How to Use the MissCryptoClub NFT20 Pool
NFT20 is a permissionless p2p protocol to tokenize NFTs and make them tradable on decentralized exchanges such as UniSwap or Sushiswap.
Anyone with an NFT can create a new pool or add his NFT to an existing pool and get ERC20 Token derivatives of their NFTs in a permission-less way, those tokens can be transferred and traded on DEXes right away. You can also swap your NFT for any other NFT of the same pool, no need to tokenize.
NFT20 also allows you to own a fractional share of an NFT in the collection. For example, if you own 50 MISS20 then it means that you own 50% of a floor MissCryptoClub (cheapest MissCryptoClub).
What is an NFT20 Pool and what can you do with it?
The NFT20 Pool contains MissCryptoClub NFTs that other users have deposited, and you can perform different actions on it using MISS20. MISS20 is an ERC20 token created specifically for the Woodies NFT20 Pool and it can be traded on Uniswap.
Use cases for the NFT20 pool and MISS20:
- You can deposit a MissCryptoClub into the pool for 95 MISS20 tokens.
- You can use 100 MISS20 tokens to swap out any MissCryptoClub in the pool.
- You can swap a MissCryptoClub with any other MissCryptoClub in the pool.
- You can buy directly using ETH from the pool (When there is enough liquidity).
- You can exchange your ETH for MISS20 on Uniswap(When there is enough liquidity).
- You can exchange your MISS20 tokens for ETH on Uniswap (When there is enough liquidity).
- You can provide Liquidity for the MISS20-ETH Pair and earn trading fees.
Note: All MissCryptoClub are treated equally in the pool so you should only deposit MissCryptoClub that you think are common (i.e. floor MissCryptoClub).
We will go over each of the above use cases in more detail below.
1. Swapping a MissCryptoClub with another MissCryptoClub in the pool
Select the “Swap NFT to NFT” toggle above.
- In “FROM”, select a MissCryptoClub from your wallet.
- In “TO”, select the MissCryptoClub from the pool that you want.
- Click on “APPROVE” which is a one-time transaction giving the DEX the authority to execute your transactions, and finally click on “SWAP” to complete the process.
Note: Unlike using MISS20, you can swap a MissCryptoClub in your wallet for another MissCryptoClub in the pool without the 5% fee and only pay the gas fee for the swap transaction.
2. Depositing MissCryptoClub into the Pool for MISS20
You can deposit a MissCryptoClub into the pool and in return, you will get 95 MISS20 tokens. The remaining 5 tokens act as a 5% fee which is distributed to $MUSE stakers.
3. Buying a MissCryptoClub from the Pool using 100 MISS20
If you toggle the arrows between the “FROM” and “TO” fields, it will let you change the direction of the swap (just like Uniswap). Now you can swap 100 MISS20 for any MissCryptoClub of your choice!
4. Buying/selling a MissCryptoClub directly from the pool
There’s also a feature where you can directly buy a MissCryptoClub from the pool using ETH without dealing with MISS20. The NFT20 platform will do all the Uniswap operations for you in a single transaction. There’s a 5% fee but it might be more cost-efficient since you can save on gas fees.
Users can also sell right into this pool by clicking the toggle from “Buy From Pool” to “Sell From Wallet”.
5. Exchanging ETH for MISS20 on Uniswap
NOTE: This feature is available after the Uniswap pool creation by the community.
Since MISS20 is an ERC20 token, you can directly get it from Uniswap. You can also directly click on this link to access the MISS20 Uniswap exchange page.
6. Exchanging MISS20 to ETH
NOTE: This feature is available after the Uniswap pool creation by the community.
You can exchange MISS20 for ETH on Uniswap. The great part about this is that you do not need to look for a buyer (compared to OpenSea).
There will need to be enough liquidity for the MISS20-ETH pair in order to perform this operation.
7. Provide Liquidity for MISS20-ETH Pair
You can provide Liquidity to the MISS20/ETH pair and earn trading fees.
Add liquidity to the Uniswap MISS20/ETH pair. You will need to provide MISS20 and ETH in order to do it.
How does the Floor Price and the token price of MISS20 change?
The Floor Price of MissCryptoClub on NFT20 and the token price of MISS20 fluctuate with the buy and sell transactions.
If more people buy MISS20 tokens, then the MISS20 token price and the floor price (100 MISS20) of a MissCryptoClub NFT in the pool go up. Similarly, if more people liquidate their MISS20 tokens for ETH, the price goes down.
