A simple exchange.
A changing market.
Understand what FLOOR represents—and what it does not.
One collection. One token.
For an NFT collection named Milady with symbol MILADY, the FLOOR token is Milady Floor, symbol fMILADY. The NFT symbol is preserved verbatim after the lowercase f. Different collections’ FLOOR tokens are not interchangeable.
After conversion opens, deposit an NFT for one FLOOR or spend one FLOOR to redeem an available vault NFT. Minting new tokens from the collection has an additional fee in the collection’s paired token (meme coin, stock token, etc.). The creator sets this fee at launch and can set it to zero.
Follow the reserve
Every public mint puts one FLOOR into the converter’s accounted reserve. Team allocations are backed at activation, including rights not yet claimed. Depositing moves an NFT into inventory and releases one reserve FLOOR. Redeeming removes an inventory NFT and adds one FLOOR back.
The NFT vault and the FLOOR reserve are different balances. Vault inventory is the set of deposited NFTs available to select. The reserve is FLOOR held by the converter to back NFTs outside that inventory and unclaimed team rights. Unminted public supply is separate from both: those are still first-issuance entitlements, not selectable vault pieces.
Not every outstanding FLOOR is backed by an NFT currently in the vault. Outside-reserve FLOOR includes the unminted public entitlements, deposited inventory, and the one-token initialization buffer. An empty vault does not mean the collection has no unminted supply.
The reserve is separate from pool liquidity and creator earnings. Sending tokens or NFTs directly to a contract is not a supported deposit and does not create accounted backing or inventory.
The extra FLOOR in the pool
A collection of N NFTs starts with N + 1 FLOOR tokens. If T NFTs are reserved for the team, T FLOOR backs those rights and N − T + 1 FLOOR is allocated to pool initialization.
The extra token provides a small initialization buffer. It creates no extra NFT entitlement: all FLOOR cannot become NFTs at once. It also does not guarantee every mint can be bought through the pool. External holdings, burns, and the chosen price curve can still constrain supply.
Price follows trading
One FLOOR is an exchange unit, not a cash peg or a guarantee of proceeds. Available liquidity, other trades, and the paired token’s value affect its market price.