Another exciting week in NFTs this week with lots of new developments, both within NFTX and the wider industry.
- NFTX Rebrand
- NFTX New and Upcoming Funds
- NFTX Gallery
- Feature requests for NFTX on Canny
- Got Gas?
- Price Check
- Tutorial Series
It was an epic week, but @ChopChop and @pieratt have managed to deliver a fantastic brand for us to continue to build upon.
Two days of the process were streamed live on Twitch and had many folks joining the comments section and contributing ideas as Chop and Pieratt worked through the creative process.
You can watch back both sessions on-demand below:
With the pre-brand work out of the way, we will now be turning our attention towards getting the website and front-end app inline with the new look, while freeing up Chop's time a bit to focus more on rolling out new funds.
NFTX New and Upcoming Funds
Over the last weeks a few new funds have been added to our front-end, including Crypto Stamps, Variant Davis, and last week HashMasks. Let's take a look at that last fund.
The mysterious Hashmasks project has taken the NFT world by storm. Not only did they all sell out within a few days, but Hashmasks have been dominating the front page of OpenSea since then with secondary market sales.
With its success, there was a flood of requests through Twitter and Discord to create a Hashmask Fund, and of course, we listened.
The MASK fund is set up and has been trading for a few days. Here are a few things you should know:
- It is a single fund for all Hashmasks, so the value is based on the overall floor price for Hashmasks. This means that if you put your ultra-rare Hashmask in there, you're still going to get the same value as if you put in the plain Hashmasks. And while we're on putting Hashmasks into the fund...
- Once you have minted your $MASK token, redeeming it back to an NFT does not guarantee you receive the same Hashmask you’ve put in. The redemption process for all NFTs is random. We’re working on a premium option to choose a specific NFT to redeem, with proceeds going to the DAO treasury.
- If you mint a Hashmask into the fund, any NCT currently associated with the Hashmask will be transferred with the NFT. The Hashmask will continue to accumulate NCT while in the fund, and anyone that redeems the Hashmask will have the ability to claim the NCT associated with that mask. If you're going to mint a $MASK token, you should undoubtedly claim the NCT before you do.
As MASK is a new fund that wasn't created as part of the community raise, the DAO will not provide any liquidity for the fund in the same way we have done for the initial funds we made.
You can learn how to provide liquidity yourself by following along with ChopChops tutorial blog post this week: how to become a HashMasks liquidity provider.
Axies, Avastars, CryptoKitties, Glyphs and Joys
As part of NFTX its community raise we’ve collected a multitude of Axie, Avastars, Cryptokitties, Autoglyphs & Joyworld Joy NFTs which are currently held as D1 pool tokens by the DAO treasury.
We are currently in the planning phase of rolling out each fund, with Chop pushing the discussion on liquidity allocation on our forums.
Last week's Governance Call discussed the order, frequency, and the liquidity targets for each of the funds as they are released (see more below in Governance).
There are still not any firm dates for release, but keep an eye on Snapshot & Discord this week.
Another week and another step closer to the launch of the NFTX gallery. We are moving from static across to dynamic listings for all funds which will update every 30 minutes to reflect any changes to the vaults.
While the Squad is working through this version for the website we were super impressed to see @kachette produce their version which you can see at http://nftx.gallery.
If you have created something or would like to work on part of the NFTX product you can reach out to us on discord. We're always looking for talented individuals like yourself.
Feature requests for NFTX on Canny
Finesseboi has set up a way for all our users & stakeholders to provide structured feature requests through using Canny, an online tool that lets you provide direct feedback to the NFTX contributor team. While we will keep project management tasks on Notion, we’ll always prioritize direct feedback to ensure we build products that are most valuable to our users.
Have a look & leave your ideas on the NFTX Canny board here.
If you've been trying to complete transactions over the past week you will be feeling the pain of Ethereum gas costs.
This week, one of our discord members (thanks @Jed) shared this article from Medium, which looks at the common costs of gas during the week and which hours on each day cost on average.
It gives you a better idea when you might want to make your non-time-critical purchases.
The third governance call occurred this week and was chaired again by Finesseboi and Chop.
If you want to keep track of when the calls will happen, we've created a shared Google Calendar that you can subscribe to so you never miss one. Each week the agenda and Jitsi call login details can be found on the invite and the #Governance Discord channel.
We had another steady week on the NFTX pricing bouncing between $80-$100 with a low of $70. After the MASK fund release, we saw a surge in volume and another new all-time high of $125.62 before settling back to $112.50 on Sunday evening.
Recently, quite a few people have been asking about the NFTX Token and its purpose and relationship with the NFT funds.
The NFTX token is a governance token which gives you a vote in the DAO decisions. It does not have any relationship to owning an NFT or being part of an NFT fund like PUNK or MASK.
The NFTX token holds value in that it will have supply/demand on the market, and that the underlying treasure will capture fees on mint/redeem options.
How to redeem an NFT index token on NFTX.org?
Last week we showed you how to get a token into a fund, this week we'll look at how you get that token back out.
The second in our video tutorials has been completed providing a complete walk-through of How to redeem an NFT index token using Punk Basic as the example.
Before we go this week, we're looking at the possibility of commissioning various artists throughout the year to produce some art for our weekly updates which will then be made available for purchase for our community.
If you're an artist or know someone who might be interested please contact firstname.lastname@example.org
That's all for this week. If you have any questions come and join in on the Discord channel!