All ears, crypto enthusiasts! We have brought information about yet another development in the NFT space. This blog will give you detailed information about NFTX, a platform that helps create NFT-backed ERC-20 tokens. These tokens are termed “funds” and are fungible and composable. The platform also provides liquid markets for trading liquid non-fungible tokens.
NFTX is a community-owned protocol developed on top of Ethereum. In NFTX, users deposit their NFT collections in vaults. After depositing NFTs, fungible ERC-20 tokens or vTokens are minted.
The NFTX platform was launched in 2021 to provide high-quality services to the NFT marketplace. An example of such a service would be the indexing of projects. These tokens can be traded on decentralized exchange platforms such as Sushiswap, Uniswap, etc. Alex Gausman founded the platform. The team has expanded to quite a few creators who belong to the NFTX DAO (Decentralised Autonomous Organization) and have different roles in the team. The Core Team consists of JackieBoi, Kiwi, Javery, JB, Quag, Caps, and Chop. They are assisted by a crew team that consists of Quantumly, Aeto, and Toes.
There are four main types of user groups that NFTX caters to:
So if any of the above domains look interesting to you, you could check out the NFTX platform right away, but if you are looking for something more, hang on to our blog as we have covered every feature offered on the platform in this blog.
NFTX users can participate in important governance proposals or decisions by voting through a simple process. The steps for the same are given below:
In case of changes suggested in the NFTX contract, more than 70% of voting tokens must be for the motion, and in all other cases, this minimum requirement is 50% of voting tokens. After this stage, further amendments are done through Aragon.
Aragon helps to deploy updates on NFTX contracts. A 24-hour waiting period is provided to have the final consent of all the community members on the proposal.
Currently, two major types of funds are available on the NFTX platform:
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