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Scaleswap is the first market player to implement the technology of NFT wrapping in the new special product Multi-chain wNFT pre-IDO Launchpad.
we refer it as a “Wrapped NFT”
Because the original NFT is put in a wrapper a kind of digital vault that allows adding additional assets as any ERC-20 token to the NFT.
In addition, it is possible to set locking periods to the collateral ERC-20 tokens inside the wrapped NFT.
In simple words...
a Wrapped NFT
is a non-fungible token
in a ERC721 format
Pegged to the value of another asset or multiple assets
The basic technology is created by Envelop, an NFT protocol backed by Animoca Brands, that launched its IDO on Scaleswap earlier this year.
Based on Envelop’s technology, the Scaleswap team will develop the first sustainable use case for the IDO sector, introducing a pre-IDO launchpad in the format of wrapped NFTs.
Early funding access
It is crucial to have a supportive community from projects’ early days but before the public sale (IDO/IEO/ICO) there is no direct financial incentive for these community members. wNFTs will open a completely new level to early supporters willing to accept the higher risk and back the project financially. No need to wait until the IDO or public sale to offer community members to support the project financially.
Pre-sale open
to diverse investors
Coordination with different individual pre-sale investors becomes much easier. Everything is written in a smart contract and easily traceable on a blockchain.
Cliffs functionality
wNFT contains pre-IDO tokens with locking periods. There will be no need to separate the pre-sale and IDO process with different tokens, since the tokens sold inside wNFTs will be exactly the same tokens sold on IDO. Cliff functionality programmed inside wNFTs will enable release of tokens at specific times when the team wants them to be released.
Price discovery
opportunities
The “sweet spot” for the amount to be raised on a public sale is not always easy to assess, while IDOs with uncapped raises make the projects sometimes look greedy. Pre-sale with wNFTs will give projects insight into initial community interest for supporting the project financially and also secondary market wNFT trading will additionally help projects to come up with the “sweet spot”
