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1/ Last week, NIFTEX ( @NIFTEXdotcom) had their largest NFT buyout attempt, where an @AxieInfinity collector attempted to purchase all shards of $CANDY at a valuation of about $218,180.
In honor, I'd like to dive in to what NIFTEX does and why it's important.
In honor, I'd like to dive in to what NIFTEX does and why it's important.
2/ The founding team at NIFTEX saw that the NFT market was “potentially held back by a serious degree” due to the illiquidity of NFT trading - you either own the entire NFT or nothing. See my thread on NFT's if you need a refresher. https://twitter.com/erictrimbs/status/1350643358859988994?s=20
3/ Solving this problem would bring a host of benefits: accurate and current pricing data, liquidity, democratization of access, governance ability, and the ability to diversify among a number of NFT's with low capital.
All together, adding fungibility would allow for
All together, adding fungibility would allow for
4/ ...a more efficient market that enabled more buyers to participate.
So, the team created a self-service platform where users may place their NFT into an audited smart contract and issue ERC20 'shards' from it.
The user decides what percentage of the new tokens will be
So, the team created a self-service platform where users may place their NFT into an audited smart contract and issue ERC20 'shards' from it.
The user decides what percentage of the new tokens will be
5/ sold, kept, or added to the liquidity pool. Lastly, to allow users to unify the shards back into the original NFT, any shardholder may issue a buyout request to buy all outstanding shards. If other shardholders do not, in turn, buyout the issuer at that valuation, then
6/ the NFT is purchased. That's what a shardholder attempted to do with $CANDY for 158ETH but without success; $CANDY was decided to be worth more than that amount by other holders
If you're curious about learning more about how NIFTEX works and the company,
If you're curious about learning more about how NIFTEX works and the company,
7/ ...check out my article where I dive more in depth and provide links to additional reading. Thank you to Joel ( @nonfungfinance), the CEO, for proofreading and answering some of my questions! Have a great Sunday everyone https://erictrimbs.substack.com/p/january-2021-niftex
