This article was first published on Stories by VIBEHub on Medium
Hello Everybody! Thanks for joining us and taking the time to become more educated on VIBE NFT’s. In this medium blog you’re going to learn about the VIBE NFT Ecosystem and how it works! We have a lot to cover, so let’s get started.
What are VIBE NFT’s?
VIBE NFT’s are rare and unique digital collectibles that are backed with collateral. The digital collectibles in the VIBE NFT ecosystem will range from game assets to photorealistic 3D models.
To declare first ownership of every VIBE NFT, there will be an ascending auction to determine the owner. Ascending auctions are traditional auctions you see take place all over the world. The highest bidder wins the prize!
After Auction has ended, the VIBENet Marketplace is where owners can go to sell their VIBE NFT’s and buyers go to buy ownership.
Every VIBE NFT is backed with collateral. How does it work? Whenever a NFT is sold at auction, the buying amount gets locked up in a smart contract with the VIBE NFT.
Whenever a VIBE NFT is traded on the VIBENet marketplace. The collateral on NFT is transferred to the new owner. In addition to the collateral transfer, a percentage of the sale price is added to the collateral.
Collateral Release Option
Once per quarter owners of VIBE NFT’s will have the option to execute their ‘Collateral Release Option’....
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Stories by VIBEHub on Medium