NFTX is a platform and protocol for creating ERC-20 tokens based on NFT collections. When users attach NFTs to the vault, an ERC20 (vToken) is created that users can interact with. Users can create and sell tokens, track in-demand NFTs from other marketplaces. The platform opened in January 2021.
Work with the platform takes place in several stages. This is an article from catalogue CryptoDeFix. First, the user needs to bind a web3 wallet and create a repository. In the vault, any user will be able to put NFT on the Ethereum blockchain to create a vToken. Minting NFTs into NFTX allows you to create an non-fungible token from a non-fungible one, which allows you to immediately sell it on AMM, add it to liquidity pools and earn a percentage of the fees and do staking.
By creating a token from NFT, the user can set its minimum value, allowing it to be sold in a short period of time. Any unrestricted NFT on Ethereum can be added to the vault. NFTX is community driven, internal token holders can vote on the future of the project.
- Creating ERC20 tokens from NFT
- Selling created tokens on cryptocurrency exchanges (SushiSwap)
- Earnings by staking and borrowing vTokens
- Increase of NFT liquidity
- Buying NFTs
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