Fractionalized Asset Protocol, abbreviated as FAP, is a simple protocol/convention for fractionalizing Ordinals asset ownership via a token issued using the Runes protocol.
Any premined or minted Rune represent a fraction (proportionate to the total supply) of the inscription(s) spent to op_return in the etching reveal transaction.
FAP•WIZARDS•FAP is the first ever Rune created following the FAP convention, fractionalizing The Wizards of Ord logo into 3,333 tokens.
Few things to note re: FAP•WIZARDS•FAP's etching reveal transaction.
- It creates the inscription being fractionalized.
- Spends the newly created inscription to first output, which is an op_return. Verifiably burned forever.
- Premines 3,333 tokens to 2nd output.
THE•GREAT•FAPPENING Rune demonstrate how to fractionalize an existing inscription with the FAP convention.
The etching reveal transaction does the following:
- Spends Wizard #1 inscription to the op_return output.
- Creates a new inscription on the same sat as Wizard #1, which gets spent to the op_return output as well. By default, this inscription will be used by the marketplaces and wallets as the Rune image. It does not need to be a re-inscription on the asset being burned.
- Premines 1,111 💦 THE•GREAT•FAPPENING Runes to 2nd output, representing the burned Wizard #1.