Naming your vault & token
- Memeable – make sure it’s something that’s going to be recognisable as your own or something you can build a bit of a brand around.
- Max six characters — when you’re sharing $NFTX on twitter it will link it as a cashtag. These only work up to six characters so weigh up the pros and cons if you’re going for a long token name.
- Name singular (Punk, not Punks)
- Simple is better
Seeding the vault
Make sure you seed the vault with a minimum of 20 NFTs plus ETH for liquidity. This gives your vault a fighting chance and will allow a few buys and sells without impacting the price too much.
You can find out more why a deeper liquidity pool makes a big difference.
Setting the fees
- Fees generate yield & encourage other liquidity providers
- Fees too high will yield more fees, but make the NFTs in the vault sit higher above floor price and potentially lower volume.
- Know your use case. If users need to complete sets of NFTs they’re more likely to pay higher swap fees.
- High mint fees is a tax on liquidating/selling. If you want more inventory then lower mint fees (although remember users can also do inventory staking).
- Value of your NFT will impact the fees. 10% fees on a 1ETH item is 0.1ETH, but 10% fees on a PUNK can be 6-10ETH.
Changing the fees in the future
- Once you publish the vault for use, you can not change any details on the vault including fees.
- Fees will sometimes need adjustment back on feedback from your community.
- With a new fee structure you need consensus among the token holders/liquidity providers.
- Either run a snapshot.org vote, or, get more than 50% of the liquidity pool to vote for a new fee structure through signed messages from wallets holding liquidity.
- View how to change fees(link to fee changes).
That’s all there is to know about NFT Projects on NFTX. If you have any further questions please ask them on the help section on https://nftx.io in the bottom right corner, or ask on https://discord.gg/nftx and we’ll be sure to continue to add resources to this site as we receive your feedback.
Next you can learn more about NFT Staking or Shopping on NFTX, or you can check out some Staking tutorials below