Welcome to the second edition of the weekly NFTX round-up.
Another jam-packed week has passed. Let’s look back on (almost) everything that happened!
- First Governance Call
- $PUNK on SushiSwap
- Coingecko lists $PUNK
- Minting D2 funds now easier
- Vote for ChopChop to join the core team
- Roadmap Updates
- Redeeming NFTs from D1 Funds
- Price Check
- NBA Top Shots as Index Funds on NFTX?
- Educational blog posts released
First Governance Call
Last Wednesday saw the first Governance call for NFTX, with 17 people joining in through Jitsi.
The meeting lasted just over an hour with lots of great discussions. Being the first meeting there were a lot of conversations around how the launch went, what the governance should be prioritising and what the plans are for the immediate future. You can watch back the entire call on Youtube.
Want to participate in governance?
Make sure you join the next call on Wednesday 27th January 16:00 UTC. Details will be provided on the updates and governance channel, along with the agenda for the week.
$PUNK on SushiSwap
With a successful migration of NFTX/ETH to Sushiswap, we moved over DAO liquidity for the $PUNK token to SushiSwap on January 18 too!
The move was noted by 0xMaki and Jiro on Twitter, causing a surge in price for the fund.
This raised the overall value of the fund above the price floor, paving an opportunity for arbitrageurs. It has since calmed down to a more reflective price, but it goes to show that when people understand what NFTX is doing there is positive feedback and interest.
CoinGecko lists $PUNK
This could have been a coincidence or part of the reason for the above increase in value and action, but CoinGecko have now listed the $PUNK token.
We now have both NFTX and PUNK available on CoinGecko, with hopefully more to come as new funds are rolled out.
Looking at CoinGecko: yesterday the NFTX coin was ranked #281 in the market cap rankings, a jump of more than 100 in the rankings in the past week.
Minting D2 funds now easier
Thanks to @gmoney and @steveklebanof on Discord, we picked up a bug on the front end. This bug caused an inability to mint less than 1.0 of a D2 fund token.
The whole process around using the D1 and D2 funds are about to get much easier with the updates to the front-end being pushed today (Monday 25th).
ChopChop to become part of the core team?
This started as a discussion in Discord before being made a proposal on the Forum from Alex, Scott Lewis & FinesseBoi.
The proposal is to acquire ChopChop (aka 0xChop) as a second member of the NFTX core team, assisting in operations, marketing & communication. Chop has been the most active person in the community for a long time now and all of the mods/contributors have acted positively to the idea.
Want Chop on board? You can now help out by heading to SnapShot and putting your NFTX vote to use.
Alex again has been busy this week getting on with the development tasks with the front end fixes to manage funds high on the agenda.
As the only current core developer and founder of NFTX, Alex has been forced to choose between answering individual support requests and fielding questions through Discord and working on the product.
The project contributors and discord moderators have all pushed for a focus on the development, so if you’ve got existing queries with Alex or are planning on asking him questions don’t expect an immediate response. Instead, you’re going to be much better off asking the question in the #questions channel or the #support channel where someone will be able to take you through the steps you need (or you can hold off a week and wait for the updates to drop off the front end and the documentation).
Since the last weekly update, we've seen multiple contributions arise. Initiatives we've seen so far:
- @Owen is taking a look at optimising the creation of D1 funds with a potential savings of up to 40% on GAS fees. This is going to be picked up between him and Alex as part of the site updates.
- @j_b, @Fluxed and @neuromancer have shown interests in creating a front-end gallery of tokens held within Funds (i.e. $PUNK_BASIC, $PUNK_ZOMBIE etc) and the treasury. If you’re looking to contribute to this initiative, let them know through the active conversation on the forum.
If you’re interested in contributing to the project in any way other than above, feel free to reach out and let us know what you can do on discord.
Redeeming NFTs from D1 Funds with low supply
One of the questions we see a lot when people are reading about the funds for the first time is what happens when you redeem a token from a D1 funds with low supply, i.e. PUNK-ZOMBIE only has 4.
This is a great question and we will ideally never have to be concerned as we acquire more NFTs into the funds to strengthen them. However, Alex was able to share his thoughts on the questions channel:
.. this is a good question and something I have thought about a fair amount. The low supply is definitely a problem, but more so when funds are in a contractionary phase than when they are in an expansion phase. I'm hoping that these next 6 months most funds will grow in size, so that this won't be a major concern in the near future, but sooner or later it will definitely be a problem for some funds.
We have a number of solutions we can use if and when it does become a problem. In the worst case, we could have the DAO sell the item off and then distribute the income from the sale to all the fund token holders.
I do have some other ideas too for ways we can disincentivize redeeming and incentivize minting when funds go below a certain threshold on supply.
You can read more around that thread here, and if it’s something you want to find out more about, bring it up during the Governance call or start a forum thread.
A good week for NFTs and NFTX. Last week we saw a bit of a jump up to the $32 mark on a few occasions followed by sells that brought the price back down, but it seemed to hold around $25.
This week there’s been a tonne of activity around the NFT community with NBA TopShots bringing more new users to the NFT market along with a recurring increase in the all-time highest sale price. CryptoPunks have continued to grow in popularity aided by a whopping 605 ETH purchase of an extremely rare Alien, and aided with tweets from investors with a good following.
NFTX ended the week hitting an all time high price of $94.74, a 500+% jump from 19 days ago when it was $16.37.
NBA Top Shot + Index Funds
We’ve already mentioned the huge ground swell around NBA Top Shot which looks to be bringing a whole new audience to the world of NFTs. As their popularity, and value, has continued to grow we’ve had a few people ask if they could create funds for Top Shots on NFTX.
While it’s certainly a great idea, a bridge between Flow and Ethereum has to be built first, as Top Shot is built on Flow. While NBA Top Shot remains in Beta it will take some time for someone to build a bridge. But… when that bridge is built, it won’t take long for a fund to be created through NFTX.
On the blog
This week we’ve published another two how-to guides on the blog. Each week we’re planning on taking the most asked questions from the Forum and Discord and turn them into easy-to-follow guides. We figure that for every person that asks a question in the channels there’s another 20 who have the same query.
Below are two of the most popular questions that we’ve seen from folks that are new to the world of crypto and NFTs.
Buying NFTX using your Coinbase Wallet
Coinbase is one of the most popular ways that people new to crypto use to enter the market, and as such there’s lots of questions about why they can’t find NFTX there and how they can purchase it.
While you can’t directly through Coinbase, you can use the funds through Coinbase Wallet. Check out the full post here.
How do I view my NFTX tokens in MetaMask
Another common question by our community is how to see NFTX in my Metamask wallet?
While the token isn’t on the official list of MetaMask just yet (it’s only been live for 19 days since launch) you need to manually add it as a custom token. Read how it’s done here.
If there’s anything that you want us to write a guide on please feel free to ping Javery, ChopChop or Adidust on Discord, or ask the question is the #questions channel.
That's all for this week.