NFTi are DAO Paykiken Geo tokens that have a material equivalent in the physical world. As digital certificates of a blockchain network, NFTi can confirm the owner’s participation in the industrial chain (resource–raw material–commodity) of natural resource extraction and/or processing projects as the rightful owner of the end product.
The ideology of non-interchangeable industrial tokens is to match each token with a certain number of tangible assets at key technological stages. In the first stage (at the moment of minting), an NFTi is equivalent to the volume of the initial resources; in the second stage, it is equivalent to the raw materials prepared for processing; finally, in the third stage, it is equivalent to the end products obtained after the processing is completed. The correspondence coefficient of material assets at different stages is determined by the production program of the project and depends on its technical and economic indicators.
An NFTi is minted by DAO Paykiken Geo based on a commodity digital certificate (CDC), which entitles the NFTi owner to participate in the development of a certain amount of natural resources. The CDC is located in a decentralized IPFS storage. It contains all the parameters of the corresponding resource, the time frame of the raw material production, as well as the production of the finished product. The NFTi smart contract ensures each token’s correspondence with its certificate in the storage and automatically updates the information about its material equivalent according to the project’s technological program. The final result in the NFTi smart contract algorithm is a digital confirmation by DAO Paykiken Geo of the NFTi owner’s rights to a fixed share of the end product.
The initial sale of NFTi will be conducted through an auction on the Web 3.0 platform of DAO Paykiken Geo. The starting price of the tokens depends on the timeframe for the end product acquisition, its value, and volume. NFTi turnover in the secondary market is not regulated by the DAO, providing for the possibility of their owners to present tokens for redemption upon the completion of all the technological stages of production. The redemption mechanism involves the ability to obtain the physical volume of production and/or payment equivalent to its value by DAO Paykiken Geo.