Shameless Shilling: NFTX

Shameless Shilling: NFTX

The NFTX dapp just launched this week and is in the process of bootstrapping funds like PUNK, KITTY, GLYPH, AXIE, AVASTR, and JOY. These funds will enable traders to make bulk NFT orders from exchanges like Uniswap, for example purchasing 6.5 JOY in a single order.

On December 22, NFTX began their community raise which allowed supporters to donate ETH and certain NFTs in return for NFTX tokens (which are used to govern the platform). The NFTX smart contract already holds 700+ Avastars, 500+ CryptoKitties, 150+ Cryptopunks, 70+ Axies, and 20+ Autoglyphs

viewable here 

These NFTs are the reserves which are used to back the tokenized funds. *

The emergence of NFT funds could have a number of benefits for the NFT ecosystem. One of these benefits is real-time price feeds, such as the ability to always know what the minimum price of 1 Autoglyph is by checking the GLYPH price. Another benefit is improved liquidity, which basically means it's easier for large investors to make big orders.

NFTX is run entirely on-chain. There is no business address, bank account, or official owner. The community governs the project using the NFTX token and the Aragon governance platform, which allows community leaders to manage funds and interact with dapps. The hope is that by being fully-community owned, NFTX will always be a force for "good" in the NFT space. Moreover, if NFTX is triumphant at achieving its goals, it could act as a template for similar "open organizations" to launch successful projects in 2021, setting off a string of newly born antifragile NFT-focussed organizations.

What are Bounties?

Bounties is a way for the fund to accumulate NFTs from the user base without needing investors or huge upfront expenses. After ‘’mint’’ function has been successful the user can fill the corresponding bounty if it hasn’t been filled and receive a fixed amount (depending on the asset) of $NFTX, which is a governance token for the DAO of this project running on aragon. NFTX token will be used for governing the platform and receiving platform income.

The main developer holds 10% of the funds with the rest 90% distributed accordingly to all users who filled bounties and for future user rewards.

A very unique and original asset raising mechanism! Bounties will soon disappear from the site as they get filled.
Since the bounties launched NFTX worked as a black hole swallowing NFTs, and like domino pieces falling, it immediately raised the floor price in NFTs such as Cryptopunks, Glyphs, Avastars, Cryptokitties etc.

NFTX is just starting, the swap process still requires some technical know-how.








Let’s Use Autoglyphs for this example...

One of the benefits of this is that it will be possible to make quick-and-easy bulk NFT trades from exchanges like Uniswap—i.e  purchasing 2.5 GLYPH in a single transaction.

Another benefit is that, as funds increase in size, more NFTs get sucked into the NFTX reserves (e.g. if there are 10 GLYPH tokens that means there are 10 Autoglyphs in reserves).

This enables any Autoglyph holder to "swap" their Autoglyph with a random Autoglyph from the NFTX reserves.

Before swapping an NFT, it's important to estimate the gas cost. At a gas price of 50 gwei, the entire process will likely cost somewhere between 0.02 and 0.03 ETH (currently about $15).

To begin, go to the NFTX homepage and connect your metamask wallet in the top right corner. Once connected, take a look at the funds listed below and find one that interests you.

For this tutorial we will be using the GLYPH fund as an example.

By clicking on the GLYPH fund we can take a look at its metadata, which tells us that there are currently 30 Autoglyphs in the NFTX reserves.

In the future, it will be possible to view thumbnails of each item on the NFTX dapp, but in the meantime, it is possible to view the holdings on OpenSea at this link.

When we swap items we have an equal chance of receiving any item from the reserves. Theoretically, it's also possible to receive the same item you put in, but that is unlikely.

Furthermore, it is possible to repeat this process as many times as you like, each time receiving a potentially new random item from the fund.

The actual swap process is two-fold. First, you call a "mint" function that creates your GLYPH token and takes your Autoglyph as payment.

To perform the first step and "mint" GLYPH, go to the NFTX homepage and double-check that your wallet is connected in the top-right corner. Next, scroll down and click on the ellipsis (⋯) dropdown button to the right of the GLYPH listing, then click "Mint".

This will open a panel where you can type the tokenID (1-512) of the autoglyph you wish to transfer. If you do not know this ID number, you can find it on OpenSea by viewing your Autoglyph

Once you have entered the tokenID, you will then need to click "Approve Transfer"

After the transfer has been approved you can then call then click "Mint 1 GLYPH" which takes your Autoglyph and gives you one GLYPH token in return.

Second step is the redeem function.

Once you have entered the tokenID, you will then need to click "Approve Transfer"

After the transfer has been approved you can then call then click "Mint 1 GLYPH", which takes your Autoglyph and gives you one GLYPH token in return.

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