Mainnet Update
Hey friends! I’ve been getting some DM’s asking about what’s happening so here is a quick update.
Mainnet is up, and the frontend can be reached at nftx.org, however I still have centralized control for a few more days (i.e. I can “rug” you) so there is no rush to start minting. Many people are asking me what the incentive is to mint, which is a good question, especially since I have deleted outdated posts on the project and am yet to release updated documentation.
NFTX is similar to a project like WBTC or TokenSets. We create ERC20 tokens that can be used as proxy investments in other assets. In our case, those proxy assets are popular NFT collections, and our platform allows anyone to permisionlessly create their own NFT funds the same way anyone can create a liquidity pools on Uniswap.
There are two types of funds, D1 (degree one) and D2 (degree two). D1 funds have a 1:1 backing between NFT and ERC20. Currently all funds on the NFTX dapp are D1 funds. In the near future we will deploy D2 funds which combine D1 funds to offer better diversity. For example, PUNK will be a D2 fund which uses the other D1 PUNK-XYZ tokens as inputs to form a Balancer pool.
The target users for NFTX are the people trading and investing using the fund tokens like PUNK. The only people that will mint and burn tokens (most of the time) are arbitrageurs that are finding spreads between fund tokens and actual NFT markets. However, since we are including fund tokens in the upcoming community raise, people wanting to participate in the raise can also choose to do so by minting fund tokens and depositing those. Therefor I will be sure to post a tutorial going over the process before the community raise begins.
In terms of timeline, I’m hoping to have the raise open by this weekend with details in the next couple days. There will also be a litepaper that I will release before the raise begins and I will open up a Discord server too.
Ttyl!