The vault and the floor
For what runs on testnet’s vault pages today, which is not this design, see What’s live right now.
What you can do
Section titled “What you can do”- Open a collection and see its vault floor: the backing each piece carries.
- Sell an eligible piece back to that collection’s vault. You get its backing, less the fees below.
- Buy a returned piece from the vault.
- Add money to a collection’s backing, if you want to.
What the vault is
Section titled “What the vault is”Each collection has its own vault. It only serves that collection. The vault:
- holds the collection’s backing, in USDC
- buys eligible pieces back from holders
- keeps returned pieces as inventory
- resells those pieces
Nothing is burned. A returned piece waits in the vault until someone buys it.
Backing is not revenue. KURV and the creator cannot take it out as earnings. The fees they earn are kept apart from backing. If KURV ever launches a token, holding it gives no right to any collection’s backing.
What “floor” means here
Section titled “What “floor” means here”On KURV, “floor” always means the vault floor: the backing each piece carries.
It is not a market price. Pieces can sell for more or less between people. Nobody promises you can sell at the floor on the open market. The floor is not a promise of value or returns, and it is not a promise that the floor only rises. Read Risks and disclaimer.
Where backing comes from
Section titled “Where backing comes from”| Source | What goes to backing |
|---|---|
| Paid mint | What is left after KURV’s 5% fee and the creator’s share. The creator picks 0–50% of the 95% left after KURV’s fee. |
| Royalty on a sale between people, settled through KURV | 25% of the royalty. The creator sets the royalty at 5–10%. |
| Sell-back to the vault | The 10% haircut, plus the vault’s 25% of the royalty. Both are worked out on the piece’s backing. |
| Vault resale | The sale price, less the creator’s and KURV’s shares of the royalty |
| Voluntary contribution | 100% |
Examples:
- $100 paid mint. KURV takes $5. At a 0% creator share, $95 goes to backing. At 25%, $71.25. At 50%, $47.50.
- Sell-back of a piece with $100 of backing. At a 5% royalty you get $85 and $11.25 stays in backing. At a 10% royalty you get $80 and $12.50 stays.
- $100 vault resale. At a 5% royalty, $96.25 goes to backing. At 10%, $92.50.
What a mint pays into the vault is not the same as the floor. The floor depends on how many pieces share the backing. The full numbers are on Fees.
What makes the floor move
Section titled “What makes the floor move”The floor is the backing divided across the pieces that have a claim on it. Pieces waiting in the vault do not count.
- Paid mints add backing and add a piece. The design does not let a new paid piece thin out the backing of pieces already out.
- Sales between people settled through KURV add the vault’s share of the royalty. They do not add a piece.
- Sell-backs pay the seller and send the creator’s and KURV’s royalty shares out of the vault. The piece stops counting. The haircut and the vault’s royalty share stay behind, spread across the pieces still out.
- Vault resales bring a piece back into circulation. What the vault keeps from the sale must cover at least the backing that piece needs. If it does not, the sale is refused. For example, at a 10% royalty a $100 resale adds $92.50. If a piece needs $100 of backing, that sale is refused. It would need about $108.11. This way a resale does not thin out the backing of other pieces.
- Contributions add backing only. They do not create extra pieces, extra weight, refunds or creator payouts.
Contract bugs, rounding and other risks still apply. See Risks and disclaimer.
Free collections
Section titled “Free collections”A free collection can start with zero backing. Its sell-back quote stays at zero until real money reaches the vault. Expected trading is not backing.
A free mint costs a $0.25 service fee per piece. That fee goes to KURV, not to backing. The creator can choose to pay it for you. If you add an optional contribution at checkout, all of it goes to backing.
Related
Section titled “Related”Testnet only. Nothing here is financial advice. Read Risks and disclaimer before you mint, buy or sell back. Back to kurv.fun.