NFTX is a platform for creating liquid markets for illiquid Non-Fungible Tokens (NFTs).Users deposit their NFT into an NFTX vault and mint a fungible ERC20 token (vToken) that represents a claim on a random asset from within the vault. vTokens can also be used to redeem a specific NFT from a vault.Benefits include:<ul><li>LP and stake minted vTokens to earn yield rewards</li><li>Better distribution and price discovery for NFT projects</li><li>Instantly sell any NFT by minting it as an ERC20 and swapping via Sushiswap</li><li>Increased liquidity for NFT investors and speculators</li></ul><h3>How does it work?</h3>Vault CreationVaults can be created by anyone for any NFT asset on Ethereum. Once a vault has been created, any user can then deposit eligible NFTs into the vault to mint a fungible NFT-backed token referred to as an "vToken".Minting vTokensAnyone can deposit NFTs into an existing vault (or one they have created) in order to mint a fungible vToken that represents a 1:1 claim on a random NFT from within the vault.Floor PricesUsers can then pool their minted vTokens in Automated Market Makers (AMMs) like Sushiswap to create a liquid market for other users to trade. With liquidity and trading volume established, the NFT-backed vToken enters into price discovery and a "floor price" is discovered.The floor price denotes the lowest price for a particular NFT. Users establish a floor price by minting and selling vTokens in markets where they consider their NFT to be overvalued.NFTX is helping to establish reliable floor price feeds for NFTs, enabling their wider application in decentralized finance on Ethereum.EligibilitiesThe Mask vault allows any Hashmask to be deposited, however other vaults use an eligibility list that only allows a specific sub-category of NFTs to be deposited. For example, the Kitty Gen 0 vault has an eligibility list that includes only Kitties whose metadata is Generation 0. Other Kitties can not be deposited into this vault.<h3>Who Benefits From NFTX?</h3>CollectorsNFTs in their basic form do not earn yield. However, when they are used to mint vTokens they can tap into the world of decentralized finance. Put simply, collectors can use NFTX to unlock more value from their NFTs:<ul><li>Earn protocol fees</li><li>Earn trading fees as a liquidity provider</li><li>Farm with stablecoins using vTokens as loan collateral</li></ul>Content CreatorsBy launching on the NFTX protocol, content creators are able to earn protocol fees in perpetuity whilst also improving the reach and fairness of distribution:<ul><li>Earn protocol fees</li><li>Distribute NFTs via an AMM in the form of vTokens</li><li>Create instantly liquid markets for new content</li></ul>Investors<ul><li>NFTs are typically highly illiquid and difficult to price. NFTX makes speculating and investing in the NFT market a far simpler process:</li><li>Access the most liquid markets for NFTs</li><li>Track the price of particular categories of NFT</li></ul>

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