Here is the code for Redirection-Token:
In 2024/1/1, we tweeted this:
One of the biggest problem of NFTs, is the liquidity dried up, due to the non-fungible price of a single NFT asset. There is no way to minimize the user entry barrier through unlimited fungible, which forms a hard cap effect (the FDV is too low) caused by the buy side weakness.
Traditional solutions include the team can issuing Token to NFT holders, or simply doing NFT fractional. This method relies on centralized team, ignores community decision-making, dilutes the share of original holders in most cases, and fails to fundamentally solve the limitations of the NFT asset.
However, most token assets is all about financial features, making the token assets extremely fungible, without diversity cultural functions, and there are major deficiencies in commodity functions.
Since we full in love with NFTs, we’ve been thinking about how to solve this problem.
In order to solve this problem and unlock higher FDV for NFT collections, our tech team decided to propose a “separately fungible, two-way convertible” NFT+FT asset protocol after deeply understanding the original value of inscription assets within the community, which we called “REDT(RedirectionToken)”.
REDT originally looks like an Inscription, with both NFT and FT, and there is a fixed exchange rate between NFT and FT, and they are “fungible” to each other. For example, a 10K PFP collection “PFPAsia” that uses the REDT protocol can be converted into 10000 ERC20 Token at any time.
No matter which PFPAsia NFT are, as long as there are 10000 REDTs, they can be converted into any “PFPAsia NFTs that temporarily fixed at REDT protocol”.
Different from the irreversibility of NFT fragmentation, FT/NFT exchange under the REDT protocol has been completely decentralized from beginning to end. This will give NFT a new liquidity model, and will also completely reshape the weakness of FT itself with only financial functions.
We are pleased to find that such a new asset form will have the potential to bring a new paradigm shift of on-chain business models. At present, REDT can enhancing liquidity and encouraging more holders to be qualified, the future that can be clearly seen includes REDT+DeFi, REDT+DePIN, REDT+GameFi, REDT DEX, etc.
That’s why we see REDT as a new kind of “unify asset”. Maybe in the future, we don’t have to distinguish between Token / NFT, because an Asset is an Asset, and an Asset can be anything that has consensus.
The key is not multi-status.