In this article we will talk about NFTX Token, a new project based on the Ethereum network, which is quite interesting indeed, since it has been a market for other NFTS and there are many interesting tokens within. In fact, in this Token market, you can buy up to Axies from Axie intinity.
In this article we are going to explain everything there is to know about this token and its platform and also how to buy it.
NFTX is a platform for creating liquid markets for liquid non-fungible tokens (NFTs). Users deposit their NFT in an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset within the vault. VTokens can also be used to redeem a specific NFT from a vault.
Benefits included:
LP and vTokens minted to gain performance
Better distribution and price discovery for NFT projects
Instantly sell any NFT by minting it as an ERC20 and trading it through Sushiswap
Increased liquidity for NFT investors and speculators
How does NFTX Index Tokens work?
Vault creation
Anyone can create vaults for any NFT asset on Ethereum. Once a vault has been created, any user can deposit eligible NFTs into the vault to create an NFT-backed fungible token called “vToken.”
Minting vTokens
Anyone can deposit NFT into an existing vault (or one they have created) to create a fungible vToken that represents a 1: 1 claim on a random NFT from within the vault.
Minimum prices
Users can then pool their minted vTokens in Automated Market Makers (AMM) like Sushiswap to create a liquid market for other users to trade. Once liquidity and trading volume are established, the NFT-backed vToken enters price discovery and a ‘floor price’ is discovered.
minimum price indicates the lowest price for a particular NFT. Users set a minimum price by minting and selling vTokens in markets where they consider their NFT to be overvalued.
NFTX is helping to establish reliable sources of minimum prices for NFT, enabling its wider application in decentralized finance on Ethereum.
For example, a user has 5 Hashmasks and values 2 of them highly. However, they consider the other 3 Hashmasks to have a lower value than the market price of Mask’s vault on Sushiswap. user deposits these 3 Hashmasks and sells their 3 minted MASK tokens on Sushiswap, which reduces their price and helps to discover the price.
above process will continue until a minimum price is reached.
Eligibility
mask vault allows any Hashmask to be deposited, however other vaults use an eligibility list that only allows depositing a specific subcategory of NFT. For example, the Punk-Female vault has an eligibility list that includes only CryptoPunk NFT IDs for women. No other CryptoPunks can be deposited.
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Who benefits from this token?
Collectors
NFTs in their basic form do not generate performance. However, when they are used to minting vTokens, they can access the world of decentralized finance. Simply put, collectors can use NFTX to get more value from their NFTs:
Earn protocol fees (coming soon)
Earn trading commissions as a liquidity provider
Stable coin farm using vTokens as loan collateral
Content creators
By launching the NFTX protocol, content creators can earn protocol fees in perpetuity (coming soon) while improving the reach and fairness of distribution:
Earn protocol fees (coming soon)
Distribute NFT through an AMM in the form of vTokens
Instantly create liquid markets for new content
Investors
NFTs are often very illiquid and difficult to price. NFTX makes speculation and investment in the NFT market a much simpler process:
Access the most liquid markets for NFT
Price tracking of particular NFT categories
What is NFTX Index Tokens?
NFTX is a platform for making ERC20 tokens that are backed by NFT collectibles. se tokens are called vault tokens and (like all ERC20s) are fungible and composable. With NFTX, it is possible to create and trade tokens based on your favorite collectibles such as CryptoPunks, Axies, CryptoKitties, and Avastars, directly from an exchange.
NFTX’s mission is to become the leading NFT vault token issuer, allowing anyone to trade and invest in the NFT markets without the need for the underlying knowledge and experience required when investing in individual assets. In doing so, NFTX will function as a black hole for NFT assets.
Is NFTX completely permissionless?
Yes, NFTX contracts are on-chain contracts without permission.
NFTX.org interface is built and maintained by NFTX DAO and will be open source as soon as possible, so anyone can run it locally when needed.
Who is working on this token?
NFTX is built by a decentralized autonomous organization (DAO) – a group of closely aligned community members, contributors, and core members to build NFT’s main liquidity center. As NFTX is an open organization, anyone, anywhere can come together to provide additional expertise and / or resources with the goal of growing the success of NFTX.
Does NFTX charge any fees?
No, it does not charge any fees.
NFTX V2 allows vault creators to charge fees based on the minting and redemption of NFT inside and outside the vaults. re are three pricing options in V2 and they are set to the following defaults for all DAO builds and new vaults
1% minting fee
0% Random Refund Fee
5% Targeted Refund Fee
se fees are distributed to the vault’s liquidity providers.
Also read Tiki Token (TIKI) Coin. What is it, how to buy and price?
In the (near) future, anyone providing liquidity to vaults can avoid minting fees by using a zap to automatically include liquidity.
Is there an NFTX token?
Yes. NFTX token is a governance token that can be used to vote on proposals and direct the direction of the organization. In total, there will be 650,000 NFTX tokens.
65,000 NFTX tokens are allocated to NFTX founder Alex Gausman. se tokens are on a 5-year linear allocation program, without a cliff. rewards in this entitlement program are unlocked per block and added to the circulating supply until fully distributed.
390K NFTX tokens were distributed during the home community surge, which took place from December 2020 to early January 2021. tokens were awarded to the first members of the community through open rewards at various ETH rates, as well as various NFTs. You can find a full breakdown of this event here.
65K NFTX tokens were originally supplied as liquidity by the NFTX DAO in an AMM.
130K NFTX tokens are held in the NFTX DAO Treasury and are used for additional market-making activities in vaults, such as the CryptoPunks vault.
Who is the target audience?
re are three main target audiences for NFTX: investors, arbitrageurs, and NFT liquidity providers.
main products are designed for investors looking to buy and / or sell NFT at a minimum price without having to wait for a buyer / manufacturer in a secondary market.
second audience we serve is arbitrageurs, who can benefit from varying prices between NFT vault tokens and the minimum prices of their underlying collaterals in secondary markets. Referees can use nftx.org products to interact directly with these groups.
A third audience we serve is NFT liquidity providers, who can benefit from providing additional liquidity and / or inventory to one or more NFT vaults. Liquidity providers can use the products on nftx.org to generate additional NFT vault tokens, which can then be supplied as liquidity.
What is the address of the NFTX token?
NFTX address is: 0x87d73e916d7057945c9bcd8cdd94e42a6f47f776
How do I buy NFTX? NFTX is available to trade on decentralized exchanges. To find the best rates on multiple exchanges, we recommend using an aggregator like Matcha.
Where do I find the NFTX Vault tokens?
re are two areas to find current vaults in NFTX. V1 vaults can be viewed in the Gallery, as well as a list of all vaults and holdings on the main site.
V2 NFTX vaults can be found in the Explore section of the V2 application.
APPS Links:
https://v2.nftx.org/
https://app.nftx.org/
https://gallery.nftx.org/
OFFICIAL WEB
How to buy NFTX Token?
FIRST STEP TO BUY this Token
To buy NFTX Token you have to buy it through the ETH network and then go to uniswap and buy it. To buy ETH we have to buy it through BINANCE, the best exchange in the world, once registered and verified, we will go to buy crypto, we put the currency that we are going to use to buy the ETH and the amount and we give it to buy, as and as you will see in the following image.
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CLICK HERE TO ENTER BINANCE
SECOND STEP TO BUY NFTX Token
Once the eth is purchased, we have to transfer the etherum to our wallet, it can be trustwallet or metamask, which we use.
You can see a tutorial on how to pass eth from Binance to metamask through the ETH network to do it.
And a tutorial on how to create a metamask portfolio and add it to the browser.
BUY ETH FROM METAMASK
First we go to our metamask portfolio and below the amount of ETH we have is the option to buy, we give it and we will jump to the following:
We give Wyre and once inside, we select our currency and the amount, we can also pay with Apple or with a debit or credit card.
and voila, we have our eth in our metamask portfolio.
THIRD STEP TO BUY NFTX Token
Once with our ETH we enter uniswap through the following url; Uniswap NFTX and we have to import the token, to be able to operate, as we see in the following image.
Next we have to connect our wallet and select the amount of ETH that we want to exchange for NFTX Token and give it to exchange, as we see in the following image;
I hope you liked the article and that it is helpful, any questions can leave a comment and it will be answered on the same day.
Live Token Price:
In the following link they have the price in direct: Price in direct
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