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NFT

Pinetree NFT provides lazy minting to reduce the fee burden of users who want to create an NFT project, and compatibility for the NFT projects to be created in other blockchain networks using the NFT Bridge function in Pinetree. Additionally, by using the Lending service of NFT-Fi, it is possible to borrow assets as collateral without selling the NFTs owned. Users of Pinetree Space can use various NFT services to secure the sovereignty of their own data regardless of the increase in assets or networks, and experience the true NFT service in the era of Web 3.0.

Detail:

1. NFT Type

There are two types of NFT in Pinetree Space: Minted NFT in Pinetree Space and NFT deposited externally. NFTs of each NFT type can be distinguished through a separate tag in the Pinetree Space.

2. Lazy Minting

Pinetree Space NFT follows a lazy minting method in which the project owner does not pay for the gas fee when creating an NFT. When the NFT owner withdraws Pinetree Space NFT for the first time, the NFT is minted and the minting gas fee is additionally reflected in the withdrawal fee (0.005 ETH + minting gas fee). By using the lazy minting method, the user can reduce the fee incurred during additional minting other than bGEN when issuing NFT for the first time.

3. NFT Bridge

Both Pinetree Space NFTs and externally deposited NFTs can be switched to other EVM-compatible blockchain networks to withdraw the NFTs. When withdrawing the deposited NFTs, the NFTs are minted on the blockchain network that is switched in Pinetree Space and the withdrawal proceeds, and the previously deposited NFTs are locked. In the future, users who own the NFT can deposit the NFT with Pinetree Space and use it by converting it to the existing blockchain network.

4. NFT Royalty / NFT-Fi

  1. 1.
    NFT Royalty The NFT project owner can set a royalty fee during NFT minting and is paid a royalty fee every time NFT is traded on the Pinetree Space Marketplace. The owner of the NFT who did not mint in the Pinetree Space, but deposited external NFT receives a royalty fee.
  2. 2.
    NFT-Fi For NFT deposited in Pinetree Space, royalty is paid to the depositing user. When withdrawing to a chain other than that of the NFT using the NFT Bridge, the Royalty Receiver is set as the user who made the withdrawal. The royalty fee can be set between 0 and 10%.
NFT Royalty Briidge Flow

5. NFT Lending

In the NFT Lending service, you can check the floor price of the NFT project selected through the NFT Marketplaces where many transactions are made according to oracle API, and use the Lending service to secure up to 60% of the floor price of the NFT project as collateral. If a user has an NFT, but it is difficult to liquidate right away by exchanging it for an asset because there is not enough transaction, the Lending service provides a service that the user have an option to use by lending the necessary assets.

NFT Lending Process

1. Pinetree Space users can make a loan offer for NFTs sold on the marketplace. For example, if user A is selling NFT for 5 ETH, user B can make a loan offer for 3 ETH and user C for 2 ETH.
NFT Lending Offer
2. NFT owners can sell NFTs and receive loan offers from users B and C. For example, if User A get a loan from User B, A will receive 3 ETH by entrusting the NFT to User B as collateral. If A takes out a loan, by default, A has to pay off the loan after 3 months to find the collateral. For example, at 1% interest, A can pay back 3.03 ETH and get A's NFT collateral back. If user A liquidates his position or fails to pay interest, the NFT collateral is owned by B.
NFT Lending Process
3. When user A, who is a borrower, receives a loan of 3 ETH, a 2.5% fee of the loan amount is incurred. Also, if the monthly interest the Lender receives is 0.03 ETH, a 5% interest fee will be incurred.

6. NFT Project Creation

To become an NFT project owner in Pinetree Space is to use bGEN to obtain the status of an owner of an NFT project, and as an NFT owner, use bGEN to create a desired NFT project and mint NFT.

NFT Project creation process

  1. 1.
    Acquire NFT Owner rights and create NFT project using 100 bGEN obtained by burning the GEN held in the wallet
  2. 2.
    When creating an NFT project and generating NFT for each project, 1 bGEN is consumed, and NFT generation proceeds by consuming as much bGEN as the desired amount of NFT

bGEN Acquisition Process

If GEN is burned to a null address of 0x000000000000000000000000000000000000dead, Pinetree Space pays this burn quantity to the burn account as bGEN. bGEN is only available in Pinetree Space.
Last modified 1mo ago