NFT20
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NFT20

A Detailed Guide for using My Fucking Pickle NFT20 Pool

What is NFT20?

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 SODIUM then it means that you own 50% of a Floor My Fucking Pickle(the cheapest My Fucking Pickle).

What is an NFT20 Pool and what can you do with them?

The NFT20 Pool contains My Fucking Pickle that other users have deposited and you can perform different actions on it using SODIUM. SODIUM is an ERC20 token created specifically for the My Fucking Pickle NFT20 Pool and it can be traded on Uniswap.

Use cases for the NFT20 pool and SODIUM:

  1. You can deposit a My Fucking Pickle into the pool for 95 SODIUM tokens.

2. You can use 100 SODIUM tokens to swap out any My Fucking Pickle in the pool.

3. You can swap a My Fucking Pickle with any other My Fucking Pickle in the pool.

4. You can buy directly using ETH from the pool.

5. You can exchange your ETH for SODIUM on Uniswap.

6. You can exchange your SODIUM tokens for ETH on Uniswap when there is enough liquidity.

7. You can provide Liquidity for SODIUM-ETH Pair and earn rewards in $MUSE.

Note: All My Fucking Pickle are treated equally in the pool so you should only deposit My Fucking Pickle that you think are common (i.e Floor My Fucking Pickle)

We will go over each of the above use cases in more detail below.

1. Swapping a My Fucking Pickle with another My Fucking Pickle in the pool

Select “Swap NFT to NFT”
  1. Select the “Swap NFT to NFT” toggle above.

2. In “FROM”, select a My Fucking Pickle from your wallet

3. In “TO”, select that cute My Fucking Pickle from the pool that you like better

Note: Unlike using SODIUM, you can swap a My Fucking Pickle in your wallet for another My Fucking Pickle in the pool without the 5% fee and only pay a gas fee.

2. Depositing a My Fucking Pickle into the pool

Default interface

You can deposit a My Fucking Pickle into the pool and in return, you will get 95 SODIUM tokens. The remaining 5 act as a 5% fee and get distributed to $MUSE token holders.

3. Buying a My Fucking Pickle from the pool using 100 SODIUM

Interface for buying My Fucking Pickle with SODIUM

If you click on 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 SODIUM for a My Fucking Pickle!

4. Buying a My Fucking Pickle directly from the pool

Buy Now

There’s also a new feature where you can also directly buy a My Fucking Pickle from the pool using ETH without dealing with SODIUM. The NFT20 platform will do all the Uniswap operations for you in 1 transaction. There’s a 5% fee to it but it might be more cost-efficient since you can save on gas fees.

5. Exchanging ETH for SODIUM on Uniswap

Click on the link for Uniswap
Trading ETH for My Fucking Pickle

Since SODIUM is an ERC20 token, you can directly get it from Uniswap. You can also directly click on this link to access the SODIUM Uniswap exchange page.

6. Exchanging SODIUM to ETH

Similarly, you can exchange SODIUM for ETH on Uniswap. The great part about this is that you do not need to look for a buyer (compared to OpenSea). Here’s the Uniswap link.

There will need to be enough liquidity in SODIUM in order to perform this operation.

How does the Floor Price and the token price of SODIUM change?

The Floor Price of My Fucking Pickle on NFT20 and the token price of SODIUM fluctuates with the buy and sell transactions.

If more people buy SODIUM tokens, then the SODIUM token price and the Floor Price (100 SODIUM) of a My Fucking Pickle on the NFT20 pool go up. If more people liquidate their SODIUM tokens for ETH, the price goes down.

Thanks to the Chubbies NFT Community for writing this guide about NFT20 pools.

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