Buy NFTX
What is NFTX?
NFTX is a platform that enables the creation of ERC20 tokens backed by NFT collectibles. These tokens, known as funds or vTokens, are fungible and composable, providing a way to create liquid markets for otherwise illiquid NFTs. NFTX enhances NFT accessibility and liquidity through innovative vault and trading mechanisms.
How does NFTX work?
NFTX operates on the Ethereum blockchain, inheriting its Proof of Stake (PoS) consensus mechanism. The platform allows users to deposit NFTs into vaults and mint ERC20 tokens (vTokens) that represent claims on the NFTs stored.
Key features include:
- Vault creation: Users can create vaults for specific NFT collections.
- vTokens: Fungible ERC20 tokens are minted to represent NFTs in the vaults.
- Custom AMM system: A modified Uniswap V3 fork enables trading of vTokens and WETH pairs.
- Inventory staking: Vault contributors can earn passive income through staking.
The platform also introduces dynamic premium fees and ETH-based vault fees, enhancing functionality for traders and liquidity providers.
What are the potential use cases for NFTX?
Applications:
- Fractional ownership: High-value NFTs can be divided into vTokens for broader access.
- Liquid markets: Creates markets for NFT collections, improving tradeability.
- Yield generation: Liquidity providers earn yield through vToken pools.
- Collateralised lending: Enables loans backed by NFTs.
Industries:
- Digital art
- Gaming
- Collectibles
- Decentralised finance (DeFi)
Partnerships:
NFTX integrates with Decentraland and is deployed on networks like Arbitrum and Base to enhance its capabilities.
What is the history of NFTX?
NFTX was launched in December 2020, with key milestones including:
- December 2020: Platform launch.
- January 2022: Introduction of inventory staking.
- 2023: Release of NFTX V3 featuring a new AMM and dynamic fee structure.
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Frequently Asked Questions (FAQs)
What is the current price of NFTX (NFTX)?
The NFTX price is $73.99 AUD, representing a -12.75% from the day prior.
Where is the best place to buy NFTX (NFTX) in Australia?
The best place to buy NFTX (NFTX) in Australia is right here! Coinstash is one of Australia's leading and most trusted cryptocurrency exchanges. Built by investors, for investors - Coinstash offers a secure and user-friendly platform to buy and sell NFTX (NFTX) and over 1,000 other cryptocurrencies. Enjoy low fees, excellent customer support and access to an array of powerful trading tools and investing features.
What is the daily trading volume of NFTX (NFTX)?
The trading volume of NFTX (NFTX) is $63.3K AUD in the last 24hrs, representing a -12.75% from the day prior.
How can I buy NFTX (NFTX)?
NFTX (NFTX) can be purchased on Coinstash with AUD or by trading other cryptocurrencies for it. Coinstash offers various AUD deposit methods including bank transfers, POLi and PayID.
What is the market cap of NFTX (NFTX)?
The current market cap of NFTX (NFTX) is $28.5M AUD.
Can I convert NFTX (NFTX) to cash?
Yes - With Coinstash you can convert your NFTX (NFTX) to AUD instantly. You can also withdraw AUD to your Australian bank account instantly and for free with no withdrawal fees.
How many NFTX (NFTX) are there?
The current circulating supply of NFTX (NFTX) is 420.0K.
Is Coinstash a safe place to buy NFTX (NFTX) in Australia?
Yes - Coinstash is one of Australia's safest and most trusted platforms for buying and selling NFTX (NFTX) and other cryptocurrencies. Coinstash's industry-leading security practices provide the highest level of protection for your investments. Coinstash is licensed, compliant and AUSTRAC registered in Australia. You can learn more about our security practices.