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Week in Review

NFTX Weekly Round-up #27

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

Javery, ChopChop

• 4 min read
NFTX Weekly Round-up #27

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

This week we officially launched Staking Rewards on NFTX V2 along with a few other changes, let’s take a look at those below:

  • Vault creation page on V1 has been updated so that it only provides a link to create vaults on V2. There is no benefit for creating vaults on the V1 of NFTX, however this can still be done on Etherscan if you really wanted to. V2 vaults are improved because they now have their own contract and allow users to stake their LP positions to earn vault tokens, generated from protocol fees.
  • Fee distribution has been enabled on the V2 vaults. Anyone that is providing liquidity and has staked their liquidity will now be earning a share of the vault fees taken during minting and target redeeming.
  • One click mint/stake Zaps have been deployed. Don’t fancy paying the 5% mint fee? Now you can mint, add liquidity and stake in one click. This will lock up your staking position for 48 hours, during which you will still be earning any fees generated.
  • There was a minor bug on the staking zap, if you use it on a vault that you have unclaimed fees then it will hide all your staking positions from the front end interface. The position still exists and you will continue to earn fees, and once the lock period is up on that vault your positions will show again. The fix has been published and we’ve added some more content to explain what happens during the process.
  • Migration contract has been written and the UI has been designed. The team is still testing the process and will take a week to hook both ends up. Once that is complete you will be able to migrate a V1 token for a V2 token if the corresponding vault exists. For example, MASK V1 can be swapped for MASK V2 tokens, and V1 Avastar-Basic/Avastar-Rank-30 can be swapped for AVASTR V2 tokens, however the Avastar-Rank-60 can not (you will need to sell your tokens, redeem your NFTs ór wait for the assets to be sold off as of XIP#10). If you have a vault on V1 and would like to have a migration path then you can set up your V2 vault and drop us a line in the #support channel on Discord.

V1 + V2 Vault Action

V1 is still seeing some action this week, however we are expecting a big drop the coming weeks in favour of the new protocol as v2 switched to the main url app.nftx.org.

  • 717 unique wallets connected
  • 38 mint events
  • 24 redeem events
  • 2 vault creations

Let’s take a look at the new vault numbers in V2 this week…

There were some new vaults added this week as well including

Clicking on any of the links in the list above will take you through to the V2 explore page for you to see all of the different NFTs inside of each of the vaults.  If you see one that you like then there are links to go to SushiSwap to buy a token to redeem one, and remember that you can now target redeem a specific NFT from the vault for a 5% premium (1.05 tokens).

Those token fees that are collected during the minting and redeeming are now distributed to all of the liquidity providers who stake their position on NFTX. You can now use Zaps to mint and provide liquidity in a single click and avoid the minting fee (your liquidity will be locked for 48 hours).

NFT News

Artblocks

Artblocks came back this week with their first Curated drop for the new series. This coincided with an NFT Whale who decided to go on an Art Blocks shopping spree and spending over $2M while raising the floor price of just about every curated project.

This spree saw the first 100+ETH Art Blocks sale as well, and it looks like they’re continuing to rise as this week has started.

Fractional launches

Fractional is a platform which provides you with the ability to create fractional ownership of the world’s most sought after NFTs, optimized for singles and curated collections. Fractional reduces entry costs to own things like CryptoPunks and allows for synergy with other DeFi primitives.

The way it differentiates from NFTX is that you are buying a fraction of a single NFT that will never change, where as with the vault tokens on NFTX you can acquire fractions of a token and accumulate your way to 1 token that will allow you to redeem any NFT currently sitting inside that vault.

Numbers check

The 7d price for NFTX is up by 11%, sitting at $82.99 mark as of Monday afternoon.

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

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