NFT20 Is Live on Polygon!
What is NFT20?
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.
Additionally we offer other NFT features such as Flashloans.
This enable NFT collectors to trade NFTs in really liquid ways like traders are used to on Uniswap like exchanges.
For every NFT deposited in its corresponding NFT20 pool, the contract will create 100 ERC20 tokens that belong to that NFT project. 95 tokens will go to you and 5 is the DEX fee that gets equally distributed to $MUSE token holders.
Those tokens have several use cases right away:
- If there is enough liquidity for those tokens on Uniswap, you can go ahead and sell them for profit.
- If a Dutch auction is active for a higher value NFT, you can bid on the auction with those tokens and thus exchange some of your lower value NFTs for higher value ones.
- You can exchange 100 tokens for any of the NFTs available on the NFT20 pool, thus swapping NFTs for NFTs in a permissionless way.
If you do not wish to tokenize your NFT you can swap it for any other NFT of the same pool by simply toggling the “swap NFT to NFT” toggle at the top right of the pool.
For more details you can go to our documentation our join the community on discord.
NFT20 is a platform to create liquidity for NFTs
Since our launch 3 months ago on mainnet we already settled 6k trades for a volume of $6M in NFT traded value. Thanks to the really accessible transaction fees, a lot of growth on NFTs/games has happened on Matic.
In the past few weeks we worked hard to be able to provide the NFT20 platform to Matic users.
We’re excited to join awesome NFT projects we’ve been following like Cometh and Doki in this new adventure and opening a lot of new use cases and experiments due to the low network fees on Polygon.
To get started trading, swapping and tokenizing your NFTs on Polygon go to our site https://polygon.nft20.io
