NFTX Weekly Round-up #17

Welcome to the weekly update of all things NFTX, along with a sprinkling of NFT news as well.

Product Development

Create/Manage Vault

In the final step of our new app roll-out we’ve introduced a new UI for vault creation that allows any user to permissionlessly create a vault for any NFT. Vault creators can visit app.nftx.org/create/ to get started.

TL;DR

• Create an NFTX vault for any NFT
• Customize the vault’s settings to target specific NFT subsets
• Publish the vault to make it visible in the NFTX app

If you want to find out more details you can read the blog post, or head over and create or manage a vault yourself.

The final piece of the puzzle is going to be the update of our https://nftx.org homepage which will be released later this week, then it will be heads down and starting to build the V2 protocol front end.

If you’re interested in user testing for future product updates, please contact @javery on Discord or email [email protected].

NFTX V2 Security Review Context on Code 423n4!

The competition on the Code Arena website is underway and will come to a close on Wednesday this week. We have already seen a great response from the developers taking part in the competition and some optimisations that will further improve the new and improved protocol.

If you are a developer and want to take part it’s not too late, head over to Code Arena and register.

New NFTX Vaults

With the new edition of the NFTX Vault management we’ve seen a few of new vaults created this week: KamaMixer, a blocky guide to Kama Sutra positions (NSFW); Stadia, famous Football (Soccer) stadiums; and ASCIIPunks, the outcome of a CryptoPunk falling into your terminal window.

Along with new vaults, here are the movements on our existing vault holdings over the past 7 days:

• Punk Basic +4 (4.65%)
• Punk-4 -1 (-4.35%)
• Kitty-0 +11 (2.53%)
• Kitty-0-F +6 (2.99%)
• Avastar Basic +5 (1.12%)
• Avastar-30 -6 (-1.89%)
• Glyph -1 (-7.14%)
• Oxmon -1 (14.29%)
• Mask -9 (1.75%)
• Cubes -3 (-30%)
• Babes-Basic -1 (-0.67%)
• Twerky +2 (25%)
• Waifu -23 (-11.22%)
• BPunk +3 (6.67%)
• EthCards +3 (13.64%)
• Pixl-Basic +27 (31.03%)
• PunkBody +8 (22.22%)
• POW +3 (8.33%)
• Ghosts -4 (-21.05%)
• Meebit +2 (NaN)
• BAYC +38 (NaN)

Governance

If you missed out on the NFTX Governance call last week you can catch up with this post from our YouTube channel. This week we were joined by some new members over from the Meebits forum and looking to find out more information about providing liquidity.

The conversation moved into some of the new features upcoming in V2 and is well worth a listen if you are interested in learning about the new release.

The next governance call will occur on May 12th at 16:00 UTC.

NFT News

Meebits

Last week we covered off the new project from Larva Labs — Meebits.

In the same way that there are regular floor Punks and more valuable Alien Punks, Meebits have floor humans and more valuable Visitors (as well as other rarities). The current going rate for Visitor Meebits is around 300ETH, so it was exciting news when NFTX Core member @ChopChop announced on the Meebit Discord that someone was gaming the pseudo random selector for still-to-be-minted Meebits with a previously unused Punk.

Larva Labs were providing every Punk and Glyph owner with the ability to use their NFT as a ticket to get a free Meebit, but that free Meebit was randomly selected from the pool. Last week a few very clever people used the NFTX Punk vaults to essentially pull free Meebits from Larva Labs.

This week someone took that another step further by using their unclaimed Punk ticket to claim under some very specific circumstances. The whole thing stems from having a random function built into something that is entirely written onchain. By understanding the pseudo random ID you can run the calculation over and over until the output is a certain ID. The NFTX Mask vault was relieved of all the Clown Masks once they became popular by someone doing something similar.

The big mistake from the LarvaLabs side was that they had accidentally leaked the ID of the remaining Meebits, including the valuable Visitor.

Using a bunch of Gas, the exploiter was able to continue to cycle through requests until they found the answer they wanted — the ID of the Meebit Visitor — and then invoke the mint.

A good technical explanation is provided by NateAlex on his twitter.

Once claimed, the rare Meebit was put up for 200ETH which Pranksy was more than happy to pay. It was in his wallet for less than a day though making a cool 99ETH back on it a few hours later selling for 299ETH. Check out his casual tweet.

Numbers check

The 7d price for NFTX is up by 33.2%, and down -2% over the past 24 hours, and is now holding at $197.55 mark as of Monday.

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