For my idea to work, you have to create a marketplace where you can exchange and create or improve existing NFTs.
The VRT token will be the only currency usable on the marketplace.
To create a basic NFT without enhancement you will need to use VRTs which will then be burned during the transaction.
Once the NFT is created in exchange for VRT you can choose what type of boost you want to give to your NFT:
- More reward in XVS when lending or borrowing. (Common NFT: + 1% APY, Rare NFT + 1.5% APY, Legendary NFT + 2% APY)
- More VRT reward when lending or borrowing. (Common NFT: + 2.5% APY, Rare NFT + 5% APY, Legendary NFT + 10% APY)
- Lower costs when using Venus. (Common NFT: -10%, Rare NFT -25%, Legendary NFT -50%)
- Reduced borrowing rate. (Common NFT: -1%, Rare NFT: -1.5%, Legendary NFT: -2%)
To create 1x rare NFT you need 10x common NFT.
To create 1x legendary NFT you need 10x rare NFT. (= 100 common NTF to create a legendary NFT).
Users who participated in the original NFT airdrop will randomly receive Common NFTs or more rarely Rare NFTs. The Legendary NFTs will have to be created ONLY by burning Rare NFTs.
According to my idea, the VRT token should be distributed as a second reward in every vaults with the XVS token in order to boost the rates of return (APY) when lending or borrowing on Venus.
The NFTs would finally have an interest as well as the VRT which despite a stock which increases quickly would see itself burned in a consequent way each time an NFT is improved from common to rare or from rare to legendary or when someone is buying an empty NFT that has to be improved.