NFTX Weekly Round-up #26

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

NFTX Weekly Round-up #26

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

This week we’ve seen the action on the V2 app continue to increase as a number of new vaults are being created, and the fees on those vaults are slowly but surely accumulating.

V1 + V2 Vault Action

This is the first week we have begun to see a drop in the usage of the V1 NFTX app and an additional increase in the usage of V2. V1 is still getting a bit of action though:

  • 1,466 unique wallets connected
  • 25 mint events
  • 21 redeem events
  • 0 vault creations

There will continue to be action on the V1 vaults as the liquidity and inventory complete their migration throughout the remainder of July, and there are still some arbitrage opportunities on those vaults while the migration is taking place, but once the inventory is moved we expect the most action to be on V2 with the liquidity providers enjoying the ongoing fee generation.

For those of you that own fractions of V1 tokens you can still sell them on SushiSwap. However, if the lack of liquidity makes the slippage too high you can hold onto those tokens while we create a migration for those tokens to allow them to be swapped for the equivalent V2 token (where applicable).

There are some vaults, like the Mask vault, where the community own all the liquidity and tokens which isn’t seeing any movement across to V2. We will continue to support the vaults on V1, however once the fees are enabled we expect to see people move across and earn fees rather than not.

Let’s take a look at the new vault numbers in V2 this week…

There were some new vaults added this week as well including

Clicking on any of the links in the list above will take you through to the V2 explore page for you to see all of the different NFTs inside of each of the vaults.  If you see one that you like then there are links to go to SushiSwap to buy a token to redeem one, and remember that you can now target redeem a specific NFT from the vault for a 5% premium (1.05 tokens).

Details on these will be added to the blog and our documentation once they are released.

Product Development

This week the team has continued to work on getting the Zaps working to allow you to mint and provide liquidity in one step (and thus bypassing the mint fees). The tests have all passed and it is likely that these will be going live (early) this week.

Once this has happened, the fee distribution can be enabled and we will look to update the minting fees on the DAO vaults (PUNK, AVASTR, GLYPH, KITTIES), all of which are still on target to happen by the end of July.

Kitty Vault Redemptions - Fixed

The issue with the Kitty Vault last week was resolved and is now allowing token holders to redeem the Kitties from the vault. You can read more about the details on our status page.

NFT News

Damien Hirst - The Currency NFT

Starting with the creation of the physical artworks in 2016, The Currency explores the boundaries of art and currency—when art changes and becomes a currency, and when currency becomes art.

There are 10,000 pieces as part of this drop and to take part you need to apply.

Successful applicants will all initially receive NFTs. Ultimately, you have to decide between the digital NFT or the physical artwork, both of which are artworks in their own right. Whichever you pick, the other gets burned.

This has been built out on the Palm blockchain, which has also hosted the recent Space Jam 2 NFT release.

Numbers check

The 7d price for NFTX is down by -15.5%, sitting at $68.03 mark as of Monday afternoon.

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