Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.

Product Development

V2 Post Audit Fixes

All bug fixes have now been completed on the V2 contracts after a successful event managed by Code Arena.

In addition to the bug fixes and optimizations that were made to the code as part of the review process, a number of the participants included recommendations on how to improve the protocol’s capabilities in areas that we had not considered.

While these are not going to find their way into the V2 contracts, it was great to see some of the thinking behind those recommendations and where other developers in the community can see how the product can be adapted to provide more use cases.

V2 Front End

The product squad can now have a run at the completion of the new interfaces into the V2 protocol with the contract code now finalised. While the minting and redeeming process is largely the same, we have listened to the community feedback and changed some of the processes for both tasks.

The new front-end will also bring the management of the vaults, along with a new interface to see how your liquidity position and earnings are going on the relevant vaults. One of the biggest updates will also be to allow for the targeted redeem of NFTs within the vault. This update will effectively change the Gallery into a shop window overnight.

Discord shake up

While the team is well aware of the work that has been going into the product over the past 5 months since launch, we were also conscious that a lot of the chatter that happens between the team wasn’t happening where the community could see the conversation.

The Discord was updated this week and a new “Building NFTX” section has been added, containing:

  • Builders - a place for community contributions
  • Documentation - a place for community contribution to the documentation
  • Vision - sharing the vision of the project
  • Mech Design - discussion around how the product will work and potential updates/recommendations
  • Protocol Eng - where our devs sync about the development of the contracts
  • Product Eng - a place for the product team to discuss updates, issues, developments on the product
  • Web3-Dev - a channel where the protocol and product teams overlap.

The other public channels still exist and we’re always keen to hear what you have to say, or if you have any questions or issues there’s always someone that can help you through.

Join our Discord through this link: https://discord.gg/tQVwjBGwmE

Vaults Movements

The vaults have had another productive week with plenty of action on the new interface. There were

  • 1,291 unique wallets connected
  • 56 mint events
  • 67 redeem events
  • 3 new vault creations (Trash Punks, Empyrean, HMM)

Along with new vaults, here are the movements on our existing vault holdings over the past 7 days:

  • Punk Basic -12 (-12.63%)
  • Punk Female +1 (3.13%)
  • Punk-Zombie -1 (-33.33%)
  • Kitty-0 -44 (-9.87%)
  • Avastar Basic -145 (-32.15%)
  • Avastar Rank 30 -25 (-8.04%)
  • Avastar Rank 60 -3 (-6.98%)
  • Oxmon -1 (14.29%)
  • Mask -12 (-2.51%)
  • Babes Basic +5 (3.37%)
  • Waifus +3 (1.65%)
  • Pixl-Basic +2 (1.75%)
  • Solos +5 (26.32%)
  • BAYC -10 (-24.39%)

Governance

Nothing for Governance this week and just another reminder that the Governance calls are now going to run on a monthly basis, the first Wednesday of the month.

Our next scheduled call will be on 2nd of June at 16:00 UTC.

NFT News

A country’s worth of power, no more!

While Ethereum continues to use PoW for now, that won’t be the case for much longer. In the past few weeks, we have seen the emergence of the first testnets for The Merge, the name given to the moment Ethereum switches from PoW to PoS. Several teams of engineers are working overtime to ensure that The Merge arrives as soon as possible, and without compromising on safety.

Natively Digital

If you haven’t seen it before, Sotheby’s are auctioning off another set of NFTs in a curated NFT sale coming up from 3—10 June.

Along with the OG NFTs like Cryptopunks and Glyphs from Larva Labs, we also see a set of 19 works from Art Blocks  (including a few projects that we have vaults for already).

Other famous artists in the lineup include XCopy, Brendan Dawes, Sarah Zucker. They are also crowd-sourcing suggestions for an on chain artist, and we’ve got our fingers crossed that 0xMons gets a shot.

Big NFT Sales

Meebit #16920 has jersey number #1 and sold for 201 ETH yesterday, however two days before it was sold for just 1.44 ETH.

CryptoPunk #1190 was sold for 400 ETH and looks like the brother of the Punk Zombie that was picked up from the NFTX vault earlier this week.

Numbers check

The 7d price for NFTX is down by 71%, and down 31.8% over the past 24 hours, sitting at $43.90 mark as of Sunday evening.

That's all for this week. If you have any questions, come and join in on the Discord channel.