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1. What is Flooring Protocol?
Flooring Protocol is an NFT-Fi platform that enables the fractionalization of value from NFT collections into smaller tokens, known as μTokens. This opens up opportunities for anyone, with any amount of funds, to invest in NFTs, even with as little as $10.
To illustrate, suppose an NFT is priced at 10 ETH and is divided into 1,000,000 μTokens. Each μToken would be priced at approximately 0.00001 ETH, equivalent to 0.016 USD based on the current price. In the scenario where A wishes to purchase this NFT but only has a small amount of capital (~$16 USD), A can buy 1000 μTokens.
Thus, A owns a small portion of the NFT. As the price of the NFT rises, the value of the μTokens owned by A will also increase accordingly.
This method facilitates community access to Blue-chip NFT collections such as BAYC, MAYC, Azuki, Pudgy Penguins, etc., without requiring large amounts of capital to purchase an original NFT.
2. Guide to Using Flooring Protocol
2.1. Buying and Selling μToken
Fractional NFTs Flooring Protocol supports trading various types of μTokens representing Blue-chip NFT collections such as μELEM (Azuki Elementals), μPPG (Pudgy Penguins), μYOOT (Yoots), μBAYC (BAYC), and a platform token $FLC.
To trade these μTokens, follow the instructions below:
Step 1: Access the platform https://www.flooring.io/ and connect your Metamask wallet address (Ethereum network).
Step 2: Select "Trade" and choose the token you want to trade.
Step 3: Input the quantity of tokens you want to trade and select "Buy" or "Sell" accordingly.
Step 4: Confirm the transaction on your Metamask wallet and complete the trade.
2.2. Providing Liquidity on Flooring Protocol
On the Flooring Protocol platform, users can provide liquidity for pairs such as μToken/FLC, μToken/ETH, μToken/Token, and FLC/USD. Currently, the Annual Percentage Yield (APY) for pairs like μToken/FLC, μToken/ETH, and μToken/Token ranges from 90% to 1600%, while the APY for the FLC/USD pair ranges from 20% to 50%.
To provide liquidity on this platform, follow the instructions below:
Step 1: Visit https://fp.io/liquidity and connect your wallet address containing the two types of tokens available in the liquidity pool.
Step 2: Choose the token pair you wish to provide liquidity for and input the desired quantity to supply. Note that at this step, you can select between adding liquidity partially or entirely.
Step 3: Select "Add Position."
Step 4: Confirm the transaction on your wallet and complete the liquidity provision process.
2.3. Staking Guide on Flooring Protocol
Flooring Protocol allows holders of μTokens to engage in staking activities on the platform, thereby earning substantial interest rates. At the time of writing, each staking pool offers rewards exceeding 200%.
To participate in staking on the Flooring Protocol platform, the following steps are required:
Step 1: Access https://fp.io/earn and connect your wallet address containing the available μTokens.
Step 2: Select the specific type of μToken you possess from the provided list, then proceed to click on "Stake."
Step 3: Input the desired quantity of μTokens for staking and verify the transaction details to complete the process.
2.4. Guidance for Engaging in Safebox on Flooring Protocol
Safebox, a feature provided by Flooring Protocol, offers users the opportunity to securely store their NFTs. Upon depositing their NFTs into Safebox, users receive a unique Safebox key, confirming their ownership, along with 1 million μTokens. To participate in Safebox, users are required to lock $FLC tokens within the platform.
How to Create a Safebox?
Step 1: Navigate to https://fp.io/dashboard/safeboxes and select the "Safebox" option.
Step 2: Choose the NFT collection you wish to deposit into the Safebox and specify the duration of the deposit. It's important to note that longer deposit periods necessitate users to stake more $FLC tokens.
Step 3: Upon completing the NFT deposit, users will be rewarded with 1 million μTokens and receive a unique Safebox Key.
3. Conclusion
Flooring Protocol represents a successful implementation of fractionalizing NFTs, providing users with the opportunity to profit from NFTs without owning them outright. With its user-friendly interface and practical application within the NFT market, Flooring Protocol offers a pragmatic solution for NFT investors. However, the nature of the NFTFi model still harbors certain risks regarding security and price volatility. Therefore, users should carefully consider their involvement in projects utilizing this model.
