Positions & weighting

An NFT position is a listed NFT paired with committed ETH backing, and that backing sets its selection weight: less backing, selected more often.

In the main pool (V2), a position is a listed NFT paired with ETH backing. The depositor supplies both. Backing funds the standing bid a purchaser can accept after allocation, determines the position's selection weight, and stays committed until withdrawal or settlement. A purchaser chooses the NFT or the bid; they do not receive both.

Each position has its own backing obligation in the pool's accounting¹. Acquisition fees and reward balances are accounted for separately. Allocation reserves the position for its purchaser; it does not itself release the NFT or its backing. The chosen settlement decides where those assets go.

Backing determines the odds

Selection weight is inversely proportional to backing². More backing makes a position less likely to be selected; less backing makes it more likely. These odds describe the committed ETH, not an appraisal of the NFT's market value.

Lower backing, higher selection chance. Among two positions, one with half the backing has approximately twice the selection weight.
Higher backing, longer expected time in the pool. A rare position can still be selected on the next acquisition. Its expected lifetime is not a minimum holding period or a guaranteed amount of fee income.

Choosing backing

Backing must be nonzero and meet the pool's configured minimum. Unless an oracle exemption applies, listings also need a valid floor observation and backing no higher than the oracle ask plus the configured premium. The source default premium is 10%; this ceiling does not require backing to be above the oracle's blanket bid.

Recognized FWAIR launch listings have a listing-specific oracle exception. A separate owner-enabled collection exemption skips oracle checks without changing fees or granting FWAIR status. Nonexempt positions above a later oracle ceiling can be removed during the pool's cold windows. See the main pool overview for its oracle policy, and Collections for admission. Custom Pools use separate rules.

Technical breakdown

1.
Listing backing, acquisition escrow, and earned credits are separate accounting obligations inside the same contract balance. Settlement uses that listing's stored backing. The asset outcomes and applicable fees are described in Settlement.
2.
weight = 1e36 / backing, with backing in wei and integer rounding. A listing's selection probability is weight / totalWeight among the active positions eligible when its request is processed. Staged listings have no selection weight or fee income until activation.

Positions & weighting

An NFT position is a listed NFT paired with committed ETH backing, and that backing sets its selection weight: less backing, selected more often.

Backing determines the odds

Lower backing, higher selection chance. Among two positions, one with half the backing has approximately twice the selection weight.
Higher backing, longer expected time in the pool. A rare position can still be selected on the next acquisition. Its expected lifetime is not a minimum holding period or a guaranteed amount of fee income.

Choosing backing

Technical breakdown

1.
Listing backing, acquisition escrow, and earned credits are separate accounting obligations inside the same contract balance. Settlement uses that listing's stored backing. The asset outcomes and applicable fees are described in Settlement.
2.
weight = 1e36 / backing, with backing in wei and integer rounding. A listing's selection probability is weight / totalWeight among the active positions eligible when its request is processed. Staged listings have no selection weight or fee income until activation.