Example 2

A buyer is convinced that DeGods NFT price will decrease because roadmap v2.0 will be DeLayed and wants to benefit from his market read.

The put option buyer lists a new offer on Anture website including the following parameters.

• Option type: Put

• Underlying asset: DeGod NFT

• Strike price: 375 SOL

• Expiration: 30 days

• Premium: 37.5 SOL

• Collateral: Cash (375 SOL)

• Payoff: Cash (375 SOL)

• Claim condition: None

Once the buyer has listed his option on Anture website, other users (potential sellers) are able to make counter offers to challenge the parameters of the option (negotiating the strike price, the expiration, the premium, the collateral or even the payoff).

Once both the buyer and a seller have agreed on the option’s terms, a NFT is generated directly from Anture website to materialize the option contract. This NFT allows the buyer to claim part of (or all) the payoff ("Strike price - DeGods floor price") within the next 30 days (NFT is burnt once the option is activated or after the expiration date is reached). This NFT can be listed on secondary markets and will be burnt upon the put option activation by the owner or when the expiration date is reached.

Outcome 1

After 30 days, DeGods is still DeLaying its roadmap 2.0 reveal and floor price has dropped to 250 SOL.

The buyer decides to activate his put option.

• Buyer has made 375 (strike price/maximum payoff) - 250 (DeGods current floor price) - 37.5 (premium) = 87.5 SOL

• Seller has lost 375 (strike price/maximum payoff) - 250 (DeGods current floor price) - 37.5 (premium) = 87.5 SOL

Outcome 2

After 25 days, DeGods has finally revealed its roadmap v2.0 and price has increased to 600 SOL.

Because the current floor price of DeGods is above the strike price, the option is expiring (the NFT materializing the option is then burnt and the collateralized cash (SOL) is returned to the option seller).

• Buyer has lost 37.5 SOL (premium)

• Seller has made 37.5 SOL (premium)