Azuki

Rare

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  <p><strong>Author:&nbsp;&nbsp;defioasis</strong></p>
  <p>On&nbsp;October&nbsp;15th,&nbsp;the&nbsp;NFT&nbsp;liquidity&nbsp;solution&nbsp;Flooring&nbsp;Protocol&nbsp;went&nbsp;live.&nbsp;By&nbsp;fragmenting&nbsp;NFTs&nbsp;into&nbsp;ERC-20s,&nbsp;it&nbsp;quickly&nbsp;attracted&nbsp;participation&nbsp;from&nbsp;Azuki&nbsp;Elementals,&nbsp;Pudgy&nbsp;Penguins,&nbsp;and&nbsp;y00ts&nbsp;holders&nbsp;(currently&nbsp;supporting&nbsp;only&nbsp;these&nbsp;three&nbsp;NFT&nbsp;collections).&nbsp;Flooring&nbsp;Protocol&nbsp;also&nbsp;became&nbsp;the&nbsp;largest&nbsp;"holder"&nbsp;of&nbsp;these&nbsp;three&nbsp;NFT&nbsp;collections&nbsp;and&nbsp;significantly&nbsp;increased&nbsp;their&nbsp;trading&nbsp;volume&nbsp;on&nbsp;the&nbsp;NFT&nbsp;Marketplace.&nbsp;As&nbsp;of&nbsp;4:00&nbsp;PM&nbsp;on&nbsp;October&nbsp;16th,&nbsp;Flooring&nbsp;Protocol&nbsp;has&nbsp;attracted&nbsp;914&nbsp;Azuki&nbsp;Elementals,&nbsp;191&nbsp;Pudgy&nbsp;Penguins,&nbsp;and&nbsp;365&nbsp;y00ts,&nbsp;with&nbsp;a&nbsp;TVL&nbsp;exceeding&nbsp;1,800&nbsp;ETH.</p>
  <p><strong>Project&nbsp;Background</strong></p>
  <p>Flooring&nbsp;Protocol&nbsp;is&nbsp;an&nbsp;NFT&nbsp;liquidity&nbsp;solution&nbsp;created&nbsp;by&nbsp;NFT&nbsp;OG&nbsp;player&nbsp;FreeLunchCapital.&nbsp;FreeLunchCapital&nbsp;is&nbsp;the&nbsp;previously&nbsp;undisclosed&nbsp;identity&nbsp;of&nbsp;the&nbsp;mysterious&nbsp;whale&nbsp;address&nbsp;0x66666f,&nbsp;which&nbsp;still&nbsp;holds&nbsp;NFTs&nbsp;worth&nbsp;over&nbsp;$1.1&nbsp;million.&nbsp;Additionally,&nbsp;Flooring&nbsp;Protocol&nbsp;has&nbsp;completed&nbsp;an&nbsp;audit&nbsp;by&nbsp;the&nbsp;security&nbsp;firm&nbsp;Halborn.</p>
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  <p>(Source:&nbsp;https://nftgo.io/account/ETH/0x66666F58dE1bcD762A5E5c5aFf9cc3C906D66666/NFT)</p>
  <p><strong>NFT&nbsp;Fragmentation&nbsp;into&nbsp;ERC-20:&nbsp;1&nbsp;NFT&nbsp;=&nbsp;1,000,000&nbsp;μTokens</strong></p>
  <p>NFT&nbsp;fragmentation&nbsp;is&nbsp;not&nbsp;a&nbsp;new&nbsp;concept.&nbsp;In&nbsp;August&nbsp;2021,&nbsp;Paradigm&nbsp;led&nbsp;a&nbsp;$2&nbsp;million&nbsp;seed&nbsp;funding&nbsp;round&nbsp;for&nbsp;the&nbsp;NFT&nbsp;fragmentation&nbsp;protocol&nbsp;Fractional&nbsp;(later&nbsp;renamed&nbsp;Tessera).&nbsp;However,&nbsp;in&nbsp;May&nbsp;of&nbsp;this&nbsp;year,&nbsp;Tessera&nbsp;ceased&nbsp;operations,&nbsp;claiming&nbsp;it&nbsp;failed&nbsp;to&nbsp;meet&nbsp;commercial&nbsp;profitability&nbsp;requirements.&nbsp;Tessera's&nbsp;fragmentation&nbsp;solution&nbsp;involved&nbsp;breaking&nbsp;down&nbsp;high-value&nbsp;NFTs&nbsp;into&nbsp;smaller&nbsp;units&nbsp;called&nbsp;"Raes."&nbsp;Raes&nbsp;were&nbsp;still&nbsp;NFT,&nbsp;representing&nbsp;collective&nbsp;ownership&nbsp;and&nbsp;governance&nbsp;of&nbsp;a&nbsp;high-value&nbsp;NFT,&nbsp;tradable&nbsp;on&nbsp;NFT&nbsp;Marketplaces.&nbsp;Fragmenting&nbsp;NFT&nbsp;into&nbsp;smaller&nbsp;NFT&nbsp;has&nbsp;not&nbsp;gained&nbsp;significant&nbsp;traction&nbsp;in&nbsp;the&nbsp;past&nbsp;two&nbsp;to&nbsp;three&nbsp;years.&nbsp;It&nbsp;is&nbsp;widely&nbsp;believed&nbsp;that&nbsp;fragmenting&nbsp;NFT&nbsp;into&nbsp;smaller&nbsp;parts&nbsp;may&nbsp;also&nbsp;face&nbsp;the&nbsp;possibility&nbsp;of&nbsp;liquidity&nbsp;depletion&nbsp;and&nbsp;may&nbsp;not&nbsp;necessarily&nbsp;provide&nbsp;sufficient&nbsp;liquidity&nbsp;for&nbsp;whole&nbsp;NFT.&nbsp;Additionally,&nbsp;it&nbsp;could&nbsp;potentially&nbsp;introduce&nbsp;value&nbsp;ambiguity&nbsp;issues&nbsp;for&nbsp;whole&nbsp;NFT.</p>
  <p>There&nbsp;are&nbsp;two&nbsp;key&nbsp;differences&nbsp;with&nbsp;Flooring&nbsp;Protocol.&nbsp;First,&nbsp;Flooring&nbsp;Protocol&nbsp;fragments&nbsp;high-value&nbsp;NFT&nbsp;into&nbsp;1,000,000&nbsp;ERC-20&nbsp;μTokens.&nbsp;For&nbsp;example,&nbsp;when&nbsp;a&nbsp;user&nbsp;deposits&nbsp;one&nbsp;Pudgy&nbsp;Penguins&nbsp;NFT&nbsp;into&nbsp;Flooring&nbsp;Protocol,&nbsp;they&nbsp;receive&nbsp;1,000,000&nbsp;μPPG&nbsp;tokens&nbsp;(the&nbsp;μTokens&nbsp;are&nbsp;not&nbsp;linked&nbsp;between&nbsp;NFT&nbsp;collections,&nbsp;but&nbsp;the&nbsp;fragmented&nbsp;μTokens&nbsp;are&nbsp;the&nbsp;same&nbsp;for&nbsp;all&nbsp;NFTs&nbsp;in&nbsp;the&nbsp;same&nbsp;NFT&nbsp;collection).&nbsp;Users&nbsp;can&nbsp;trade&nbsp;these&nbsp;μTokens&nbsp;on&nbsp;DEX.</p>
  <p>Second,&nbsp;there&nbsp;are&nbsp;two&nbsp;scenarios&nbsp;of&nbsp;giving&nbsp;up&nbsp;and&nbsp;retaining&nbsp;the&nbsp;ownership&nbsp;of&nbsp;NFT&nbsp;after&nbsp;fragmentation&nbsp;of&nbsp;μTokens.&nbsp;Based&nbsp;on&nbsp;these&nbsp;two&nbsp;different&nbsp;user&nbsp;requirements,&nbsp;Flooring&nbsp;Protocol&nbsp;categorizes&nbsp;the&nbsp;fragmentation&nbsp;modes&nbsp;into&nbsp;Valut&nbsp;and&nbsp;Safebox. When&nbsp;a&nbsp;user&nbsp;deposits&nbsp;an&nbsp;NFT&nbsp;into&nbsp;the&nbsp;Vault,&nbsp;they&nbsp;receive&nbsp;1,000,000&nbsp;μTokens&nbsp;and&nbsp;relinquish&nbsp;ownership&nbsp;of&nbsp;the&nbsp;NFT. If&nbsp;a&nbsp;user&nbsp;wishes&nbsp;to&nbsp;retain&nbsp;ownership&nbsp;of&nbsp;the&nbsp;fragmented&nbsp;NFT,&nbsp;they&nbsp;must&nbsp;choose&nbsp;Safebox,&nbsp;specify&nbsp;a&nbsp;storage&nbsp;period,&nbsp;and&nbsp;stake&nbsp;a&nbsp;certain&nbsp;amount&nbsp;of&nbsp;Flooring&nbsp;Protocol's&nbsp;native&nbsp;token&nbsp;FLC.&nbsp;In&nbsp;return,&nbsp;they&nbsp;receive&nbsp;1,000,000&nbsp;μTokens&nbsp;and&nbsp;a&nbsp;Safebox&nbsp;Key&nbsp;to&nbsp;verify&nbsp;ownership.&nbsp;The&nbsp;Safebox&nbsp;Key&nbsp;can&nbsp;be&nbsp;traded&nbsp;independently&nbsp;of&nbsp;the&nbsp;NFT&nbsp;collection's&nbsp;floor&nbsp;price&nbsp;in&nbsp;the&nbsp;future.</p>
  <p>Both&nbsp;Vault&nbsp;and&nbsp;Safebox&nbsp;allow&nbsp;users&nbsp;to&nbsp;redeem&nbsp;their&nbsp;fragmented&nbsp;NFTs&nbsp;by&nbsp;burning&nbsp;1,000,000&nbsp;μTokens&nbsp;corresponding&nbsp;to&nbsp;the&nbsp;NFT&nbsp;collection.&nbsp;However,&nbsp;for&nbsp;Safebox,&nbsp;the&nbsp;Safebox&nbsp;Key&nbsp;is&nbsp;also&nbsp;required.&nbsp;Since&nbsp;the&nbsp;original&nbsp;holders&nbsp;of&nbsp;all&nbsp;NFT&nbsp;stored&nbsp;in&nbsp;the&nbsp;Vault&nbsp;have&nbsp;given&nbsp;up&nbsp;their&nbsp;ownership,&nbsp;this&nbsp;means&nbsp;that&nbsp;burning&nbsp;1,000,000&nbsp;μTokens&nbsp;to&nbsp;redeem&nbsp;NFT&nbsp;in&nbsp;the&nbsp;Vault&nbsp;has&nbsp;an&nbsp;unpredictable&nbsp;randomness.&nbsp;User&nbsp;will&nbsp;randomly&nbsp;redeem&nbsp;to&nbsp;one&nbsp;of&nbsp;the&nbsp;Vault&nbsp;NFT,&nbsp;just&nbsp;as&nbsp;in&nbsp;the&nbsp;minting&nbsp;stage,&nbsp;which&nbsp;is&nbsp;full&nbsp;of&nbsp;surprises&nbsp;before&nbsp;the&nbsp;jpg&nbsp;is&nbsp;revealed.</p>
  <p>Due&nbsp;to&nbsp;the&nbsp;fact&nbsp;that&nbsp;the&nbsp;total&nbsp;μTokens&nbsp;corresponding&nbsp;to&nbsp;Vault&nbsp;NFT&nbsp;are&nbsp;always&nbsp;less&nbsp;than&nbsp;the&nbsp;circulating&nbsp;supply&nbsp;of&nbsp;μTokens,&nbsp;there&nbsp;is&nbsp;a&nbsp;reserve&nbsp;ratio&nbsp;for&nbsp;Vault&nbsp;NFT.&nbsp;The&nbsp;reserve&nbsp;ratio&nbsp;is&nbsp;calculated&nbsp;as&nbsp;Vault&nbsp;NFT&nbsp;quantity&nbsp;/&nbsp;(Vault&nbsp;NFT&nbsp;quantity&nbsp;+&nbsp;Safebox&nbsp;NFT&nbsp;quantity).&nbsp;A&nbsp;higher&nbsp;reserve&nbsp;ratio&nbsp;indicates&nbsp;that&nbsp;there&nbsp;are&nbsp;enough&nbsp;NFT&nbsp;in&nbsp;the&nbsp;Vault&nbsp;to&nbsp;support&nbsp;the&nbsp;redemption&nbsp;of&nbsp;1,000,000&nbsp;μTokens.</p>
  <p>In&nbsp;order&nbsp;to&nbsp;maintain&nbsp;a&nbsp;stable&nbsp;Vault&nbsp;reserve&nbsp;rate,&nbsp;Flooring&nbsp;Protocol&nbsp;has&nbsp;introduced&nbsp;dynamic&nbsp;Vault&nbsp;redemption&nbsp;fees&nbsp;and&nbsp;Safebox&nbsp;rentals&nbsp;(additional&nbsp;FLC&nbsp;staking).&nbsp;The&nbsp;reserve&nbsp;ratio&nbsp;is&nbsp;inversely&nbsp;proportional&nbsp;to&nbsp;Vault&nbsp;redemption&nbsp;fees&nbsp;and&nbsp;Safebox&nbsp;rentals.&nbsp;Of&nbsp;course,&nbsp;redemption&nbsp;is&nbsp;free&nbsp;when&nbsp;the&nbsp;Vault&nbsp;reserve&nbsp;ratio&nbsp;is&nbsp;above&nbsp;40%,&nbsp;and&nbsp;dynamic&nbsp;increases&nbsp;in&nbsp;redemption&nbsp;fees&nbsp;in&nbsp;terms&nbsp;of&nbsp;FLC&nbsp;staking&nbsp;begin&nbsp;only&nbsp;when&nbsp;it&nbsp;falls&nbsp;below&nbsp;40%.&nbsp;For&nbsp;additional&nbsp;FLC&nbsp;staking&nbsp;(rent)&nbsp;for&nbsp;Safeboxes,&nbsp;when&nbsp;the&nbsp;reserve&nbsp;rate&nbsp;is&nbsp;above&nbsp;60%,&nbsp;an&nbsp;additional&nbsp;2,000&nbsp;FLC&nbsp;must&nbsp;be&nbsp;collateralized&nbsp;for&nbsp;each&nbsp;additional&nbsp;day.&nbsp;When&nbsp;the&nbsp;reserve&nbsp;ratio&nbsp;falls&nbsp;below&nbsp;60%,&nbsp;the&nbsp;FLC&nbsp;staking&nbsp;starts&nbsp;to&nbsp;increase&nbsp;dynamically&nbsp;by&nbsp;2%&nbsp;for&nbsp;every&nbsp;reduction&nbsp;in&nbsp;the&nbsp;reserve&nbsp;ratio.&nbsp;As&nbsp;the&nbsp;reserve&nbsp;ratio&nbsp;approaches&nbsp;0%,&nbsp;the&nbsp;required&nbsp;additional&nbsp;FLC&nbsp;staking&nbsp;for&nbsp;each&nbsp;extra&nbsp;day&nbsp;increases.&nbsp;When&nbsp;the&nbsp;reserve&nbsp;ratio&nbsp;is&nbsp;below&nbsp;2%,&nbsp;an&nbsp;additional&nbsp;576,000&nbsp;FLC&nbsp;is&nbsp;required&nbsp;for&nbsp;each&nbsp;extra&nbsp;day.</p>
  <p>Due&nbsp;to&nbsp;the&nbsp;predetermined&nbsp;storage&nbsp;time&nbsp;for&nbsp;Safeboxes,&nbsp;some&nbsp;users&nbsp;may&nbsp;face&nbsp;the&nbsp;inability&nbsp;to&nbsp;redeem&nbsp;NFT&nbsp;in&nbsp;the&nbsp;Safebox&nbsp;(the&nbsp;staked&nbsp;FLC&nbsp;can&nbsp;be&nbsp;retrieved)&nbsp;due&nbsp;to&nbsp;factors&nbsp;such&nbsp;as&nbsp;the&nbsp;price&nbsp;of&nbsp;FLC&nbsp;and&nbsp;Vault&nbsp;reserve&nbsp;ratio.&nbsp;Within&nbsp;24&nbsp;hours&nbsp;after&nbsp;a&nbsp;Safebox&nbsp;expires,&nbsp;any&nbsp;user&nbsp;can&nbsp;initiate&nbsp;an&nbsp;auction&nbsp;for&nbsp;the&nbsp;expired&nbsp;Safebox&nbsp;using&nbsp;FLC,&nbsp;and&nbsp;the&nbsp;highest&nbsp;bidder&nbsp;obtains&nbsp;the&nbsp;Safebox&nbsp;Key&nbsp;but&nbsp;is&nbsp;required&nbsp;to&nbsp;pay&nbsp;a&nbsp;20%&nbsp;fee&nbsp;to&nbsp;the&nbsp;protocol.&nbsp;Within&nbsp;24&nbsp;hours&nbsp;after&nbsp;the&nbsp;auction&nbsp;ends,&nbsp;the&nbsp;new&nbsp;owner&nbsp;can&nbsp;directly&nbsp;unlock&nbsp;the&nbsp;NFT&nbsp;or&nbsp;extend&nbsp;the&nbsp;storage&nbsp;time.&nbsp;If&nbsp;no&nbsp;one&nbsp;participates&nbsp;in&nbsp;the&nbsp;auction&nbsp;within&nbsp;24&nbsp;hours&nbsp;after&nbsp;expiration,&nbsp;any&nbsp;user&nbsp;can&nbsp;use&nbsp;1&nbsp;million&nbsp;μTokens&nbsp;to&nbsp;unlock&nbsp;the&nbsp;Safebox&nbsp;and&nbsp;exchange&nbsp;for&nbsp;the&nbsp;NFT,&nbsp;which&nbsp;means&nbsp;the&nbsp;value&nbsp;of&nbsp;the&nbsp;Safebox&nbsp;Key&nbsp;no&nbsp;longer&nbsp;exists.</p>
  <p><strong>Tokenomics</strong></p>
  <p>The&nbsp;Flooring&nbsp;Protocol&nbsp;platform&nbsp;token,&nbsp;FLC,&nbsp;was&nbsp;launched&nbsp;alongside&nbsp;the&nbsp;protocol&nbsp;yesterday&nbsp;and&nbsp;briefly&nbsp;surpassed&nbsp;a&nbsp;$4&nbsp;billion&nbsp;FDV&nbsp;before&nbsp;retracting.&nbsp;FLC&nbsp;has&nbsp;a&nbsp;total&nbsp;supply&nbsp;of&nbsp;25&nbsp;billion&nbsp;tokens,&nbsp;with&nbsp;40%&nbsp;allocated&nbsp;for&nbsp;community&nbsp;support,&nbsp;25%&nbsp;as&nbsp;reserves,&nbsp;20%&nbsp;distributed&nbsp;to&nbsp;core&nbsp;contributors,&nbsp;5%&nbsp;allocated&nbsp;to&nbsp;strategic&nbsp;investors,&nbsp;5%&nbsp;for&nbsp;DEX&nbsp;liquidity,&nbsp;and&nbsp;5%&nbsp;for&nbsp;CEX&nbsp;market&nbsp;making.&nbsp;Within&nbsp;the&nbsp;40%&nbsp;allocated&nbsp;to&nbsp;the&nbsp;community,&nbsp;50%&nbsp;is&nbsp;dedicated&nbsp;to&nbsp;μTokens&nbsp;liquidity&nbsp;incentives.&nbsp;As&nbsp;of&nbsp;October&nbsp;16th,&nbsp;at&nbsp;16:00,&nbsp;μPPG,&nbsp;μY00T,&nbsp;and&nbsp;μELEM&nbsp;collectively&nbsp;hold&nbsp;approximately&nbsp;$2.9&nbsp;million&nbsp;in&nbsp;liquidity.&nbsp;Additionally,&nbsp;FLC&nbsp;not&nbsp;only&nbsp;provides&nbsp;Safebox&nbsp;and&nbsp;liquidity&nbsp;incentives&nbsp;through&nbsp;staking&nbsp;but&nbsp;also&nbsp;unlocks&nbsp;various&nbsp;VIP&nbsp;privileges&nbsp;and&nbsp;auction&nbsp;privileges.</p>
  <p>Overall,&nbsp;from&nbsp;Vault&nbsp;and&nbsp;Safebox,&nbsp;the&nbsp;relinquishment&nbsp;and&nbsp;retention&nbsp;of&nbsp;ownership,&nbsp;it&nbsp;can&nbsp;be&nbsp;observed&nbsp;how&nbsp;different&nbsp;NFT&nbsp;within&nbsp;the&nbsp;collection&nbsp;have&nbsp;distinct&nbsp;use&nbsp;cases.&nbsp;For&nbsp;floor&nbsp;NFT,&nbsp;users&nbsp;tend&nbsp;not&nbsp;to&nbsp;retain&nbsp;ownership&nbsp;but&nbsp;prioritize&nbsp;liquidity,&nbsp;making&nbsp;Vault&nbsp;their&nbsp;preferred&nbsp;choice.&nbsp;For&nbsp;rare&nbsp;NFT,&nbsp;users&nbsp;lean&nbsp;towards&nbsp;striking&nbsp;a&nbsp;balance&nbsp;between&nbsp;liquidity&nbsp;and&nbsp;ownership,&nbsp;thus&nbsp;prioritizing&nbsp;Safebox.&nbsp;The&nbsp;value&nbsp;of&nbsp;the&nbsp;Safebox&nbsp;Key&nbsp;represents&nbsp;the&nbsp;premium&nbsp;between&nbsp;rare&nbsp;NFT&nbsp;and&nbsp;floor&nbsp;NFT.&nbsp;Flooring&nbsp;Protocol's&nbsp;Safebox&nbsp;is&nbsp;one&nbsp;of&nbsp;the&nbsp;few&nbsp;solutions&nbsp;on&nbsp;the&nbsp;market&nbsp;that&nbsp;considers&nbsp;liquidity&nbsp;for&nbsp;rare&nbsp;NFT.&nbsp;Furthermore,&nbsp;the&nbsp;vision&nbsp;of&nbsp;fragmenting&nbsp;NFT&nbsp;into&nbsp;μTokens&nbsp;could&nbsp;ultimately&nbsp;lead&nbsp;to&nbsp;major&nbsp;centralized&nbsp;exchanges,&nbsp;significantly&nbsp;enhancing&nbsp;NFT&nbsp;liquidity.&nbsp;The&nbsp;integration&nbsp;of&nbsp;μTokens&nbsp;with&nbsp;Uniswap&nbsp;V3&nbsp;could&nbsp;bring&nbsp;about&nbsp;more&nbsp;efficient&nbsp;NFT&nbsp;capital&nbsp;efficiency,&nbsp;and&nbsp;the&nbsp;upcoming&nbsp;V4&nbsp;hook's&nbsp;combination&nbsp;with&nbsp;μTokens&nbsp;is&nbsp;also&nbsp;highly&nbsp;anticipated.</p>
  <p>However,&nbsp;in&nbsp;the&nbsp;current&nbsp;backdrop&nbsp;of&nbsp;a&nbsp;bear&nbsp;market&nbsp;for&nbsp;NFT&nbsp;and&nbsp;the&nbsp;outflow&nbsp;of&nbsp;on-chain&nbsp;funds,&nbsp;ample&nbsp;liquidity&nbsp;inevitably&nbsp;leads&nbsp;to&nbsp;continued&nbsp;declines,&nbsp;as&nbsp;evidenced&nbsp;by&nbsp;the&nbsp;Blur&nbsp;Bid&nbsp;Pool.&nbsp;Currently,&nbsp;the&nbsp;enthusiasm&nbsp;for&nbsp;Flooring&nbsp;Protocol&nbsp;seems&nbsp;to&nbsp;be&nbsp;more&nbsp;focused&nbsp;on&nbsp;acquiring&nbsp;FLC&nbsp;incentives.&nbsp;Whether&nbsp;μTokens&nbsp;can&nbsp;bring&nbsp;more&nbsp;off-chain&nbsp;capital&nbsp;to&nbsp;NFT&nbsp;and&nbsp;lead&nbsp;NFT&nbsp;out&nbsp;of&nbsp;the&nbsp;predicament&nbsp;remains&nbsp;to&nbsp;be&nbsp;observed.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/understanding-flooring-protocol-a-new-nft-fragmentation-solution-pondering-rare-nft-liquidity-tbt66832.html">https://thebittimes.com/understanding-flooring-protocol-a-new-nft-fragmentation-solution-pondering-rare-nft-liquidity-tbt66832.html</a></p>

Understanding Flooring Protocol: A New NFT Fragmentation Solution, Pondering Rare NFT Liquidity

TheBitTimes

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