NFT Marketplace

NFT Marketplace is where users trade Note and Warrant NFTs with each other. It's the major fee accumulation component for the DAO Treasury.

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What Is the Secondary Market?

After buying bonds in the primary market, investors can trade their NFTs here.

┌─────────────────────────────────────────────────────────┐
│                   SECONDARY MARKET                      │
├─────────────────────────────────────────────────────────┤
│                                                         │
│     Seller                           Buyer              │
│        │                                │               │
│        ▼                                ▼               │
│   Note NFT  ◄──────────────────►   Payment              │
│   Warrant NFT ◄─────────────────►   Payment             │
│                                                         │
│                        │                                │
│                        ▼                                │
│                  Trading Fee                            │
│                        │                                │
│                        ▼                                │
│                  DAO Treasury                           │
│                                                         │
└─────────────────────────────────────────────────────────┘

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What Trades Here

Instrument	Why It Trades
Note NFT	Investors exit early or buy discounted claims
Warrant NFT	Traders speculate on $MSTR upside

Warrants typically trade more actively — they're attractive to traders who want option-like exposure without buying bonds.

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Why People Trade

Sellers want to:

• Exit before maturity

• Lock in Warrant profits early

• Get liquidity now

Buyers want to:

• Buy Notes at a discount

• Speculate on Warrant value

• Acquire exposure without primary market

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Fee Accumulation

Every trade generates fees for the DAO Treasury.

Activity	Fee Destination
Note NFT trade	DAO Treasury
Warrant NFT trade	DAO Treasury

This makes the Secondary Market a major revenue source for MegaStrategy DAO.

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Example Trades

Note NFT Trade:

Alice holds a Note NFT worth $50,000 at maturity (6 months away).

She needs cash now and sells it for $48,500.

Bob buys it — he'll claim $50,000 at maturity for a $1,500 profit.

Trading fee → DAO Treasury

Warrant NFT Trade:

Charlie holds a Warrant with $15 strike. $MSTR is at $18.

He sells the Warrant for $5,000 instead of exercising.

Dana buys it — she believes $MSTR will rise to $30.

Trading fee → DAO Treasury

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Price Drivers

Note NFT pricing:

• Time to maturity

• Series health (proceeds coverage)

• Market interest rates

Warrant NFT pricing:

• $MSTR price vs. strike price

• Time to expiry

• Volatility expectations

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Secondary vs. Bond Market

	Bond Market	Secondary Market
Who sells	Protocol	Users
What's sold	New bonds	Existing NFTs
Revenue goes to	BTC Treasury	DAO Treasury
Price set by	Protocol terms	Market supply/demand