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…. again! Once again 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 hasn’t moved too much in terms of total, but the volume activity across the protocol as a whole has been active.
In the past two weeks we’ve seen between 120 — 300 NFTs minted each day, along with a combined random/target redeems around the same numbers.
Over the past 30 days there have been more than one-thousand users who have mint/redeemed at least 1 NFT, and this has gone on to generate $1.5M in fees distributed in vault tokens to all our liquidity providers.
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 $61.71M — that’s an increase of $19M over the past two weeks.
Our most popular vault in terms of pure volume is $PURR (Purrnelope’s Country Club) with more than 1,000 mint/redeems alone. The Top 10 vaults for volume include:
- Purrnelope's Country Club — 1059 volume
- Pudgy Penguins — 119
- MLB Champions — 100
- Star Sailor Siblings — 51
- FLUF World — 45
- PolyMorphs — 34
- SUP Ducks — 32
- Wanderers — 27
- Playing Arts Crypto Edition — 26
- HashMasks — 25
Optimisations to NFTX App
After migrating across to Vercel we managed to get some performance boosts over the way things worked on Netlify. We also took advantage of the Server Side Rendering capabilities to provide some SEO benefits to the site and allow for some better caching.
Unfortunately this had an inverse impact on the performance of the site, and users were quick to stop by Discord to let us know things had slowed.
Below you can see on the 18th August the updates were made to the way in which the site was being served, and then a couple of attempts to improve the way in which the site was loading.
We now are back to our sub 0.5s target to start rendering the app, and our vault details are loading a bit faster now (although not shown on the chart) thanks to adding an additional proxy caching layer to our Graph requests.
We now have alerts set up against any times when these statistics go above any of the budgets we are implementing to ensure that you’ve always got a speed and responsive app to work with.
If you ever notice that some pages aren’t loading the way you expect, please reach out to us and let us know so we can take a closer look.
Vault Insight - PURR
Last week we looked at the different reports available through NFTX Dune Analytics, so this week we wanted to take a closer peek at our busiest vault this week.
$PURR has been running for a little under 30 days so far, and in the past 7 days we’ve seen a growing increase in the volume on the vaults (in particular target/random redeems). At the highest point there were 856 NFTs in the vault, currently 759 to choose from.
The TVL of the vault is sitting slightly below the $1M mark, and has had more than 700 ETH in trading volume on the vault alone (with another 1.3k volume traded on OpenSea). At one point or another, there’s been 25% of the Purrnelope kitties inside the vault at one point or another.
The vault has been great for Liquidity Providers as well, generating 57 vault tokens in fees which is the equivalent of 18 ETH distributed to users staking their SLP. This has particularly increased in the past week with more than 50% of the fee’s coming in the past 7 days.
The $PURR vault has also been a textbook example of how new NFT projects should be rolling out their roadmap and including liquidity pools as part of their early and long term plans.
By seeding the vault with 250 NFTs and pairing with 25 ETH to create a stable liquidity pool the price has never deviated below the initial seed price. The pool has allowed users that wanted to exit from the project a better option that to lower the floor on OpenSea to get a sale, and has also shown users they can mint/stake to earn portions of the rewards as well.
The Purrnelope team hasn’t stopped there either. For any airdrops which they are planning to do in the future they will also be considering users that own whole $PURR tokens to become eligible in the same way as if you owned the NFT itself.
If you would like to learn more about how NFTX can be part of your NFT launch and roadmap then reach out at email@example.com.
This week in NFTs
Zombie Punk exceeds 1,000 ETH
A couple months ago the final two Punk Zombie’s in the NFTX vault were sold for 350ETH which seemed to kick start a price run on CryptoPunks.
This week, Pranksy set a new limit for Zombie Punks not just once, but twice. Buying Punk #6275 for 1,000 ETH and flipping it not long after for 319 ETH profit.
Banksy Mints 1st NFT, but doesn’t really
Pranksy was in the news again when he seemed to become the first owner of a Banksy NFT when he picked up an OpenSea shared contract NFT.
It appeared as though it was a legitimate NFT after it appeared on Banksy’s official website. This turned out to be part of the elaborate hoax/scam and it seems a hacker gained access to Banksy’s website and uploaded a new page with an image of a punk with smokestacks in the background.
This was then also added to the OpenSea shared contract and seeded onto Crypto Twitter where Pranksy quickly put a bid of 100 ETH. The bid was accepted almost immediately casting some doubt over the authenticity of the piece, and it was quickly denied by the Banksy team before the website having the page removed.
A few hours later the hacker returned the funds to Pranksy.
NFT new launches
In a time where it seems that new NFT projects are launched several times a day there was one particular launch which deserves a mention.
Our lead Solidity Dev, Kiwi, is part of the team that have rebranded Waifu’s into the newly launched Uwucrew. They sold out within 6 minutes, but our favourite part of the collection is the 191 Uwu’s that are sporting NFTX Hoodies.
The 14d price for NFTX is up by 28.1%, sitting at the $204.78 mark as of Monday afternoon.
That's all for this week. If you have any questions, come and join in on the Discord channel.