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Ethereum NFT

What is the NFTX token used for?

How the NFTX token is used on the platform. NFTX.org is a platform for creating liquid markets and easier price discovery for NFTs.

NFTX token is

NFTX is the governance token of the NFTX.org platform.

NFTX token is used for

  • Governance – voting on proposals and steering the direction of the platform.

How could value accrue to the token?

Future

  • Protocol fees from minting, vault creating and redeeming (implemented in v2)

Currently 100% of fees are distributed to stakers for the vaults.

What is NFTX.org?

NFTX.org is a platform for creating liquid markets and easier price discovery for NFTs.

How the protocol works

Any user can create a vault for a type of NFTs, for example PUNKS.

Users can deposit a PUNK to the vault and receive a vToken in return. Creating an index of PUNK NFTs.

vTokens can be used

  • For composability in DeFi
  • Earn yield on NFTS
  • Protocol fees(future)

The vToken can redeem a random NFT from the vault.

The indexes help create a price floor for NFTs. LPs create pools on for example Sushiswap or Uniswap with vTokens / ETH.

  • A users has 5 punks.
  • Considers 2 of them to be worth less than the price on the DEX.
  • Mint vTokens on NFTx for the 2 punks.
  • Sells their vTokens on the DEX.

Fees to stakers

Users mint or buy tokens to stake and receive xTokens like xSUSHI.

  • 1% mint fee (targeted 5%)

Token Isssuance

Minted supply: 650 000 tokens

Tokenomics

  • 10% Founder
  • 20% Farming rewards
  • 10% Liquidity for DEX
  • 60% Community

Docs

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