Flayer (FLAY) is a protocol designed to provide liquidity for non-fungible tokens (NFTs), addressing the problem of liquidity for mid-tier and rare NFTs. It achieves this by offering novel mechanisms like Liquid Listings, Liquid Auctions, and Trade-Ups. Users can access immediate liquidity by converting NFTs into fungible tokens without losing ownership. The protocol integrates with Uniswap V4 to facilitate efficient trading strategies, making the NFT market more flexible.

FLAY is used within the Flayer ecosystem for a variety of functions related to NFT liquidity and trading. It allows users to list, trade, and auction NFTs while maintaining flexibility and liquidity. The protocol supports Liquid Listings and Auctions, enabling users to mint fungible tokens representing their NFTs and trade them on decentralised markets. Additionally, FLAY offers features such as re-listing, reservations, and lockboxes, which facilitate flexible trading and liquidity provision. These features are designed to enhance NFT market functionality.

Flayer was developed by an unnamed team aiming to provide better liquidity solutions for NFTs. The project was launched with a migration process involving NFTX and FLOOR token holders, who converted their assets to FLAY.