🏙️The Scrapyard

The Scrapyard is a vault for Injective NFTs, where users can either put an NFT inside the contract and get rewarded, or swap their NFTs to randomly get another one in the vault, this feature is exclusive to $NOTE holders.

The key concept of The Scrapyard is that once an NFT enters the vault, it can generally only be retrieved by swapping, meaning that the vault can only grow bigger, reducing the total supply of NFTs on Injective.

KEY FEATURES

Users can either:

1. “Burn” an NFT by locking it inside the vault, and get rewarded with $NOTE (or $INJ after the reserve of $NOTE has ended).

2. “Swap” an NFT of any supported collection and randomly get one NFT from the tier they can access.

SWAP REQUIREMENTS AND CRITERIA

In order to access the SWAP functionality, users must lock $NOTE inside the vault, there are different lock amounts to meet in order to access higher tiers of NFTs and have the chance to get better NFTs. Swap are only possible once every 24h per wallet.

Tier 4 : 1 $NOTE Tier 3: 2 $NOTE Tier 2: 3 $NOTE Tier 1: 4 $NOTE

N.B : The lock amounts can change, reflecting the price action of $NOTE, to ensure accessibility.

EXAMPLE A

User A lock 2 $NOTE inside the Scrapyard, he can swap any accepted NFT to get Tier 3 or Tier 4 NFTs.

EXAMPLE B

User B lock 1 $NOTE inside the Scrapyard, he can swap any accepted NFT to get only Tier 4 NFTs

TIERS

There are 4 tiers of NFTs in the vault

Tier 4 : Generally NFTs with a FP between 0 and 0.3 Tier 3 : NFTs with a FP between 0.3 and 1 Tier 2 : NFTs with a FP between 1 and 2 Tier 1 : NFTs with a FP of 2+

Floor price is NOT the only criteria, popularity and volume plays also a factor on the tier assignment, also collections can change tier overtime.

ANTI-BOT/SPAM MEASUREMENTS

To ensure fair play and to avoid bots and system abusers we introduced to counter measures:

1. Locked NOTE cannot be unlocked before 24h

2. Each swap require a small fee of 0.025 INJ

N.B. The fees will be partially used to buy more NFTs to put inside the vault, to keep it fresh ensuring it is always full of interesting and new NFTs!

RUG COLLECTION PURGE

The only scenario when one or more NFTs will be removed from the vault occurs in the eventuality that that collection become a rug, we do NOT support rug collection in any way, and we don’t want dead NFTs to be part of our dAPPS. However, even in this scenario the removal of any NFTs will be only possible through voting, and only NOTE holders can vote.

Medium article : https://medium.com/p/b4452fae397c