NFTX update: NFTX Live price, price chart, news and markets

The NFTX price update as of now is $37.22. In the previous 24 hours, its trading volume was $43,810, and its value has increased by 0.30%. As of now, NFTX's live market cap is $24,192,118, and it is ranked as the #1107 on the Coincu. NFTX has a circulating supply of 650,000 and a maximum supply of 650,000.

Introduction to NFTX

NFTX is a platform that revolutionizes the market for illiquid Non-Fungible Tokens (NFTs) by creating liquid markets for them.

On NFTX, users have the option to deposit their NFTs into specialized vaults and mint vTokens, which are fungible ERC20 tokens that represent a claim on a random asset within the vault. The vTokens can also be used to redeem a specific NFT from the vault.

The Advantages of NFTX

• Earning yield rewards through LP and stake minted vTokens
• Enhanced distribution and price discovery for NFT projects
• Instant selling of NFTs by minting them as ERC20 tokens and swapping through Sushiswap
• Increased liquidity for NFT investors and speculators

How NFTX Functions

Creating a Vault on NFTX

Any user can create a vault for any NFT asset on the Ethereum network. Once a vault is established, eligible NFTs can be deposited into the vault to mint vTokens, which are fungible tokens backed by NFTs.

Minting vTokens on NFTX

Anyone can mint vTokens by depositing their NFTs into an existing vault or a vault they have created. Each vToken represents a 1:1 claim on a random NFT from the respective vault.

Floor Prices on NFTX

After minting vTokens, users have the opportunity to pool them in Automated Market Makers (AMMs), such as Sushiswap, to establish liquid trading markets. As liquidity and trading volume increase, the NFT-backed vToken undergoes price discovery, leading to the establishment of a "floor price."

The floor price represents the lowest price for a specific NFT. Users contribute to determining the floor price by minting and selling vTokens in markets where they believe their NFTs are overvalued.

This process continues until a floor price is established.

Eligibility Requirements on NFTX

The Mask vault allows inclusion of any Hashmask, while other vaults have specific eligibility lists that permit only certain sub-categories of NFTs. For instance, the Kitty Gen 0 vault only accepts Kitties whose metadata is Generation 0, excluding other Kitties from integration into the vault.

Beneficiaries of NFTX

NFT Collectors

Original NFTs do not typically generate yield, but by minting vTokens on NFTX, collectors can unlock additional value. They can earn protocol fees, trading fees as liquidity providers, and even engage in farming with stablecoins using vTokens as collateral.

Creators of NFT Content

By launching their content on the NFTX protocol, creators can earn perpetual protocol fees while also improving distribution fairness. They can earn protocol fees, distribute NFTs through an AMM via vTokens, and create instantly liquid markets for their new content.

NFT Investors

NFTs often suffer from illiquidity and challenges in pricing. NFTX simplifies the process of speculating and investing in NFTs. Investors can access the most liquid NFT markets and track the price movements of specific NFT categories.