Recently, crypto analyst and influencer Tyler Swope said that he was taking advantage of the current non-fungible token (NFT) mania was not by investing in NFTs but in NFT infrastructure tokens.
In a recent YouTube video, the host of the “Chico Crypto” YouTube channel, talked about NFT creation and trading platform NFTX (NFTX), which its developer describe as “a community-owned protocol for NFT index funds on Ethereum.”
According to its litepaper, NFTX is “a platform for making ERC20 tokens that are backed by NFT collectibles.” These tokens, which are called “funds” are (like all ERC20s)”fungible and composable.” With NFTX, it is possible to “create and trade funds based on your favorite collectibles such as CryptoPunks, Axies, CryptoKitties, and Avastars, right from a DEX like Uniswap.”
Swope said:
“The trading of NFTs happens right now through marketplaces, base level infrastructure that has gained mass amounts of popularity, especially lately, and OpenSea is the largest NFT marketplace, growing each day…
“OpenSea as of now is just a P2P marketplace for MFT buying and selling. They connect a buyer and a seller. There’s no trading per se with liquidity pools and DeFi yet.“
He then mentioned that there is a cross-asset swapper for NFTX that is currently being developed. Once it is ready, “if you have an NFT and you want to exchange for an NFT which is on sale on OpenSea, you would be able to do the whole exchange in a single transaction.”
Swope went on to say that this “freaking bullish for NFTX.”
Featured Image by “Wikilmages” via Pixabay
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
