A New Form of NFT by Gather: NFT as a Masternode Key (NaaMK)

A New Form of NFT by Gather: NFT as a Masternode Key (NaaMK)

Posted by Isil Kilkis on July 16, 2021

Gather NFT Flow

All Gather masternode owners will receive an NFT airdrop with respect to their tiers (earlier allocated batches), regardless of being full or shared masternodes. These NFT tokens will represent the tier number, token amount, type of the node (full/shared) with designed content specific to each tier and node type. NFT tokens will be airdropped to the existing reward wallet addresses already registered for the Gather Masternodes, where the masternode owners are reaping their rewards. Masternode owners use these addresses to connect to the masternode dashboard (https://node.gather.network). These NFTs will later be used as access keys to run masternode servers when masternode infrastructure is up and running for Gather Cloud.


Once the airdrop is complete, the respective token collaterals which were contributed by the masternode owners will be tied to this NFT. These NFTs are based on ERC-721 standard and can be traded in open decentralized markets (Opensea, Rarible…)


There are three possible scenarios after the airdrop:


1) Masternode owner trades his/her NFT in open decentralized markets


Masternode owner sells his/her NFT and the token amounts linked to it, receives ETH in return for the amount he/she sets to sell the NFT in the marketplaces.

The trade is logically expected to have at least the token value and the intrinsic value of the NFT. However, since it is an open market, masternode owners have the ultimate decision and ownership on the trading value. Once the NFT token is sold to another wallet, the seller loses access to the NFT and tokens linked to it for good.


2) Masternode owner sends his/her NFT to another wallet


If the masternode owner sends his/her NFT, automatically the token amounts linked to the NFT will also be transferred to the new NFT token holder. The sender loses access to the NFT and tokens linked to it for good.

The new NFT owner has access to the masternode and the token amounts linked to the newly purchasedNFT, can connect to Gather Masternode Dashboard (https://node.gather.network) with the wallet holding the NFT to see the status of the masternode or to withdraw the tokens.


3) Masternode owner wants to withdraw his/her tokens


On Gather Masternode Dashboard, masternode owners will be able to see their NFTs and token contributions in the same line. When/if a masternode owner would like to withdraw their tokens, he/she will lose access to the corresponding NFT token forever (NFT ownership will be returned to the Gather contract) and the masternode owner will receive their tokens after 7 days as per existing practise. 


When the NFT ownership is returned to Gather, they will be made available for other parties to be re-allocated by the Gather Team.