OpenSea is the most popular NFT marketplace currently. It is raking billions in volume over the last month and benefiting extensively from the current NFT mania. Both retail and institutional investors have a big interest in this platform. However, it’s not without its problems. User interest is rising for a decentralized NFT marketplace, which can act as an alternative to OpenSea. Now, NFTX is stepping in to fill the gap.
NFTX has been operational since the beginning of the year 2021 providing basic NFT liquidity through an index funds mechanism. Its defined aim is to “NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs)”. Recently, a V2 was launched also, which was the first step towards becoming an OpenSea alternative. It introduces significant improvements to liquidity, user interface, incentives for LPs, ability to verify collections, and collection batching.
NFTX v2 also introduced the flash loan ability, buying/selling NFTs at their floor prices and also allowing users to pick up a specific item from the collection (AutoGlyphs, CryptoPunk, etc.) at a 5% premium above the floor. According to Alex Gausman – NFTX founder, it’s a decentralized marketplace that focuses on the provision of automatic liquidity. Soon ETH pricing, profiles, and integrated homepage would be available and the protocol will start to take shape as an OpenSea alternative.
NFTX has redesigned its landing page and it now displays the list of available NFT collections on the platform for trading, shaping NFTX into an OpenSea alternative decentralized NFT marketplace. It offers improvements over OpenSea by allowing users to trade multiple NFTs with a single transaction. The team is planning to turn NFTX “into the preferred decentralized NFT marketplace on Ethereum and beyond” as noted in the press release here. It would introduce multi-chain (EVM) support to integrate other blockchains, offer a better ability to search, single side staking, and a launch platform.
NFTX is an NFT management platform and index fund. NFTs and ETH tokens back it in its treasury. Its platform allows users to generate ERC-20 tokens and create funds, backed by governance-selected significant arts/collectible individual pieces (D1 funds) e.g Bacio Kinkynose Crypto kitty.
It offers 1-click exposure to the NFTs with minimal effort and plans to become an OpenSea alternative. It offers an abstraction of the otherwise intensive and arduous work that goes into researching, buying, and managing NFTs. NFTX has the potential of becoming the next premier NFT project and a robust index fund.