NFT Utility and Delegated Rights
Users no longer need to choose between capital efficiency and access to their NFT benefits. ParaSpace allows users who collateralize NFT's to claim airdrops and other key benefits.
Access to NFT Utility, Airdrops, and other Rights via ParaSpace
Top NFT collections offer token-gated utility to their holders, and ParaSpace enables users to keep access to the same utility while collateralizing and borrowing against NFT's. Perhaps the greatest value-add is token-linked airdrops which the user can claim via ParaSpace's flash-claim service.
ParaSpace can provide both capital efficiency and the underlying utility of the same NFT.
Benefits of Collateralizing NFT's on ParaSpace
A user who posts their NFT as collateral on ParaSpace receives an nToken, an ERC-721 token with metadata to match their collateralized NFT, which represents their claim to the original NFT.
The nToken further allows users to claim airdrops and take full advantage of other NFT collection-holder benefits directly from the ParaSpace UI.
What is a Flash-Claim and how Does it Work?
A flash-claim allows the user to momentarily claim their collateralized NFT from the ParaSpace pool without the need to repay any outstanding loans. It is similar to a flash-loan in that the token(s) must be returned within a single atomic transaction. And it is useful if the user needs to momentarily prove on-chain ownership of a specific NFT in order to interact with another contract and claim an airdrop or perform similar transactions.
ParaSpace will support a number of the most popular airdrops natively, while users can reach out to us via Discord if they would like additional support added to our interface.
For advanced users they may take full advantage of 'flash claim' directly with the nToken contract to execute flash claims directly against the contract. See Flash Claim for technical documentation.
Access Tokenproof Token-Gated Events with your nTokens
Thanks to collaboration between ParaSpace and tokenproof, users who deposit their top NFT's into ParaSpace can continue to enjoy access to token-gated events and other functions administered by tokenproof with their nTokens.
What is an nToken and What are the Benefits?
NTokens represents the user's claim to their collateralized NFT, and ParaSpace will work with existing NFT Collections to ensure nToken holders continue to enjoy access to other off-chain benefits to holding a specific NFT. As NFT Finance continues to grow we believe it is well within NFT Collections' interest to ensure its holders enjoy maximum benefits but can also take full capital efficiency from their NFT holdings.
What Other Benefits does ParaSpace Offer to NFT Holders?
ParaSpace already supports a number of key features including Moonbirds nesting and un-nesting for collateralized NFT's. We will further continue to build support for Apecoin staking and other top-value features for NFT holders.
View the full list below and reach out to us directly via Discord for additional requests or information.
| NFT Collection | Flash-claim and basic utility | Additional Benefits |
|---|---|---|
Bored Ape Yacht Club | Yes | Apecoin staking, tokenproof |
Moonbirds | Yes | Full nesting/un-nesting support, Oddities airdrop, tokenproof. |
CryptoPunks | Yes | Wrap/unwrap Cryptopunk |
Mutant Ape Yacht Club | Yes | Apecoin staking, tokenproof |
Doodles | Yes | Airdrops, tokenproof |
Otherdeed | Yes | tokenproof |
Clone X | Yes | Airdrops, tokenproof |
Meebits | Yes | tokenproof |
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