to differently, such as collectibles, props with obvious numbered attributes, differentiated financial interests, etc.
With the development of the crypto world, those assets and interests that cannot be referred to by a uniform label. They need a brand new asset standard to define, and that is the meaning of NFT.
Planet NFT is a pass in the SpaceFi ecosystem, which carries a large number of assets and interests with differentiated functions and values, and also has more application scenarios in the future Space DAO and Game. The current benefits of NFTs are mainly:
- You can mint Common Planet NFTs, or use Common Planet NFTs to mint Unique Planet and Exclusive STAR Sign NFTs, gaining a 105%-150% multiplier with each minting.
- You can stake Planet NFTs to farm SPACE token, gaining higher rewards than regular farming.
- You can get various bonuses for NFTs holders, including minting fee, trading fee, spacebase fee and validator commision.
- You can sell Planet NFTs to get a premium for scarcity.
- You can use Planet NFTs to post proposals and vote, when SpaceFi governance is launched.
Space World has a variety of different functions and values of NFTs, initially issued as a set of planetary NFTs, as follows:
- There are 10 types of common planet NFTs, unlimited and randomly generated.
- In the initial minting of common planet NFTs, each NFT requires a certain consumption of SPACE (the number can be adjusted by the project), the minting of 90% SPACE burned, the other 10% SPACE as a handling fee, of which the handling fee of 70% as NFT holders of dividends, 30% into the DAO treasury lockup for ecological development reserves.
- When minting NFTs, different NFTs possess different multiplication factors. Factors for the common planets are as follows:
Black hole (1.4x)
** NFTs are equivalent to special multiplier assets. For example, if a galaxy NFT (1.5x) is minted using 2500 SPACE, the equity asset of that galaxy NFT is equal to 2500 * 1.5, which is, 3750 SPACE. Staking that galaxy NFT to participate in mining will also result in a reward equal to 3750 SPACE mined.
** The amount of SPACE required to mint a Common Planet NFT maybe adjusted according to real-time conditions.
- There are 10 types of Unique Planet NFT, limited to 500 of each, 5000 in total, randomly generated.
- Collecting 9 different types of Common Planet NFTs, you can randomly mint 1 Unique Planet NFT to get different multiplication factors again. Factors for the Unique Planets are as follows:
** The equity assets of a Unique Planet NFT are equal to the sum of the equity assets of the first 8 Common Planet NFTs minted multiplied. For example, if a random Venus (1.4x) is minted, using a Galaxy (1.5x, minted with 2500 SPACE), Black hole (1.4x, minted with 2500 SPACE), Stellar (1.35x, minted with 3000 SPACE), Planet (1.3x, minted with 3000 SPACE), Meteor (1.1x, minted with 4000 SPACE), Comet (1.15x, minted with 4000 SPACE), Nebula (1.45x, minted with 4500 SPACE) and Asteriod (1.2x, minted with 5000 SPACE), the equity asset of that Venus NFT = (1.5*2500+1.4*2500+1.35*3000+1.3*3000+1.1*4000+1.15*4000+1.45*4500+1.2*5000)*1.4=51415 SPACE. Staking that Venus NFT participates in mining and will also be rewarded with the equivalent of 51415 SPACE mining.
- There are 12 types of Exclusive Star Sign NFTs, randomly generated.
- By collecting 5-10 different types of Unique Planet NFTs, you can randomly mint 1 Exclusive Star Sign NFT and again get different multiplication factors. Factors for Exclusive Star Signs are as follows:
Aquarius, Pisces, Aries, Taurus, Gemini, Cancer, Leo, Virgo, Libra, Scorpio, Sagittarius, Capricorn
Random generation order according to the Exclusive Star Sign NFT:
1st-2nd Star Sign: 2x multiplier, requires 5 different unique planets NFT minting
3rd-4th Star Sign: 3x multiplier, requires 6 different unique planets NFT minting
5th-6th Star Sign: 4x multiplier, requires 7 different unique planets NFT minting
7th-8th Star Sign: 5x multiplier, requires 8 different unique planets NFT minting
9th-10th Star Sign: 6x multiplier, requires 9 different unique planets NFT minting
11th-12th Star Sign: 7x multiplier, requires 10 different unique planets NFT minting
** For example, if you use three 8-made Unique NFT and two 9-made Unique NFT to mint a 2nd Exclusive SPACE Sign NFT, the assets=(2500x8x3+2500x9x2)x2=210000 SPACE.
** This is an initial plan that can be adjusted based on community’s feedback and minting process.
Stake NFTs in Farm and you can participate in SPACE mining according to the multiplied equity assets
There are various fees in Space, such as minting primary NFTs, Swap transactions, NFT transactions, creating Space Bases, etc. NFT holders can receive Space fee dividends according to the proportion of equity assets.
You can trade NFTs in Space's NFT market, 5% of the sales will be used as a commission, 70% of which will be used as dividends for NFT holders and 30% will go into the DAO treasury to lock for ecological development reserves.
** If no NFT has been minted yet, the NFT dividends accumulated during the period will be temporarily locked in the dividend pool. After the first NFT is generated, all previously accumulated dividends will be distributed to the holders of the first NFT. Thereafter, NFT dividends will be distributed immediately in proportion to the respective equity assets.
There are other types of NFTs in the Space world, with different functions and usage scenarios, so stay tuned.