What Is Nftx (NFTX)?
NFTX is a cryptocurrency platform for minting or creating fungible ERC20 tokens by staking their illiquid NFT tokens. These ERC 20 tokens are called vault tokens, and they are fungible and composable.
According to the whitepaper, NFTX's mission is to be the primary issuer of NFT vault tokens, enabling anyone to trade in NFT markets. And, the trading doesn't require a deep understanding of the underlying theory they need to acquire when funding individuals' assets. As a result, NFTX functions as a black hole for NFT assets. Based on Ethereum, the Blackhole protocol aims to be a cross-chain burning platform that does not require approval.
NFTX tokens are governance tokens that allow users to vote on proposals and steer the organization's direction. NFTX vaults enable users to store NFTs and create fungible ERC20 tokens (vTokens) that represent claims on a random asset within the vault. In addition, vTokens can be used to redeem a specific NFT from an exchange.
Benefits of the Nftx project seek to include the following:
Token yield rewards for LPs and stake-minted vTokens
NFT projects are better distributed and priced
To instantly sell any NFT, mint it as an ERC20 and swap it with Sushiswap
Liquidity for NFT traders and speculators
The NFTX protocol seeks to enable content creators to earn protocol fees in perpetuity as well as improve reach and fairness of distribution:
Profit from protocol fees.
Use an AMM (automated market maker) to distribute NFTs in vToken form. AMM is a tool utilized to supply liquidity (token pool) in decentralized finance (DeFi) without the intervention of a third party to set the price of an asset.
Markets for new content are instantly liquid.
Users aim to gain fees from taking part in the protocol fees. At the moment, 100% of protocol fees are paid out to those who stake. XPUNK holders receive an ERC20 "xToken" that represents a claim on the underlying staked SLP.
History of Nftx (NFTX)
The NFTX has a maximum total supply of 650,000 NFTX tokens.
