Revest Finance Announces Launch of NFT Locker

What is the NFT Locker?

The Revest NFT Locker is a Financial NFT that is able to lock up ERC721 tokens. The ERC721 image will be displayed on the FNFT.

Why did we develop the NFT Locker?

Recently, many ERC721 projects have been striving to become more than art — they seek to reward community members for participation in their ecosystem, to reduce sell pressure on their projects, and to offer people rewards for showing dedication to the project’s growth. To this end, many NFT developers are interested in offering airdrops or staking rewards to community members willing to lock-up their NFTs for a period of time, similar in many ways to the staking rewards systems so commonly encountered in the ERC20 ecosystem.

However, the potential methods for carrying these out are ripe with issues; straight airdrops of tokens to those who simply hold the NFT may run afoul of regulatory burdens, while home-brew staking systems are frequently rife with security flaws, disable the viewing of the staked NFT, and place a significant burden on the development team to produce work they may not have the experience to spearhead.

Likewise, in strong NFT communities where the community’s attention itself is the desired goal of an airdrop, the distribution of arbitrary tokens to a given community is fragmented and confusing. Many developers do not have a good understanding of Merkel Trees and simply getting the end-user to trust an unknown token’s website can be quite daunting.

Enter the Revest NFT Locker. Through the use of Revest Protocol FNFTs, the Revest NFT Locker offers the following features to ERC721 projects and the communities that form around them:

  • Intuitive lock-ups for arbitrary ERC721’s, no matter what network you’re on
  • Arbitrary ERC20 token distributions to any ERC721 staked into the Revest NFT Locker
  • Ability to view your NFT from within the FNFT itself
  • Ability to transfer the FNFT throughout lockup without impacting the price of the underlying asset
  • Dynamic alerts to when rewards are claimable, and easy claiming through the FNFT
  • Secure custody maintained within the Revest NFT Locker throughout the lockup period

About Revest Finance

The Revest Protocol offers a revolutionary new use of NFTs as financial tools through the Financial Non-Fungible Token (FNFT). Individual and enterprise level users can deposit any ERC20 or ERC721 into Revest’s interactive FNFTs and set custom unlocking conditions (time, value, or contract based). Revest allows the tokenization of all non-fungible financial positions with non-fungible tokens. This simple turn-key solution offers elegant applications ranging from token vesting to cutting-edge implications for derivative and borrowing/lending platforms.

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