Utility
How does the NFT work?
- Once a Messier Objects NFT has been successfully auctioned to a buyer, a smart contract will exchange the M87 tokens for equal amounts of two separate staking token types.
- The original M87 tokens will be sent to the burn address, permanently removing them from the circulating supply. The newly acquired staking token types will be wrapped in an immutable smart contract and bound to the NFT permanently.
- The first staking token type will gain yield from Pool 1 (all M87 token stakers receive yield from this pool) and the second type will gain yield from Pool 2 (Messier Objects NFT holders exclusively receive yield from this pool).
- Messier Objects NFTs will have their own exclusive dashboard in Virgo's user interface.
- Messier Objects NFTs will be permanently showcased on https://messier.app/, where each NFT will display its artwork, quantity of tokens staked within it, and the address of its ownership.
- Messier Objects NFT holders will be able auction their own NFTs on the main website for ETH.
- Messier Objects NFTs will be subject to a resale fee of 4% (same as the M87 token) and will only be sellable for ETH. All fees collected from the resale of any of the Messier Objects will be sent directly to the treasury of Virgo.
Last modified 27d ago