Get the NFTX Token and Safely Secure it on Numio

Download Numio today for free and get NFTX tokens.

Layer 2 Ethereum Wallet
Arrow Down
NFTX Logo

Non-Fungible Token? How NFTX Makes the Illiquid Liquid

The idea behind NFTX is simple. Invest diligently in a basket of NFTs across all major blockchains, and represent the value of the portfolio in a composable token that integrates fully with DeFi and the rest of the ERC-20 ecosystem.

The aim is to bring more liquidity into the NFT market. In short, making NFTs more… fungible. Increased liquidity means the possibility of more diverse and complex markets emerging around NFT markets. Who knows, in the future, you might be shorting Apes and longing Turtles. The creation of a token that represents the wider NFT market also lets users invest, in a naturally diversified way, in the growth of NFTs as a whole.

How Does NFTX Work?

NFTX was originally known as PunkFund. It would accept high-quality NFTs like CryptoPunks and Autoglyphs in exchange for the $NFTX token. Starting out as a monolithic entity, accepting only certain NFTs, NFTX eventually diversified to let users set up their own vaults that could target subsets within collections, e.g smoking punks, zombie punks, etc. Furthermore, specific funds can now be set up with the smart contract that represents one tranche of NFTs, e.g CryptoKitties. That fund can then be indexed and traded on Uniswap, Sushiswap, and other DEXs. This functionality, again, creates the opportunity for more mature financial markets built around the value-proposition of NFTs.

This ability to receive NFTX and use it for DeFi in exchange for NFTs opened up the opportunity for users to earn a yield in a way they couldn’t otherwise. This ability to realize yield, on their otherwise non-fungible collections, quickly drew in large NFT collectors.

These assets have 1-to-1 backing between an NFT and an ERC-20 contract. If a user owns two PUNK tokens, they can redeem two random CryptoPunks from the vault at any moment. The same is true for other tokens NFTX supports, like other NFT tokens like Hashmasks. NFTX also has Balancer pools which contain a host of these NFT representations in single pools.

NFTX now aims to expand rapidly to become a more central platform for the entire NFT landscape. It recently bestowed a grant upon HYYPE, an NFT collection display and sharing mechanism for retail, to integrate it into its platform. It runs a fully functioning marketplace, where NFTs can be bought and sold for $NFTX, and commissions are paid to those holding and staking $NFTX.

Solving NFT Liquidity Issues

Often NFT markets shuddered – and for some collections irrecoverably – by the sudden need for liquidity in anticipation of a massive, upcoming drop or surprise stealth mint. The discords wail about ‘people needing liq’ and often it’s the prime reason (at least, given reason) for a sale. $NFTX, in theory, solves that problem – by creating a credit market with NFT assets used as collateral.

This has a knock-on effect of sustaining confidence in the market as a whole as users can take fractional loans on their assets, and begin the typical virtuous circle that cheap and easy access to credit provides. If the market is growing, and the NFT market decidedly is, then the ability to have access to credit can make it grow faster.

What’s interesting about NFTX indexable tokens is that they are actually more gas friendly than trading normal NFTs. When you are buying/selling an NFT on a marketplace like OpenSea or Rarible, the gas required for these transactions exceeds 300,000 “gas”. This “gas” is the fee to the blockchain network, in this case, Ethereum. When you are trading an NFTX index token, like one from CryptoPunks, BAYC, or Hashmasks, the network fees are considerably lower! You are actually trading an ERC-20 token, as opposed to an ERC-721, or ERC-1155 token, which most NFTs are composed of. When trading an NFTX token, the gas is

NFTX’s prime goal is to let common crypto traders who otherwise don’t wish to engage with the idiosyncrasies of the NFT market gain exposure to it in a form they understand and are not only comfortable with but excel at. They want to be the number one provider for wrapped digital NFT assets operating in the form of indices. Their fungible tokens representing their NFT vaults allow for trading in NFTs to occur like any other crypto assets, and all the knock-on financial benefits of yield, staking, and composability with DeFi that entails. By onboarding crypto users more easily into these markets, NFTs can have true DeFi properties, to the ultimate benefit of both markets and the users within them.

How can I get LOOKS?

Getting NFTXis easy on Numio. You can use your credit or debit card to purchase ETH or USDC, which can then be exchanged for LOOKS*, you can swap or trade it for other ERC-20 tokens (up to 100x cheaper than other wallets), and you can send or receive it as payment. Whatever way you choose you can be sure that you are always in full control of your LOOKS.

*direct NFTXpurchases coming soon.

Download Numio to get NFTX

About Numio

Buy, sell, trade, earn crypto with DeFi, collect NFTs, and more, while saving you up to 100x on Ethereum fees. Numio gives you more control over your digital assets in one convenient app. Numio can be used pseudonymously, or with an optional zkProof powered identity verification system. All Numio products are non-custodial.

Available on Android and iOS, Numio was the first zkRollup powered mobile payments app to be released on Google Play.

Share on Facebook
Share on Twitter
Share on LinkedIn

NFTX Listed On

image

CoinMarketCap

View NFTX listed on coinmarketcap.com

image

CoinGecko

View NFTX listed on coingecko.com

24hr NFTX Chart

Latest From NFTX

Signup to our Newsletter

Signup and stay up to date with our products and upcoming releases.

Other Crypto on Numio

Over 300 Layer 1 and 100+ Layer 2 tokens available on Numio

Kyber Network Crystal KNC Logo

Kyber Network Crystal

KNC

Synthetix SNX Featured

Synthetix

SNX

Mask Network MASK Logo

Mask Network

MASK

Compound COMP Logo

Compound

COMP

rep logo

Augur

REP

Download Numio

Numio is fast, cheap, and secure. Download for free and start saving money today.

Ethereum wallet NFTs and more

Get the Latest News

Sign up to our newsletter and stay up to date with our products and upcoming promotions.

Backed By

Copyright © 2022 Numio. All Rights Reserved.