NFTX Weekly Round-Up #1

NFTX Weekly Round-Up #1

Welcome to the first in our weekly round-ups for NFTX.

This week has seen a lot of things happen, so this update will be a little longer than in future weeks. Bear with us!

Launch time

The first, and arguably most important thing we’ll ever cover in any of these round-ups, was the launch of NFTX and its’ first CryptoPunks indices on UniSwap & Balancer, after a successful community raise.

All things considered, the launch was as smooth as we could have expected. We’d like to massively thank everyone that helped to streamline the process and getting the word out!

NFTX Rebrand ongoing

ChopChop has volunteered and been voted in by the DAO to lead the rebranding project for NFTX. For the redesign of NFTX’s logo and visual identity, ChopChop has chosen to work together with Ben Pieratt, a designer who is known by the scene which has quite recently worked on pre-branding Zora.

The project is due to kick off on the 1st of February. Once this has been completed, the DAO contributors will work together to move the new brand across a brand new website which will have a focus on educating and onboarding new index investors, farming, and creating new funds.

Roadmap updates

Alex has been hard at work since the official launch on 5th January with a focus on both fixing up some bugs with the front end as well as his January development tasks.

  • Fix mobile view ✅
  • Fix frontend console errors ✅
  • Deploy RESTful backend on Heroku to improve on-chain data aggregation
  • Connect price feeds from Balancer & Uniswap to NFTX frontend
  • Add two dropdowns to the homepage for filtering funds
  • Add the ability to mint and redeem D2 funds
  • Add ability to create D1 & D2 funds from frontend

If you’re a front-end, back-end, or full-stack developer and want to take a more active role in this project please reach out by replying to this email or sending a message on our Discord.

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Price check

The initial launch saw NFTX start just above USD$18 which was around the tranche 3 community raise and a good opportunity for anyone getting in on the opening day, before a sharp climb to above $30. At that point a number of community who provided a lot of their personal NFT’s for the community raise took some ETH back which saw the price drop back down. Overall the price is trending around the USD$25 mark and that’s with only one fund properly launched (PUNK & underlying input funds, with many more to come). I’m excited to see where this is heading.

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Tokens held by the NFTX contract

If you’ve been wondering what tasty looking NFTs are currently stored in all index funds combined, have a look at the current collection on OpenSea!

We’re looking to create our own digital gallery for NFTX so you can get a quick live view of what you’re investing in when buying an index token. We’re looking for active contributors to get this launched. Got the skills? Hit us up!

View NFTX Index Collection on OpenSea

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Punk Tokens

$PUNK Tokens, alongside their input funds, were the first NFT backed funds to be released through the NFTX platform.

If you’re looking to get started investing in NFT-backed index funds, we recommend using Matcha.

A full overview of currently live & upcoming NFT index funds (such as Avastars, Axies, Cryptokitties, AutoGlyphs & Joys) can be found on our documentation site:

Migration to SushiSwap

A liquidity migration from UniSwap to SushiSwap was approved last week. The migration of NFTX/ETH was successfully executed on Saturday 16th January, with the next migration of PUNK/ETH due for Monday 18th January.

If you hold NFTX it doesn’t impact you at all and while there’s nothing wrong with Uniswap, the team at Sushi approached us and were keen to make this happen. Along with working together with a team that has a similar ethos to ours, the big benefit of the move is that we will be able to qualify for the Sushiswap rewards program, which brings in an additional cash flow into the DAO treasury through $SUSHI rewards. YAY!

If you’re not used to trading on SushiSwap then we recommend you use an aggregated exchange like Matcha…. and speaking of Matcha there’s a link to how you can acquire NFTX using just that below.

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Get started with NFTX using Matcha

For those of you that are new to the world of NFTs, it can be daunting to get started. Fortunately, Adidust.eth has written you an article to get you started with NFTX & Matcha.

That’s all for this week. If you have any questions come and join in on the discord channel.