> For the complete documentation index, see [llms.txt](https://docs.pokefi.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pokefi.xyz/technical-reference/title-tokens.md). # The Title Token A title token is the on-chain representation of a specific vaulted card. It is the object that confers ownership of that card and that moves into escrow when the card backs a loan. This page describes how the token is structured, minted, and verified. For the physical-to-digital custody model behind the token, see [Custody and Title Tokens](/core-concepts/custody-and-vaulting.md). *** ## What the Title Token Is Each vaulted card is minted as a unique non-fungible title token on Solana. It is an SPL token with a supply of one, carrying Metaplex metadata that links it to the physical card it represents. Owning the token means owning legal title to that card, redeemable from the vault whenever the token is not escrowed against a live loan. One card, one token. The token is minted at intake and burned at redemption, so the set of live title tokens always corresponds to the set of cards currently in the vault. *** ## Metadata The token's metadata links to the full identity of the card, so anyone inspecting the token can trace it back to a real, authenticated object: | Field | Example | | ------------------- | ------------------------------------------------------ | | Grader | PSA | | Certificate number | The grader's cert, verifiable in the population report | | Card name | Charizard | | Set | Base Set (Shadowless) | | Card number | 4/102 | | Edition | 1st Edition | | Grade | 10 | | Population at grade | The grader's pop-report count | | Photos | High-resolution front and back images | | Vault reference | The custody partner's vault ID | The metadata is the on-chain anchor for proof of reserve: the public explorer links each loan to its collateral token, and the token to its grader certificate and vault reference. *** ## Minting A title token is minted **only by the authorized custody authority**, and only after a physical card has been received at the vault and authenticated against the grader's certificate and population report. This is the critical control: because minting is gated to the custody authority, a title token cannot exist without a corresponding real, vaulted, authenticated card. The card's status becomes `vaulted` when its token is minted, which is the state required to back a loan. *** ## Escrow During a Loan When a card backs a loan, its title token moves from the owner's control into a program-controlled escrow (a PDA in the Loan program). While escrowed: * The token cannot be transferred, sold, or redeemed by the borrower. * The token cannot be taken by the lender unless the loan defaults at maturity. * Only the Loan program can move the token, gated by loan state. On repayment, the escrow releases the token back to the borrower. On default, it transfers to the lender. See [Solana Programs](/technical-reference/solana-programs.md). *** ## Redemption The token holder can redeem the physical card at any time the token is **not** escrowed against a live loan. Redemption ships the card out of the vault and burns the token. This ties the on-chain supply to physical custody: a burned token means a card that has left the vault, and a live token means a card still held and insured. A card that is currently `escrowed` against a loan cannot be redeemed until the loan is repaid and the token returns to the holder. This is precisely what makes the token usable as collateral. *** ## Verifying a Title Token Anyone can inspect a title token using standard Solana tooling. **Using the Solana CLI:** ```bash spl-token display ``` **Using Solana Explorer:** Navigate to `https://explorer.solana.com/address/` and inspect the mint, its metadata, and its current holder or escrow. Cross-check the metadata against two independent sources: 1. The **grader's population report**, using the certificate number, to confirm the card exists at the stated grade. 2. The **PokeFi explorer**, to confirm the token maps to a vaulted card and to see whether it is currently escrowed against a loan. *** ## Why Not a Generic NFT A generic NFT is worth only what someone will pay for the token itself. A title token is different in one decisive way: it is redeemable for a specific physical card held in an insured vault, and its minting is controlled by the custody authority. That is what makes it sound collateral. The value behind the token is a real, appraisable, resaleable object, not the token's own speculative price. *** ## Related * [Custody and Title Tokens](/core-concepts/custody-and-vaulting.md): the custody bridge end to end * [Solana Programs](/technical-reference/solana-programs.md): how the token is escrowed and settled * [Valuation and LTV](/core-concepts/valuation-and-ltv.md): how the card behind the token is priced --- # Agent Instructions This documentation is published with GitBook. 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