ENVELOP is a cross-chain NFT tool that allows users to wrap NFTs with collateral and other features, enhancing their utility and value. The protocol uses oracles to track NFT transfers and automatically adds a portion of the sale price to the wrapped collateral, increasing the NFT's underlying value over time. This enables new use cases for NFTs, such as lending, staking, and access control.
Funding
Funding not disclosed
Founders
Product
Problem
NFTs lack inherent utility beyond collectibility, limiting their potential use cases and value accrual. Current NFT infrastructure does not allow for dynamic modification or the addition of collateral, restricting their application in decentralized finance (DeFi) and other advanced scenarios.
Solution
ENVELOP provides a cross-chain protocol that enables users to wrap NFTs with collateral, royalties, and time-lock conditions, transforming them into programmable "NFT 2.0" assets. The protocol uses oracles to monitor NFT transactions and automatically distribute royalties to the wrapped NFT's author, while also increasing the value of the NFT based on transaction activity. This allows for the creation of financial NFTs, tokenized vested allocations, and dynamic on-chain reputation systems. The wrapped NFTs can be used across multiple blockchains, expanding their utility and accessibility.
Target Audience
The primary target audience includes Web3 startups, DeFi projects, GameFi developers, and NFT creators looking to enhance the utility and value of their NFTs through programmable features and cross-chain compatibility.
Features
- Cross-chain compatibility across 16 blockchains, including Ethereum, Polygon, and Binance Smart Chain
- Ability to add collateral (ERC-20 tokens) to NFTs, increasing their intrinsic value
- Royalty distribution mechanism that rewards NFT creators based on secondary market activity
- Time-lock functionality for vesting tokens and creating conditional access
- Oracle-based price discovery to help valuate and set floor prices for NFTs
- Support for upgradable Soulbound Tokens (SBTs) for dynamic on-chain reputation
- "Gift" module for creating personalized NFT envelopes with embedded assets and unlock conditions
- "Subscription" module for service farming, allowing users to lock project tokens for discounted rates