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

Those of you that have been paying attention will have noticed that the weekly was missing from last week (and thanks for the messages, it’s nice to be missed). The team were heads down working on improving the app and protocol for you and the update was missed.

Let’s take a look at what has been happening over the past two weeks.

Since the last update the number of NFTs in the vaults has increased by more than doubled up to 13,056.

In that time the value of almost all of the NFTs have been increasing as well and the Total Value Locked (TVL) has grown to $42.85M — that’s an increase of $8M over the past week.

Product Updates

There has been plenty of work being done over the past couple of weeks, let’s take a look at some of the highlights.

Mint/Stake Zap relaunched

On the 12th of August, the ability for users to bypass the 5% mint fee was reintroduced through the Mint/Stake Zap.

When NFTX V2 officially launched we introduced a Zap contract that allowed users to “Mint & Stake” as a way to escape the mint fee (typically 5%). The purpose of this was to remove the fee for users wishing to earn protocol fees by staking vault liquidity tokens.

There was a bug in the original contract which is now patched, allowing you to start using the zap again.

Remember that when using the zap your position will be locked for 48 hours after which time you can claim any fees accrued and exit your position, or stay in the pool and continue to claim those sweet, sweet fees.

Any users that were previously staking on the old contract need to migrate their position to continue to earn fees using the tool provided here https://app.nftx.org/staking/.

Vault Info Recent Updates

On each of the Vault Info pages you can now see the recent activity on the vault. This shows the Random/Targeted Redeems as well as the Mints, PLUS shows the fees accrued for each of them.

There are more statistics/reports that we will be adding to the vault pages over time, but for now, if you want to know more you can check out the Dune Analytics dashboards which are covered later in this post.

Migration to Vercel

When we initially launched https://classic.nftx.org we were using a React app and were hosting on Netlify.

When the first community-driven project was started, https://gallery.nftx.org, we chose the frontend stack of NextJs + Tailwind and continued to build out on Netlify. Since that project the community team has moved to the core team and we have released NFTX v1.X and NFTX v2, both using the same stack.

While Netlify provides excellent hosting options for a range of JAMStack apps and sites, the NextJs product is built by the Vercel team, meaning that NextJs sites are first-class citizens on the Vercel hosting service.

We have now migrated all of our sites across from Netlify -> Vercel and as a result, have seen some initial performance boosts on the site.

  • Improved Time to first byte (TTFB) - meaning you get your site faster than before
  • Improved Build times - meaning the developers can get their updates in front of your faster.

With these improvements, we decided to also switch on server-side rendering (SSR) for pages which have the benefit of better caching as well as custom social share previews when sharing your vault links.

An unfortunate side effect has been that the TTFB has increased, but we managed to counter that with some clever caching strategies. This week we’re going to continue to work on bringing the load times down so that you can see what you need to see and do what you need to do faster and easier.

On the Horizon

When the core team isn’t busy working on the product they’re usually using NFTX for buying new projects, taking arb opportunities, or staking and earning fees on our favourite vaults.

As a result of this, many of the recommendations that you are making for the platform are shared by the team and they are only the plans for future release. If you want to contribute your ideas to the project you can do so on https://ideas.nftx.org, or send them through via Discord.

Let’s take a look at some of the upcoming work.

Staking - With the NFTs becoming more valuable and sort after there is a significant amount of impermanent loss for those of you that are providing liquidity and staking on the pools.

To combat this we’re developing single-sided staking which will allow you to only contribute inventory to the pool. Due to the lower risk involved in this approach the share for fees wouldn’t be 50/50 for two side/single staking, but instead more like 80/20.

Random Redeem Fee - We’re also seeing feedback on both our discord as well as other project discords that a fee should be introduced for Random Redeems as well to ensure more fees are generated to liquidity providers.

Buying with ETH - There are two steps for users that are looking to redeem NFTs through the NFTX platform. First, you need to get the tokens for redemption via Sushi Swap, and then you need to redeem your NFT from the vault.  By adding Buying Zaps into our vaults, users will be able to choose their NFT and get an ETH price for it on the platform, while in the background we’ll do all the heavy lifting of getting the token for you.

Dune Analytic Dashboards

As mentioned earlier in this week’s update, we’re looking to continue to improve on the data that you can get from each of the vault pages.

The first step towards that is to include Dune Analytics Dashboards for both the NFTX product as a whole, as well as an individual breakdown of each of the V2 vaults.

NFTX Protocol View

https://dune.xyz/nftx/NFTX-Dune-Dashboard-Protocol-View

Our overarching protocol view gives you a break-down of how the app has been tracking, including the

  • Total Value Locked
  • Fee’s accrued over the past 30 days
  • Number of users over 30 days
  • Total vault action over 90 days
  • Total active vaults
  • NFT inventory across all vaults
  • Top 15 Vault Volume

NFTX Single Vault View

The single vault view contains similar data to the overall protocol but specifically for a vault. At the top of the page is an editable “Vault_Address” input where you can plug in a Token ID which you can click/copy from the top of the vault pages.

The single view provides an overview of

  • NFTs minted/redeemed daily over 90 Days
  • Total value locked in the vault
  • Total NFTs
  • Turnover (ETH + NFTs)
  • Lifetime fees generated for staking (in tokens and ETH)
  • Fee accumulation over time
  • Historical Vault Token price
  • Vault token holders over time

To get started with some of the more popular vaults take a look through some of these dashboards

The data reports are there for two reasons. First of all, it allows the core team to understand the usage across the App and track how product improvements impact the important numbers. Secondly, the data is there for you to understand how the vaults are working to make better/more informed decisions yourself.

Let us know what improvements you’d like to see in the reports.

This week in NFTs

Art Blocks continue to increase in value

The largest sales this week have come from Art blocks, and specifically the Fidenza project.

Looking at the Top 10 NFT purchases this week the first eight positions are taken up by Art Blocks projects, with numbers nine and ten coming from CryptoPunks.

  1. 650 ETH for Fidenza #723
  2. 500 ETH for Fidenze #529
  3. 420 ETH for Archetype #397
  4. 350 ETH for Ringers #377
  5. 320 ETH for Fidenza #216

That’s 2,240 ETH in just five Art Blocks sales.

*BREAKING NEWS*

Those sales were dwarfed as we were just about to press publish. @Loopify has confirmed that there has been a 1,000 ETH Art Blocks sale.... $3,345,390.00

Visa go Punk

https://twitter.com/VisaNews/status/1429745230023208969

With the purchase of a CryptoPunk from Global Payments technology company VISA it feels as though NFTs are inching closer to the mainstream. The rationale behind the purchase from the VISA team was to better understand the industry so that they can help their clients.

Regardless of how much learning they did during the acquisition, the act of a large global organisation investing in Punks has seen the PUNK floor shoot from 50ETH yesterday up to 70ETH today. At the current ETH prices that put the floor CryptoPunk at a quarter of a million US Dollars.

Numbers check

The 7d price for NFTX is up by 16.5%, sitting at the $197.88 mark as of Monday afternoon.

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