The option NFT
Every option you buy from a POC launch vault arrives as one NFT. The NFT is the option: whoever holds it can use it, and you can keep it, send it or sell it.
The two images
There are only two images, supplied by the owner:
| Kind | Image | File |
|---|---|---|
| Launch call | green | assets/nft/call.png |
| Large-cap put spread | red | assets/nft/put.png |
Both are 1254 x 1254 PNG, uploaded to pump.fun IPFS on 2026-09-29 with
their metadata: every call NFT points at ipfs.io/ipfs/bafkreifmcyo2gsefwpx3oerg43nmhpr4a34jdeheowwtw2dkuqq7aj42ta
("POC Call"), the calls collection at ...bafkreicdizsshy3clu3xu5esllrep6pewg3dfon7nbmihoovrq76k32p3a,
and new put vaults default to ...bafkreih3aofydnqtt2cw7hf3h3mmqrmw25ya2revkbkwcjjrs3jzppoig4
("POC Put Spread"). The image tells you only whether it is a call or a put; everything else is
in the on-chain attributes below.
How it works
- The NFT is a Metaplex Core asset. Each vault has its own collection (for example "TNDR Calls" or "NEET Puts"), and an address derived by the vault program is the collection's update authority (the put vault itself; for launch calls, the launch vault's creator address). Only the vault can mint into its collection or write the attributes.
- Launch calls: the option itself is a token held in an escrow account owned by an address derived from your NFT, so holding the NFT means owning the escrow.
- Put spreads: there is no option token. The vault keeps a position record tied to your NFT, and pays whoever holds the NFT at claim time.
What is on chain: launch call (18 attributes)
| Attribute | What it says |
|---|---|
| type | Call |
| token, symbol | the token's mint address and symbol |
| strike_usd | strike in USD per token |
| strike_mcap_usd | the strike as a market cap in USD |
| size, size_raw | number of tokens, and in base units |
| expiry, expiry_utc | expiry as unix time and as a UTC string |
| tenor | 1h or daily |
| premium_usd, premium_sol, sol_usd | what you paid in USD and in SOL, and the SOL/USD rate used |
| break_even_usd | strike plus premium, per token |
| series | the engine series account |
| escrow | the escrow token account |
| status | Live; set to Exercised after a physical exercise. A cash-out or an after-expiry close burns the NFT instead of changing its status |
| purchased | purchase time |
A real example from the test suite: 1.5M tokens, strike market cap $110,421.38, premium $23.02 (0.1919 SOL at $120 per SOL), 1-hour tenor.
What is on chain: put spread (14 attributes)
| Attribute | What it says |
|---|---|
| type | Put (capped, cash-settled) |
| token | the token's mint address and symbol |
| strike_usd | the strike K, USD per token |
| cap_usd | the width W, USD per token |
| lower_strike_usd | K minus W: at or below this you get the full cap |
| max_payout_usd | the most this NFT can ever pay, in USD |
| size | number of tokens covered |
| expiry | expiry time and UTC string |
| tenor | daily |
| premium_usd | what you paid |
| break_even_usd | strike minus premium, per token |
| series | the day account and series number |
| status | Live, then Claimed or Expired |
| purchased | purchase time |
How to verify an NFT
Before you buy one second-hand, check:
- The collection. It must be the vault's collection. Anyone can mint an NFT with the same picture; only the vault can mint into its collection.
- For a call, the escrow. Look up the escrow account in the attributes. Its balance must equal the size.
- For a put spread, the position record. The vault's position account for this NFT holds the size, the premium and the locked collateral the vault will pay from.
- The status. Only a Live option can still pay.
Using it
- Launch call, cash out: burns the NFT, sells the tokens into the pool, pays the strike, and sends you the profit and the rent in SOL.
- Launch call, exercise: you pay the strike in SOL and receive the tokens. The NFT stays as a receipt marked Exercised until it is burned after expiry.
- Put spread, claim: after the day settles, you sign a claim and receive the USDC. The NFT is burned and its rent comes back to you.
- Transfer or sell it on any marketplace that supports Metaplex Core. No royalty is charged on resales; POC's own marketplace takes 0.5% of the sale price.
Each NFT is used whole; you cannot exercise or claim part of it.
Rent, and burning after expiry
An NFT's account holds rent. For a launch call it was about 0.0075 SOL in the test run (7,506,480 lamports), about $0.90 at $120 per SOL. Metaplex Core keeps a 0.0015 SOL protocol fee from each new asset that is not refunded; the rest comes back to the holder when the NFT is burned.
An NFT that expired worthless can be burned by anyone, including a keeper bot. Its rent goes to the holder, not to whoever burned it.
The spec's earlier estimate of 0.003 to 0.004 SOL was too low for the as-built call NFT.