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?
- 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.
- 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%)
Minted supply: 650 000 tokens
- 10% Founder
- 20% Farming rewards
- 10% Liquidity for DEX
- 60% Community