NFT Options: Good Minds x Hook

Today we’re excited to share that we’re partnering with Hook to explore a new vertical in the NFT x DeFi space: options.

A big reason why our team loves working on Good Minds is because we get to use it as a means to experiment with new projects across the NFT space. Hook is one of our favorite examples of this. They’re an innovative team doing something new and we’ve loved learning from & working with them behind the scenes over the past few months.

Let’s dig into some details here:

What is Hook?

Hook is a new NFT-native options protocol.

What are options?

In their most basic form, an option is a financial instrument that represents the right (but not the obligation) to purchase or sell a specific underlying asset at some time in the future.

How does the platform work?

The Hook protocol implements a version of “call” options i.e. the right to buy a given NFT in such a way that allows option sellers to earn money (often called a premium) by selling some potential upside from their asset. This in turn allows option buyers to purchase that upside.

Alongside their launch today, Good Minds will have 50 of our NFTs available for purchase with different strike prices and expiration dates. We would love for anyone who is curious about NFTs options to follow along with Hook and test out the platform. Both of our teams invite any and all feedback here as well.

For additional information on the Hook platform and extra detail about options in general please see the Hook docs here and a walk through video here.

-the GM Team