A complete guide to getting started with the Zunks 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 Zunks liquidity pool and how can I use it?
The Zunks vault contains Zunks NFTs that users have added into the vault. It has an ERC20 Token, $ZUNK , which is backed 1:1 with the NFTs within the vault. When a new NFT is added to the vault, another ERC20 $ZUNK token is minted. When someone buys/redeems an Zunks NFT from the vault, one of the ERC20 $ZUNK 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 Zunks 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 ZUNK 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 Zunk NFTs and earn fees
- Go to Stake on the Zunks vault
- Choose the NFT you would like to add to the Zunks vault
- Select either liquidity staking (ZUNK-ETH) or inventory staking (ZUNK)
- 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 Zunk NFT
- Connect your wallet to https://nftx.io
- Visit the Zunk 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 Zunks NFTs in the vault are the same price, you won’t get any more for Zunk NFTs.
Swap your Zunk NFTs for others in the vault
- Connect your wallet on https://nftx.io/
- Visit the Swap page for Zunks
- 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 Zunks vault has a 6% targeted swap fee which is paid out to liquidity and inventory providers.
Dollar Cost Average a purchase of Zunks NFTs
- Visit the ZUNK Sushi pool.
- Select the amount of $ZUNK you would like to buy (a random Zunks NFT requires 1.04 tokens, while 1.06 ZUNK tokens is required to choose one from the pool).
- Click Swap.
Redeeming Zunks NFTs with your ZUNK token
- Go to the Zunk Redeem page.
- Choose the Zunks NFT you would like to redeem
- Click on the Redeem button
- If you don’t have enough Zunk tokens you will see a link to Buy ZUNK which will link you to Sushi to buy more tokens