Smart Layer launches first asset-backed executable NFT on Polygon, sold out in 4 hours

On December 26, Smart Layer recently launched its "Smart Cat Loot" series on Polygon, becoming the first asset-backed executable NFT (xNFT) in the ecosystem. The series of NFTs sold out within 4 hours of public minting.

"Smart Cat Loot" uses an innovative "burn and return" mechanism and dynamic pricing strategy, allowing holders to burn their NFTs at any time and recover the minting cost (minus transaction fees). It is worth noting that as the trading volume in the secondary market increases, the price of burning and returning will also rise accordingly.

In addition, the functionality of "Smart Cat Loot" xNFTs is not limited to collecting. As a game, the toys minted can interact with their xNFT smart cats to earn points. Points earned through "Cat Loot" can be combined with "Smart Layer" task points to unlock community rewards.

From a technical perspective, "Smart Cat Loot" implements executable tokens and NFTs based on the Ethereum standard ERC5169 and OasisOpen's TokenScript standard. These executable tokens and NFTs will bring innovation to Web3 games, loyalty projects, and decentralized finance (DeFi). They not only improve the user experience but also open up new ways to provide consumers with new experiences through token distribution and sales. For example, executable DeFi tokens can integrate exchange or earning functions, allowing users to execute them in their wallets without accessing new websites; game NFTs can integrate gamification and task elements, allowing users to interact in their wallets before the game is built.