Many of us are already familiar with ENS, a naming system based on the Ethereum blockchain, and a good number of NFT enthusiasts own at least one ENS domain. But have you thought about creating and owning unique names for your NFTs? NFTR, the first decentralized NFT name registry, is a new service which will allow NFT holders to add the finishing touch to their NFT by naming it uniquely and verifiably.
ENS has seen immense success and is easily one of the most popular apps on Ethereum. In November this year, the company rewarded its users with a massive token airdrop, with many of them receiving worth upwards of $20,000. NFTR aims to be the ENS of NFTs, and the platform will employ a special tokenomics system designed to create long-term value for its users.
Naming Your NFT
The NFT registry process is based on using Nifter’s native token, $RNM. RNM can either be purchased with ETH or farmed, and NFT holders will have to spend 365 RNM per NFT to give it a unique name. The chosen name must be alphanumeric, may contain single spaces, and is case sensitive. The possibilities are endless, you can base it on attributes of your NFT, your favorite movie character, or your identity, the limit is your creativity!
Users will be able to name any NFT as long as it is an ERC-721 token. However, the platform will feature a curated projects list, starting with OG NFT project, CryptoPunks. Owners of an NFT from a curated project will receive 365 dropped RNM (dRNM) to use per NFT name.
Blue chip NFT projects will be curated each month through a selection process by the Nifter DAO. These projects will have the opportunity to participate in RNM “Hold Farming” and free dRNM drops. There will also be a Curation Competition where projects with the most named NFTs will compete for additional spots in the curated list.
Generating RNM Yield & NFTR DAO
Hold Farming is a method where RNM yield can be generated for holding a named NFT from a curated project. A total of 365 RNM can be claimed per year per NFT, meaning that Hold Farmers receive one extra naming or renaming of an NFT.
Users will also be able to stake RNM to the Nifter Protocol and generate RNM yield at a fixed rate of 20% APY in year 1. This APY will halve each year, until phasing out by year 5. In addition, NFT holders can provide liquidity to the RNM-ETH pool on SushiSwap by staking sLP tokens on NFTR.name, and in return receive 100% APY against the provided RNM (APY tapers by 50% annually, reaching zero by year five).
The creation of a NFTR DAO will be used for making community decisions on a variety of NFTR topics, including; RNM Hold Farming, Staking, and Liquidity Providing rates and tapering; Voting weight distribution, required quorum totals and percentages required; Curation process; Burn rates; and more.
The roadmap is full of exciting developments, and as part of the upcoming pre-launch (date to be announced), there will be a Golden Ticket presale event featuring a list of 1,000 of the most desirable names. Tickets can be purchased with ETH and will be minted and burned on a bonding curve. The ETH collected from the Golden Ticket bonding curve will be used to provide liquidity to the RNM-ETH pool, to buy back RNM, and to fund NFTR Treasury initiatives.
So, fire up the creative guns and get ready to snag the best NFT names before someone else does! Read the full details here to find out more about the evolving NFTR ecosystem and other ways you can participate as an RNM holder.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.