About

FLOOR is a fractionalized representation of ownership of a vault that contains 104 various floor crypto punks. The owner of these punks put them in a vault on Fractional and minted FLOOR tokens against them.

History

Fractional is a protocol to mint fractional tokens of an NFT locked in a vault through smart contracts. The FLOOR token is a token that is backed by 104 various crypto punks. Crypto punks are 10,000 unique NFTs released by LarvaLabs in 2017. They are 8 bits each and use random generation to define distinguishing characteristics. Some are more rare than others, like the alien ones. They are one of the most popular collections of all times and punks frequently sell for millions of dollars. Fractional allows people to get liquidity on their NFTs by selling portions of the ownership of the NFT. The token has some governance rights that allow it to control certain parameters pertaining to fee limits and auction details.