This article was first published on Stories by VIBEHub on Medium
Hello everyone! Thanks for joining us and taking the time to become more educated on VIBE NFT’s. In this medium blog we’re going to go over how VIBE NFT’s are backed with collateral, how the collateral accumulates, VIBE NFT Governance and how you can exercise your Collateral Release Option. We have a lot to discuss, so let’s get started!
Every VIBE NFT is backed with VIBE as collateral. Whenever an auction takes place to determine first ownership, the buying price for the VIBE NFT is locked up as collateral. This makes VIBE NFT’s 100% backed with collateral for first-time owners.
VIBE team has an auction for VIBE NFT.
User pays X amount to win auction and ownership of NFT
X amount is locked up in collateral with VIBE NFT
After first ownership is determined by auction, all trading of VIBE NFT’s will take place on the VIBENet marketplace. Users will place buy and sell orders at any price they wish like a traditional digital assets exchange. For every transfer of ownership (trade) there is a collateral accumulation for each trade. In total there are 3 ways VIBE NFT’s accumulate collateral.
All exchanges of VIBE NFT’s will happen on the VIBENet Marketplace. Whenever users exchange VIBE NFT’s, 2.5 percent is added to the collateral.
Collateral Distribution Pool (CDP)
For every transfer of ownership on a VIBE NFT, 2.5% of the sale price is contributed to the Collateral Distribution Pool (CDP). The CDP gets liquated to all VIBE NFT holders Monthly....
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Stories by VIBEHub on Medium