1/n NFT 最大的問題之一，莫過於單個資產的顆粒度過大導致的流動性枯竭，沒有辦法通過無限拆分來最小化用戶准入門檻，最終形成了由於買方不足而帶來的硬頂效應（價格天花板過低）。 One of the biggest problem of NFTs, is the liquidity dried up, due to the non-fungible price of a single NFT asset. There is no way to minimize the user entry barrier through unlimited fungible, which forms a hard cap effect (the #FDV is too low) caused by the buy side weakness.

2/n 傳統的解決方案包括 NFT 發行 FT，或者對 NFT 進行碎片化。這一調控手段依賴中心化主體，忽略了社區決策，絕大多數情況下是對原有投資人份額的稀釋，並且未能從根本上解決資產本身的特性限制。 Traditional solutions include the team can issuing #Token to NFT holders, or simply doing NFT fractional. This method relies on centralized team, ignores community decision-making, dilutes the share of original holders in most cases, and fails to fundamentally solve the limitations of the NFT asset.

3/n 而FT資產過於注重金融屬性，讓資產本身非常同質化，沒有多樣性、多元性的文化屬性，在消費和商品屬性上有重大缺失。 However, most token assets is all about financial features, making the token assets extremely fungible, without diversity cultural functions, and there are major deficiencies in commodity functions. 自從我們開始熱愛NFT開始，我們就一直在思考，如何解決這個問題。 Since we full in love with NFTs, we've been thinking about how to solve this problem.

4/n 近期 #brc #ordi 等带来的銘文市場的活躍，讓這一困境有了突破口，正如銘文天然適合NFT和FT的資產發行那樣。這些日子，Ins20的特性，給了我們一些啓發。雖然ins20發生了重大事故，但它也提出了一個從 NFT 遷移成 FT 的願景。遺憾的是，ins20暫時只支持單向集體遷移（半數NFT通過投票，集體轉換成FT，此過程不可逆）。 The recent hype of the #inscription market has made a breakthrough in this dilemma, just as inscriptions are naturally suitable for NFT and FT asset issuing. These days, the features of #ins20 have given us some inspiration. While ins20 had a serious accident, it also presented a vision for migrating from NFTs to FTs. Unfortunately, ins20 only supports one-way migration, and needs a 50% more voting progress (half of the NFTs need to voted to migration, and this process is irreversible).

5/n 為瞭解決這個問題，為NFT合集解鎖更高的FDV，我們的研發團隊在深入社區學習了各類資產的本源特性後，決定提出一個「可單獨拆分、可雙向轉換的」 NFT+FT 資產協議，這就是我們稱作 REDT (Redirection Token)的協議。 In order to solve this problem and unlock higher FDV for NFT collections, our tech team decided to propose a "separately fungible, two-way convertible" NFT+FT asset protocol after deeply understanding the original value of inscription assets within the community, which we called “#REDT (#RedirectionToken)”.

6/n REDT 原本形態為 Inscription 銘文，同時具備 NFT 和 FT，並且 NFT 和 FT 之間有著固定的兌換率，並且互相「同質化」。舉個例子，一個採用了 REDT 協議的 10K PFP 合集《丹》，裡面任何一枚丹的頭像，都可以隨時轉換為2100枚銘文REDT。 REDT originally looks like an Inscription, with both NFT and FT, and there is a fixed exchange rate between NFT and FT, and they are "#fungible" to each other. For example, a #10K PFP collection "PFPAsia" that uses the REDT protocol can be converted into 2,100 #inscriptions at any time.

7/n 有趣的是，不管是哪幾枚丹頭像，拆分出來的 REDT，只要湊夠 2100 枚，就可以轉化成任何一個「暫時變成REDT的丹NFT頭像」。 No matter which PFPAsia NFT are, as long as there are 2,100 REDTs, they can be converted into any "#PFPAsia NFTs that temporarily fixed at REDT #protocol".

8/n 這個不同於NFT碎片化的不可逆性，REDT協議下的FT/NFT自始至終是完全去中心化轉換的。這將賦予NFT全新的流動性模型，也將完全重塑FT本身只有金融屬性的缺憾。 Different from the irreversibility of NFT fragmentation, FT/NFT exchange under the #REDT protocol has been completely decentralized from beginning to end. This will give NFT a new liquidity model, and will also completely reshape the weakness of FT itself with only financial functions.

9/n 我們欣喜的發現，這樣全新的資產形態，將有可能為鏈上玩法帶來全新的範式轉移。目前除了流動性增強、降低持有人門檻外，能夠清晰可見的未來還包括REDT+#DeFi、REDT+#DePIN、REDT+#GameFi、REDT #DEX等。 We are pleased to find that such a new asset form will have the potential to bring a new paradigm shift of on-chain business models. At present, REDT can enhancing liquidity and encouraging more holders to be qualified, the future that can be clearly seen includes REDT+DeFi, REDT+DePIN, REDT+GameFi, REDT DEX, etc.

10/n 所以，我們把 REDT 看作一種全新的「通用型資產」。從此我們再也不用區分 Token / NFT 了，因為 Asset 就是 #Asset，Asset 可以是任何達成共識的事物。 That's why we see REDT as a new kind of "unify asset". Maybe in the future, we don't have to distinguish between Token / NFT, because an Asset is an Asset, and an Asset can be anything that has consensus.