Key protocol
Key Protocol is a smart contract system that allows the NFT collection owners to assure their users by insuring their ERC721 tokens against Ethereum tokens.
Project Description
Key Protocol is a smart contract system that allows the NFT collection owners to assure their users by insuring their ERC721 tokens against ETH tokens. This assures users that the project is legitimate and the floor price of the collection will not drop to zero and if that happens they still can get some insured ETH tokens against their ERC721 token but to do that they have to burn that token. The ability to lock tokens to an NFT and require the NFT to be burned in order to claim those tokens creates a built-in mechanism for maintaining the floor price of the NFT. This could be particularly useful for NFTs associated with projects or platforms that have a high level of uncertainty or volatility.
How it's Made
The smart contract is written in Solidity. The contract uses the OpenZeppelin library, specifically the ERC721 and ERC721Burnable contracts, which provide standard implementation for non-fungible tokens (NFTs) and burning of NFTs respectively.
The smart contract consists of two contracts: nftVault and KeyProtocol. The nftVault contract is used to store ETH and can only be accessed after a certain period of time. The KeyProtocol contract is used to create new nftVault contracts, deposit ETH into them, and burn NFTs to claim the deposited ETH.
