NFTX
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NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs). Users deposit their NFT into an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within the vault. vTokens can also be used to redeem a specific NFT from a vault.
NFTX's mission is to become the primary issuer of NFT vault tokens, allowing anyone to trade & invest in NFT markets without needing the underlying knowledge and expertise required when investing in individual assets. By doing so, NFTX will function as a black hole for NFT assets.
Benefits include:
- LP and stake minted vTokens to earn yield rewards
- Better distribution and price discovery for NFT projects
- Instantly sell any NFT by minting it as an ERC20 and swapping via Sushiswap
- Increased liquidity for NFT investors and speculators
NFTX Token
The NFTX token is a governance token that can be used to vote on proposals and steer the direction of the organization. In total 650000 NFTX tokens will ever exist.
- 65K NFTX tokens are allocated to the founder of NFTX, Alex Gausman. These tokens are on a 5-year linear vesting schedule, without a cliff. Rewards on this vesting schedule are unlocked per block and added to the circulating supply until fully distributed.
- 390K NFTX tokens were distributed during the origin community raise, which has taken place from December 2020 to early January 2021. The tokens were granted to early community members through open bounties at various rates of ETH, as well as several NFTs. You can find a full breakdown of this event here.
- 65K NFTX tokens were originally supplied as liquidity by the NFTX DAO on an AMM.
- 130K NFTX tokens are held in the NFTX DAO Treasury and used for additional market-making activities on vaults, such as the CryptoPunks vault.