TaurusNFT.art makes it possible for any Lamden user to create Utility NFTs with just a few clicks. Utility NFTs come in different forms. This guide will help you wrap tokens inside your NFTs.
This gives some interesting use cases:
- Sell / Trade tokens without affecting the price on a DEX like Rocketswap
- Boost NFT value
- Use as coupons (NFTs are burned when the tokens are redeemed, more on this later)
- Earn more royalties as your token value / NFT price will move with the corresponding wrapped tokens and is therefore sold and bought more often
How to put tokens inside my NFTs?
1. Create a new Collection https://taurusnft.art/create.html (this feature is only available for new collections).
2. Mint an NFT.
3. Approve the amount of tokens you want to put inside the NFT by doing an advanced transaction:
- Enter Contract Name is the contract of the token you wish to wrap inside the NFT. For example, for RTAU you would use “con_reflecttau_v2” or for RSWP you would use “con_rswp_lst001”.
- Choose Function to Run is “approve”
- AMOUNT is the number of tokens you wish to approve to add to the NFT (in step 4, you’ll actually add them to the NFT)
- TO is the Collection Contract Name you created in step #1 above
4. Create an advanced transaction using your collection contract:
- Enter Contract Name is the Collection Contract Name you created in step # 1 above
- Choose Function to Run is “setup_redeem”
- NAME is the NFT Name (from step #2 above) you want to wrap the tokens into
- REDEEM_TYPE is “token” — more on this in the future (there is more than just wrapped tokens)
- REDEEM_CONTRACT is contract of the token you wish to wrap inside the NFT. For example, for RTAU you would use “con_reflecttau_v2” or for RSWP you would use “con_rswp_lst001”.
- REDEEM_AMOUNT is how many tokens you want to put inside
5. The NFT will now show a Redeem button on Taurus.
6. You can now sell it or if you click on Redeem it will burn the NFT and give you the wrapped tokens!
Hope this helps! Join us on Telegram for any questions.