List NFTX as Collateral Asset

For: List NFTX as collateral asset on CREAM Against: Do nothing

Overview

NFTX is a platform for issuing ERC-20 tokens that are backed by NFTs. These tokens are called funds, and allow for investors to have exposure to NFT markets without needing to trade/hold individual NFTs. Using the decentralized exchange, It is possible for users to create and trade funds based on any NFT such as CryptoPunks, Hashmashs, CryptoKitties, and Avastars. An overview of listing/upcoming NFT index funds can be found on the documentation site: https://docs.nftx.org/nft-index-funds/index-funds

With increasing interest in the NFT market, the NFTX governance token can bring immediate and long term value to the Cream platform.

In addition, NFTX has successfully launched Sushiswap Onsen farms for seven fund pairs, and the NFTX token itself:

Cryptopunks: PUNK-ETH: 0x092493a22375de1b17583d924abf9e8bf884491c PUNK_BASIC-ETH: 0x0267bd35789a5ce247fff6cb1d597597e003cc43 PUNK_FEMALE- ETH: 0xca2ae9c5c491f497dc5625feaef4572076c946c5 PUNK_ATTR_4-ETH: 0x608f8af5fd49b5a5421f53f79920c45b96bda83f PUNK_ATTR_5-ETH: 0xd54a895623552853f8d673981cc32eb8f3929dfb PUNK_ZOMBIE-ETH: 0x0e7e8dde18e4016ccc15f12301a47ef7b87bdafa

Hashmasks: MASK-ETH: 0xfd38565ef22299d491055f0c508f62dd9a669f0f

NFTX: NFTX-ETH: 0x31d64f9403e82243e71c2af9d8f56c7dbe10c178

NFTX Mechanics

NFTX has 2 types of funds on its platform: D1 and D2.

D1 funds are ERC-20 tokens represented 1:1 by an underlying NFT. When an NFT is added to a particular pool e.g., for basic CryptoPunk, an ERC-20 token for that pool is given in exchange. This ERC-20 token can be traded, added to a D2 fund, or redeemed for a random NFT in the underlying pool of basic CryptoPunk.

D2 funds are ERC-20 tokens represented by multiple D1 funds. For example, the PUNK D2 fund is backed by multiple CryptoPunk pools such as basic Cryptopunk, female CryptoPunks, etc. These tokens are the ones most commonly purchased by investors looking for broader exposure to NFT markets.

Initial audit

Level K (Nov 2020)

Token metrics (March 2021)

Circulating supply: 420K (650K total) Daily trading volume: ~$5.0M (Sushiswap, Uniswap)

Technical resources

NFTX Github: https://github.com/NFTX-project NFTX docs/litepaper: https://docs.nftx.org/ NFTX token contract: 0x87d73e916d7057945c9bcd8cdd94e42a6f47f776

Social Resources

NFTX Website: https://nftx.org/#/ NFTX Discord: https://discord.gg/hytQVM5ZxR NFTX Blog: https://blog.nftx.org/ NFTX Twitter:https://twitter.com/NFTX_

=====contents above are drafted by kaw182=====

Discussion link: https://forum.cream.finance/t/proposal-add-nftx-as-collateral-asset/1054