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About NFTX
Key Points
- NFTX is a community-owned protocol and platform for creating NFT-backed ERC-20 tokens.
- It powers the creation and trading of funds, tracking sought-after NFT collectibles.
- The platform’s unique value proposition is to bring NFTs to light to high-level individuals trading funds based on leading non-fungible tokens.
- NFTX is a decentralized autonomous organization (DAO) with a governance model that empowers token holders with decision-making authority.
- The platform supports two types of funds, D1 and D2 funds, which provide diversified exposure to NFTs.
- NFTX charges a fee of 2.5% on the burn
About NFTX: Unlocking the Power of Decentralized Finance
Introducing NFTX (NFTX): A Revolutionary Platform
NFTX is a decentralized, community-driven protocol and platform that enables the creation of non-fungible token (NFT)-backed ERC-20 tokens. Notably, NFTX empowers the creation and trading of funds, tracking highly coveted NFT collectibles, including CryptoKitties, CypherPunks, and other esteemed digital assets.
NFTX debuted in early January 2021, introducing a pioneering service to the burgeoning NFT landscape by indexing projects. Notably, these tokens, akin to index funds, boast composability and fungibility, rendering them interchangeable with other tokens, thereby distinguishing them from conventional NFT protocols. These “funds” are actively traded on decentralized exchanges (DEXs), including Sushiswap and Uniswap.
The platform’s unique value proposition lies in illuminating the realm of NFTs for high-net-worth individuals who trade funds based on premier non-fungible tokens, such as PUNK and AXIE, on Uniswap and other decentralized exchanges (DEXs).
The Visionaries Behind NFTX: Meet the Founders
NFTX is a community-driven platform that enables users to create index funds on the Ethereum blockchain, thereby fostering a decentralized ecosystem. As such, the project’s governance is entrusted to a decentralized autonomous organization (DAO), ensuring a truly community-controlled entity.
Notably, to mitigate the risk of monopolization during the decision-making process, any proposal seeking to introduce novel changes must secure the backing of at least 80% of all voting tokens. It is worth noting that the voting period is limited to a 24-hour window.
Unveiling the Unparalleled NFTX Advantage
The primary business imperative driving this project is to establish a synergy between decentralized finance (DeFi) and non-fungible tokens (NFTs). The NFTX platform is designed to accommodate two distinct fund types, namely D1 and D2 funds:
D1 funds boast a 1:1 ratio backing, which is uniquely secured by an NFT and an Ethereum-based ERC20 contract, ensuring a robust and reliable financial infrastructure.
For instance, if Alice possesses 1 ZOMBIE-FEMALE, she is entitled to redeem a single, randomly selected Zombie Female.
On the other hand, D2 funds, also referred to as top-tier funds, comprise Balancer pools that amalgamate a combination of D1 funds.
To illustrate: The D2 fund, AVASTR, is a strategic amalgamation of three D1 Avastar funds – AVASTR-BASIC, AVASTR-RANK-30, and AVASTR-RANK-60 – designed to provide users with diversified exposure to AVASTR, eliminating the need to hold and manage multiple tokens.
Notably, NFTX endeavours to emulate the likes of DefiPulse and CoinMarketCap, albeit with a distinctive NFT spin.
As the de facto standard for wrapped-NFT funds issuance, the platform broadens its utility to encompass the representation of diverse digital assets, including digital lottery tickets, in-game items, and unique digital collectibles in the form of NFTs. Notably, these services come at a cost, with NFTX imposing a 2.5% fee on burn and mint operations.
NFTX pursues growth by introducing innovative NFT-ERC-20 loan solutions and fostering on-chain liquidity. This pioneering approach empowers NFT holders to access capital without relinquishing ownership, while concurrently mitigating the perils of illiquidity and wash trading through enhanced on-chain liquidity.
What Is the Circulating Supply of NFTX (NFTX) Coins?
NFTX boasts a total supply of 650,000 tokens, with a 10% allocation reserved for the founder, subject to a five-year vesting period. Meanwhile, NFT contributions comprise 30% of the token distribution, while Ethereum (ETH) contributions, NFTX liquidity, and farming initiatives account for 30%, 10%, and 20%, respectively.
Moreover, token holders are empowered to participate in the decision-making process, thereby exercising their influence on the project’s trajectory.
The NFTX Network’s Robust Security Framework: A Comprehensive Overview
As the platform is erected upon the Ethereum blockchain, its security is underpinned by the robust foundation of the second-largest blockchain network, surpassed only by Bitcoin. Notably, NFTX leverages the robust safety features inherent to the Ethereum ecosystem, which presently operates in tandem with both proof-of-stake (PoS) and proof-of-work (PoW) consensus mechanisms, thereby ensuring a secure environment.
Notably, the protocol’s native asset, NFTX, harnesses the power of Ethereum’s ERC-20 token standards, a pioneering token standard in the industry. As a result, it inherits a rich array of robust and battle-hardened security features.
Where to Acquire NFTX (NFTX) Tokens
The NFTX token is listed on both centralized exchanges and decentralized exchanges (DEXs), including Uniswap, 1inch, and Hotbit. On Uniswap, it is paired with wrapped Ethereum (WETH), whereas traders on 1inch have the option to trade with Ethereum (ETH), Tether (USDT), or yearn.finance token (YFI). Meanwhile, Hotbit offers a single pairing, NFTX/USDT. For more information on acquiring cryptocurrencies,
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Introducing NFTX: A Revolutionary Platform
NFTX is a pioneering platform that seamlessly bridges the realms of non-fungible tokens (NFTs) and decentralized finance (DeFi). By facilitating the creation, minting, and trading of ERC20 tokens backed by NFT collectibles, this innovative approach enables the fractional ownership of NFTs, thereby rendering them more accessible to a broader audience and injecting liquidity into the NFT market.
At its essence, NFTX functions as a dual-purpose platform, serving as both a marketplace for NFTs and a hub for creating funds (or pools) of NFTs. These funds take the form of ERC20 tokens, which represent a share in a curated collection of NFTs. The platform features two distinct types of funds: D1 and D2. Notably, D1 funds boast a 1:1 ratio backing with an NFT, meaning that each token in a D1 fund is directly collateralized by a specific NFT within the collection. For example, holding a token from a D1 fund would grant the holder the option to redeem it for a specific NFT from that collection.
D2 funds, conversely, exhibit a more intricate structure. Comprising multiple D1 funds, they provide a diversified exposure to a wide range of NFTs within a specific category. This enables investors to tap into a broader segment of the NFT market, alleviating the need to manage individual NFTs.
NFTX also features a governance model that vests token holders with decisive authority, enabling them to shape the platform’s trajectory. Any proposals for changes or new initiatives necessitate the backing of at least 80% of voting tokens, thereby preventing any single entity from dominating the decision-making process. Furthermore, a 24-hour voting period ensures that governance remains agile and efficient.
The platform’s synergy with decentralized exchanges (DEXs), such as Uniswap, enables the seamless trading of ERC20 tokens, thereby providing liquidity and facilitating price discovery for NFTs that would otherwise be illiquid. This integration not only empowers NFT collectors and creators with novel opportunities to monetize and invest in NFTs but also attracts traditional investors seeking to diversify their portfolios with digital assets.
In summary, NFTX occupies a pivotal position at the confluence of NFTs and DeFi, proffering a novel solution to the longstanding liquidity and accessibility hurdles plaguing the NFT market. By facilitating the fractional ownership and trading of NFTs through ERC20 tokens, NFTX is unlocking unprecedented opportunities for creators, collectors, and investors alike, thereby redefining the boundaries of this burgeoning market.
The Security Framework of NFTX: A Robust Foundation
NFTX places paramount importance on the security of its platform, ensuring the safeguarding of users’ assets and personal information through a robust, multi-layered security framework. This comprehensive approach incorporates the implementation of two-factor authentication, which introduces an additional verification step, thereby guaranteeing that only authorized users can access their accounts. Furthermore, end-to-end encryption is employed to secure data transmissions, ensuring that information exchanged over the network remains impervious to interception or unauthorized access.
Transparency is a pivotal cornerstone of NFTX’s robust security apparatus. The platform furnishes users with comprehensive transparency reports, providing unparalleled insights into its operational modalities and stringent security protocols, thereby cultivating unwavering trust within the community. Furthermore, NFTX has voluntarily subjected its platform to rigorous, multiple independent audits. These exhaustive audits, conducted by esteemed third-party security experts, meticulously scrutinize the platform’s code, identify potential vulnerabilities, and provide actionable recommendations for enhancement. By diligently addressing the findings of these audits, NFTX perpetually refines and reinforces its security framework, ensuring an unwavering commitment to the protection of its users.
NFTX maintains a steadfast commitment to security, adhering to the latest standards and best practices. Through regular updates and enhancements, the platform fortifies its defenses against emerging and evolving threats. The robust security protocol, meticulously designed to safeguard users’ assets and personal information, serves as a testament to NFTX’s unwavering dedication to protecting its users.
It is crucial for users to undertake their own due diligence and thoroughly comprehend the security features and best practices of any platform before engaging with it. While NFTX implements stringent measures to safeguard its platform and users’ assets, being well-informed and vigilant significantly contributes to a safer and more secure experience in the digital asset sphere.
Unlocking the Potential of NFTX: A Multifaceted Utility
NFTX serves as a linchpin in the realm of non-fungible tokens (NFTs),
offering a diverse array of applications that cater to the needs of both
creators and collectors alike. Its primary function is to facilitate the
minting and purchasing of NFTs, which are digital representations of
tangible and intangible assets, encompassing a vast spectrum of items,
from artwork and collectibles to real estate and beyond, thereby providing
a secure and easily transferable digital proof of ownership.
Beyond facilitating individual NFT transactions, NFTX plays a pivotal role in enhancing the liquidity and accessibility of the NFT market. By enabling the creation of funds centered around NFT collectibles, it allows users to diversify their investments across a broad portfolio of non-fungible tokens. This development is particularly advantageous for those seeking to tap into the NFT market without having to handpick and acquire individual pieces. Through the aggregation of diverse NFTs into a single fund, investors can tap into the market’s overall performance, rather than relying on the success of individual tokens.
Furthermore, NFTX assumes a pivotal role in revolutionizing the NFT landscape by converting illiquid assets into liquid ones. By providing a platform for trading shares of NFT funds, akin to stock trading, users can seamlessly buy and sell interests in NFT collections without the necessity of direct ownership of the underlying assets. This paradigm shift not only bolsters market efficiency but also unlocks novel opportunities for investment and collection strategies.
The platform’s application has far-reaching implications, transcending multiple industries, including music, gaming, and sports, where the utility of NFTs is increasingly being harnessed to represent distinctive items and experiences. For example, in the realm of gaming, NFTX could be leveraged to facilitate the exchange of virtual goods or in-game assets, whereas in the music industry, it could potentially enable the sale and ownership of limited edition releases or exclusive experiences, thereby redefining the boundaries of digital ownership.
It is crucial for prospective users and investors to undertake exhaustive research and carefully weigh the inherent risks before engaging with NFTX or any cryptocurrency-related platform. The volatile nature of the digital asset market necessitates a prudent approach to investment and participation.
Notable Milestones in NFTX’s Journey
NFTX has achieved a series of notable milestones, significantly bolstering its reputation within the cryptocurrency and blockchain ecosystem. Key highlights include successful listings on prominent exchanges, the rollout of groundbreaking technology, and the deployment of a mainnet, thereby cementing its position in the market.
The platform’s listing on prominent exchanges marks a pivotal milestone, as it significantly enhances liquidity and furnishes users with a multitude of trading avenues. This breakthrough is instrumental in propelling NFTX’s growth, as it facilitates broader accessibility and paves the way for heightened adoption.
Notably, the platform has achieved a groundbreaking milestone with the launch of the world’s inaugural NFT generator. This pioneering innovation reaffirms the platform’s dedication to spearheading the NFT landscape by providing cutting-edge tools that empower the creation of distinctive digital assets. This technological breakthrough not only elevates the NFT ecosystem but also unlocks novel avenues for users to interact with digital collectibles.
The inaugural launch of the PLAYA3ULL Mainnet marks a pivotal milestone in the platform’s evolution, heralding a significant technological leap forward. As a crucial component of blockchain projects, mainnets signify a transformative shift from the developmental phase to a live, operational environment, where transactions are seamlessly executed and immutably recorded on the blockchain. This landmark launch serves as a testament to the project’s substantial progress and its readiness for widespread adoption.
The NFTX community assumes a pivotal role in the platform’s governance and decision-making processes, fostering a democratic environment that empowers collective decision-making. The stipulation that proposals must garner support from at least 80% of voting tokens within a 24-hour timeframe ensures that modifications are implemented with widespread consensus, thereby preventing any single entity from exerting undue influence over decision-making processes. This inclusive approach to governance actively encourages community engagement and aligns seamlessly with the decentralized principles that underpin the blockchain ecosystem.
Beyond these events, NFTX’s pioneering approach to NFT investment shines through its trading funds, which are anchored to prominent non-fungible tokens on decentralized exchanges (DEXs). This innovative strategy, coupled with the platform’s governance model and cutting-edge technological advancements, firmly establishes NFTX as a standout project within the NFT and broader cryptocurrency landscape.
As with any venture into the realm of cryptocurrency investment, it is imperative to undertake exhaustive research and carefully weigh the attendant risks.