Redeem Protocol
RE:DREAMER Lab as a protocol builder of Redeem Protocol DAO, we launched the Redeem Protocol v1 at the end of 2021, making the first step in this revolution. The Redeem Protocol verifies NFTs, authorizes redemptions, and connects smart contracts with existing Web2 systems through a payment-like API/SDK.
We design three different methods to redeem an NFT.
Burning an RNFT to redeem is a usual case to ensure that NFT would not redeem twice.
We provide an option for the customer to redeem their NFT without burning it, which will record the redemption status on the smart contract. That is why we only support the
ERC721 standard instead of the ERC1155 because the utility is one of one to redeem. The multiple tokens are hard to ensure which one is redeemed without burning it.Let NFT as a utility token. Not only can the NFT issuer provide the service for this token, but all of the people can also provide their service to collect NFTs and then redeem others' services.
For example, if I want to redeem
The Remade's sneakers within their NFT, I can buy the NFT from OpenSea or provide a service with Redeem Protocol to let NFT holders redeem my service by transferring RNFTs to my address.Last modified 2mo ago