Updated: Sep 28, 2021
What is NFT20?
NFT20 is a liquidity protocol that allows users to trade, swap, and sell NFTs. The protocol offers liquidity pools that developers can leverage to create a new generation of NFT apps.
How does it work?
First, choose whether you want to deposit ETH or an NFT.
Then you will have the following options:
Swap ETH for NFT
Swap NFT for ETH
Swap NFT for another NFT of the same kind (ex: Deposit 1 BAYC, Receive 1 BAYC)
The NFT20 interface is very simple to use. It works similar to Uniswap, Pancakeswap, or any other decentralized exchange you're familiar with. The display below is an example of what shows up when swapping an NFT for ETH. You will need Metamask installed to swap the assets.
So, what's the benefit? NFT20 allows you to sell NFTs for ETH whenever you want. You don't need to wait for someone to buy your NFT, the protocol will buy it from you.
What apps can be built using NFT20?
Like I mentioned earlier, the NFT20 protocol can be used by developers. It's pool of NFTs can be leveraged to create a variety of new NFT-based applications. Potential ideas include crowdsales, adding liquidity to NFT collections, auctioning rare pieces, plugging into lending/borrowing DeFi protocols, and much more.
Farming is available on the NFT20 platform by staking the $MUSE token. 500 MUSE are distributed per day between 8 different vaults. The MUSE + ETH farm distributes 250 MUSE per day and the other 250 MUSE are allocated between the remaining pools. To view the active pools click here.