A complete guide to getting started with the Song A Day liquidity pool on NFTX.
What is NFTX?
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NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs).
Users deposit their NFT into an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within the vault. vTokens can also be used to redeem a specific NFT from a vault.
- LP and stake minted vTokens to earn yield rewards
- Better distribution and price discovery for NFT projects
- Instantly sell any NFT by minting it as an ERC20 and swapping via Sushiswap
- Increased liquidity for NFT investors and speculators
What is the Song A Day liquidity pool and how can I use it?
The Song A Day vault contains Song A Day NFTs that users have added into the vault. It has an ERC20 Token, $SONG , which is backed 1:1 with the NFTs within the vault. When a new NFT is added to the vault, another ERC20 $SONG token is minted. When someone buys/redeems an Song A Day NFT from the vault, one of the ERC20 $SONG tokens is burned.
Add your NFT for inventory staking and earn a share of 20% of the vault fees.
Add your NFT for liquidity staking and earn a share of 80% of the vault fees.
Instantly sell your NFT into the vault for the current floor price, no more lowering the floor on OpenSea by undercutting the cheapest price and hoping to get a sale.
Sweep the floor and buy from a large collection of Song A Day NFTs from vault. Unlike other marketplaces, NFTX allows you to buy your NFTs in bulk
Swap one of your existing NFTs for another one from the vault for a small fee. Use the filters to find the perfect set of traits and pick up non-floor items.
Dollar Cost Average
Buy SONG tokens through SushiSwap. This will allow you to DCA (dollar cost average) your way to owning an NFT instead of buying it outright
Stake your Song A Day NFTs and earn fees
- Go to Stake on the Song A Day vault
- Choose the NFT you would like to add to the Song A Day vault
- Select either liquidity staking (SONG-ETH) or inventory staking (SONG)
- If choosing liquidity staking you will add equal amounts of NFT and ETH based on the current value. You can also see the pool share you will have, which is the share in the vault fees. If choosing inventory staking you only need to supply your NFT, no ETH required.
- Approve the contract (small gas fee between $10-$30)
- Once approved, click on Supply to complete the process.
- You can now view your position on the Rewards page under the “Staked Pools” header
Instantly Sell your Song A Day NFT
- Connect your wallet to https://nftx.io
- Visit the Song A Day Sell page
- Chose one or more of the NFTs from your wallet
- Approve the contract (step 1, around $10-$30), and then select “Sell Now”.
- Receive ETH immediately to your wallet, no buyer required.
- Remember, all Song A Day NFTs in the vault are the same price, you won’t get any more for Song A Day NFTs.
Swap your Song A Day NFTs for others in the vault
- Connect your wallet on https://nftx.io/
- Visit the Swap page for Song A Day
- Choose one of your NFTs, then choose another NFT from the vault
- Click Approve to approve the contract with a small $10-$30 fee
- Click Swap to complete the swap.
Note, the Song A Day vault has a 6% targeted swap fee which is paid out to liquidity and inventory providers.
Dollar Cost Average a purchase of Song A Day NFTs
- Visit the SONG Sushi pool.
- Select the amount of $SONG you would like to buy (a random Song A Day NFT requires 1.04 tokens, while 1.06 SONG tokens is required to choose one from the pool).
- Click Swap.
Redeeming Song A Day NFTs with your SONG token
- Go to the Song A Day Redeem page.
- Choose the Song A Day NFT you would like to redeem
- Click on the Redeem button
- If you don’t have enough SONG tokens you will see a link to Buy SONG which will link you to Sushi to buy more tokens