What is Technology?

What is Technology?

Wrapped NFT (wNFT) technology allows for the creation of a new digital asset by combining a non-fungible token (NFT) with a fungible token, providing additional utility and liquidity to the original NFT. These NFTs allow owners to rent out their assets in decentralized platforms on multiple blockchains.

When an NFTs is deposited on UNITBOX Protocol the deposited NFT goes to the UNITBOX Protocol smart contract where it is locked. Subsequently, the wNFT contract mints a wrapped version of the same NFT which has the same metadata as the original NFT. wNFT is therefore of the same standards (ERC721 or ERC1155) as the original NFT.

In summary, wNFTs in the UNITBOX protocol allows NFT owners to earn rental income from their assets across multiple blockchain networks, while also providing a more affordable way for renters to access rare in-game NFTs.

Through wNFT, NFT owners can also call back their NFTs whenever they want by clicking a button. When they do this, the wrapped NFT gets burnt and the original NFT goes back to the owner.

The issuing smart contract for wNFT has a noTransfer function which prevents the sales or transfer of wNFT assets on third party marketplaces like OpenSea. Gaming rewards are also loaded in the collateral issued wNFT pending the distribution of profits to owners and scholars.

UNITBOX’s tested and reliable wNFT technology is the most secure and efficient collateral-free rental mechanic at the moment. It resolves ownership risks associated with the transfer of NFTs and helps owners retain control of their prized assets.

Multichain allows games in all EVM-compliant chains to work with UNITBOX Protocol. As blockchain games evolve to support multiple blockchains, the UNITBOX ecosystem will also evolve to support newer NFT standards, making it easy for games to work with the tools available. UNITBOX’s solutions will grow with the industry which makes it highly scalable.