A Detailed Guide for using The Alien Boy 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 TABOY20 then it means that you own 50% of a Floor The Alien Boy( cheapest The Alien Boy).
What is an NFT20 Pool and what can you do with them?
The NFT20 Pool contains The Alien Boys that other users have deposited and you can perform different actions on it using TABOY20 . TABOY20 is an ERC20 token created specifically for The Alien Boy NFT20 Pool and it can be traded on Uniswap.
Use cases for the NFT20 pool and TABOY20:
- You can deposit a The Alien Boy into the pool for 95 TABOY20 tokens.
- You can use 100 TABOY20 tokens to swap out any The Alien Boy in the pool.
- You can swap a The Alien Boy with any other The Alien Boy in the pool.
- You can buy directly using ETH from the pool.
- You can exchange your ETH for TABOY20 on Uniswap.
- You can exchange your TABOY20 tokens for ETH on Uniswap when there is enough liquidity.
- You can provide Liquidity for TABOY20-ETH Pair and earn rewards in $MUSE.
Note: All The Alien Boy are treated equally in the pool so you should only deposit The Alien Boy that you think are common (i.e Floor The Alien Boy)
We will go over each of the above use cases in more detail below.
1. Swapping a The Alien Boy with another The Alien Boy in the pool
- Select the “Swap NFT to NFT” toggle above.
- In “FROM”, select a The Alien Boy from your wallet
- In “TO”, select that cute The Alien Boy from the pool that you like better
Note: Unlike using TABOY20, you can swap a The Alien Boy in your wallet for another The Alien Boy in the pool without the 5% fee and only pay a gas fee.
2. Depositing a The Alien Boy into the pool
You can deposit a The Alien Boy into the pool and in return, you will get 95 TABOY20 tokens. The remaining 5 act as a 5% fee and get distributed to $MUSE token holders.
3. Buying a The Alien Boy from the pool using 100 TABOY20
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 TABOY20 for a The Alien Boy!
4. Buying a The Alien Boy directly from the pool
There’s also a new feature where you can also directly buy a The Alien Boy from the pool using ETH without dealing with TABOY20. 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 TABOY20 on Uniswap
Since TABOY20 is an ERC20 token, you can directly get it from Uniswap. You can also directly click on this link to access the TABOY20 Uniswap exchange page.
6. Exchanging TABOY20 to ETH
Similarly, you can exchange TABOY20 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 TABOY20 in order to perform this operation.
7. Provide Liquidity for TABOY20-ETH Pair
You can provide Liquidity to the TABOY20/ETH pair .
How does the Floor Price and the token price of
The Floor Price of The Alien Boy on NFT20 and the token price of TABOY20 fluctuates with the buy and sell transactions.
If more people buy TABOY20 tokens, then the TABOY20 token price and the Floor Price (100 TABOY20) of a The Alien Boy on the NFT20 pool go up. If more people liquidate their TABOY20 tokens for ETH, the price goes down.