What is NFT20 ($MUSE) | Everything you need to know about MUSE token

Trade, swap & sell NFTs. The NFT20 protocol offers NFT liquidity pools to help developers build the next generation of NFT apps.

What is NFT20?

NFT20 is a permissionless p2p protocol to tokenize NFTs and make them tradable on decentralized exchanges such as UniSwap or Sushiswap.

Anyone with an NFT can create a new pool or add his NFT to an existing pool and get ERC20 Token derivatives of their NFTs in a permission-less way, those tokens can be transferred and traded on DEXes right away. You can also swap your NFT for any other NFT of the same pool, no need to tokenize.

NFT20 also allows you to own a fractional share of an NFT in the collection. For example, if you own 50 DEGENZ20 then it means that you own 50% of a Floor DEGENZ ( cheapest DEGENZ).

Outstanding Features

What is the unique selling point?

That said, there is one issue with getting hold of NFTs. That is, you will need to go somewhere that specializes in non-fungible tokens. This might, potentially, provide an inconvenience for would-be investors. People who already trade in crypto may not want the hassle of joining up with an NFT marketplace, of whatever kind, and having to make sure their wallets are connected and all their details in order.

However, because one of the key differences between crypto and NFTs is that cryptocurrencies are fungible, then it is not possible to trade an NFT on a regular crypto exchange. This means that, at present, while the two worlds are connected via their basis on the blockchain, they are in practical terms entirely separate beings. 

How it works

NFT20 allows users to receive ERC20 tokens representing NFT projects by depositing their NFTs into pools on the NFT20 dex. When you add your NFT to the NFT20 dex, you will deposit your NFT (e.g. your Doki Doki Gachapon) into the respective NFT project pool (e.g. the DokiDoki Finance pool), and the NFT20 Factory will create an ERC20 token representation of that NFT project, giving you 100 of these tokens for each NFT your deposit. If you don’t see an NFT pool yet for your NFT, you can always create a pool by depositing your NFT and following the process here. Project owners that want to take advantage of NFT20 as a way to provide easier trading and collection of their NFTs can look at the project owner guide here.

At first, we expect users to deposit low-value NFTs into these pools, thus creating an average price per NFT per project due to OpenSea + Uniswap arbitrage.

However, if you believe you have a higher value NFT, you have the option of creating a decentralized dutch auction right within the NFT20 asset page to get paid a higher amount of the ERC20 tokens for that NFT project.

NFTs that are held in their respective pools can be withdrawn at any time by any user depositing 100 of the relevant NFT tokens. The user then picks which NFT is available from the pool to withdraw. This feature makes the NFT20 dex not only a trading mechanism but an NFT swapping mechanism as well.

Example1: Linda owns 1 NFT Crypto Kitty that she can’t sell, she goes to the Crypto Kitty NFT20 asset page and deposits the Crypto Kitty NFT and gets 100 $KITTY tokens. She can now go to Uniswap and trade them right away or use them to provide liquidity on Uniswap for fees.

Example2: Katherine owns a Gen 0 Crypto Kitty NFT that she thinks is worth more than 100 $KITTY tokens, so she creates a dutch auction for the market to decide a fair price in $KITTY tokens. She can cancel the auction at any time if the NFT is not sold.

Example3: Enea owns a Gen 0 Crypto Kitty NFT and on the NFT20 Crypto Kitty pool he sees a Gen 1 Kitty he likes. He tokenizes his Gen 0 Crypto Kitty for 100 $KITTY tokens and redeems them right away for the Gen 1 Kitty he wanted.

Technical Data

Token Metrics

• Token Name: nft20
• Ticker: MUSE
• Blockchain: Ethereum & Polygon Chain
• Token Standard: ERC20
• Contract: 0xb6ca7399b4f9ca56fc27cbff44f4d2e4eef1fc81
• Token Type: Utility, Governance
• Total Supply: 1,000,000
• Circulating Supply: Updating.

Token Allocation

• Very Nifty V1 Game $MUSE Mining (Distributed): 400k
• Very Nifty V1 Game Rewards (Distributed by End of February 2021): 100k
• Yield Farming Rewards: 300k, with an emission schedule of 500 tokens a day
• DAO Treasury: 100k vested over 12 months
• Development Team: 100k vested over 12 months

Token Sale

Updating.

Token Release Schedule

Updating.

Token Use Case

• Governance: The parameters of the NFT20 platform will be governed by the DAO managed by the $MUSE token holders.
• Staking: Holders of the $MUSE token will also be able to receive a portion of all of the 5% transaction fees collected by the NFT20 dex.

Backers

Team

NFT20 was developed by Jules and Adam with design help from Carlos Veloso, the project was bootstrapped without any external investment or presale and created under the VeryNifty NFT shop.

We’re friends and have been following and working in the Ethereum space for over 4 years. Our latest project VeryNifty Gallery, a Tamagotchi-like game, is still the #3 most played Ethereum game on DappRadar and has done more than 70,000 transactions on mainnet.

**Adam: **Serial Indie Maker.

**Jules**: Full Stack developer that joined the space as a smart contract freelancer. Co-founded DAppBoard (Google Analytics for smart contracts) in 2017. This adventure led to joining Consensys, where he worked on analytics for DEX platforms, smart contracts, and other products.

Partners

Updating.

Investors

DeFiance Capital and Stake Capital have joined NFT20 and MUSE as strategic investors, supporting the core team and community with valuable experience and resources as we continue to develop liquidity and DeFi solutions for NFTs. Read more

Conclusion

Anyone with an NFT can create a new pool or add his NFT to an existing pool and get ERC20 Token derivatives of their NFTs in a permission-less way, those tokens can be transferred and traded on DEXes right away. You can also swap your NFT for any other NFT of the same pool, no need to tokenize.

Find more information about: nft20

Website: https://nft20.io/

Whitepaper: https://docs.nft20.io/

Telegram: https://t.me/nft20

If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Issac

Coincu Ventures