What is WNFT?
The full name of WNFT is Wrapped NFT. It is an ERC721-compliant contract deployed by StarBlock DAO on Ethereum. It is the wrapped of the original NFT collection, which is equivalent to the original NFT. 1 WNFT = 1 original NFT. WNFT and NFT can be exchanged in both directions at any time and unconditionally, and WNFT can be traded at will, and the original NFT will also be traded after the transaction.
WNFT is an NFT that belongs to the community entirely. It is the Web3 of the original NFT. It is an important step in the decentralization process of the NFT industry. The creator fee of WNFT will be owned by the community, and its use will be determined by the governance of WNFT holders. Moreover, WNFT trading on StarBlock will not charge any royalties in the initial stage, and fully contribute to the community.
WNFT has the same Token ID and Token URI as the original NFT. The name of the WNFT contract adds the prefix “Wrapped“ to the name of the original NFT, and the symbol adds the prefix “W”.
WNFT can only be obtained by staking by those who hold the original NFT, a process called staking NFT. No one else, including the manager of the WNFT contract, can obtain WNFT at will. The original NFT staking will be deposited into the WNFT contract later, and only users who hold the corresponding WNFT can release the NFT. WNFT and NFT can be exchanged at any time without any restrictions, similar to any exchange between WETH and ETH.