NYX App is a defi application that offers helpful NFT tools and minting features to NFT collections in the Avalanche ecosystem.
Nyx app includes the following applications:
- NYX Liquidity Protocol
- NFT Staking
- NFT Mining Platform
Introduction — NYX Protocol
The NYX20 protocol offers NFT liquidity pools to help developers build the next generation of NFT apps. NYX20 is a permissionless p2p protocol to tokenize NFTs and make them tradable on decentralized exchanges such as Traderjoe and Pangolin.
Anyone with an NFT or NFT collection can create a new pool or add his NFT to an existing pool and get ERC20 Token representatives 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!
One of main problem with NFTs is that there is no liquidity and when there is no demand, the floor price can reach very low levels. Due to the lack of liquidity, many projects have come to the point of extinction, and some have even disappeared.
The goal of NYX20 is to provide project owners, collectors, and investors a better way to trade and create a value for NFT tokens (ERC721 and ERC1155) by creating ERC20 representatives of NFT projects using the NYX20 dex.
How It Works
NYX Protocol allows users to receive ERC20 tokens representing NFT projects by depositing their NFTs into pools on the NYX20 dex. When you add your NFT to the NYX20 dex, you will deposit your NFT (e.g. your Smol Joe) into the respective NFT project pool (e.g. the Smol Joe pool), and the NYX Factory will create an ERC20 token representation of that NFT project, giving you 50 of these tokens for each NFT you deposit. If you don’t see an NFT pool yet for your NFT, you can always create a pool by depositing your NFT.
NFT staking provides one such opportunity for NFT users to make an extra passive income without losing the ownership of their NFT collectibles.
Over time, as the NFT market grows developers, investors, and artists look for new use cases for their Nonfungible token collection. One such utility that is capturing the attention of NFT enthusiasts is NFT staking.
Janus Network will invite all NFT projects to its ecosystem with NFT staking. We will provide NFT staking as a service after beta tests.
What is NFT Staking?
It refers to locking your digital assets in a decentralized finance platform. In effect, it fetches rewards to the NFT holders based on three major criteria including Annual percentage yield, staking period, and the number of NFTs kept at stake. This is called the staking reward that you can earn while still being the owner of your digital assets. Earning cryptos by staking NFTs you have at hand.
How to earn passive income from NFT Staking?
You can earn passive income by staking nonfungible tokens on a compatible staking platform. This can be valuable, especially for the long-term NFT holders or HODLers, which is a usual case with NFT collectors. They can lock their NFT collections for earning passive income, instead of holding them in a crypto wallet.
What is NFT Minting Platform?
We provide NFT minting for NFT collections on Nyx app. Benefit is that with this service, the awareness of many NFT projects and Janus Network project has increased. The service is fully managed and provided by the Janus Network team.
How does minting NFT work?
Minting an NFT involves several steps which are:
1.Artwork:Upload the image that you want to symbolize your NFT (e.g. artwork, trading cards)
2.Metadata: Fill in the metadata fields for the NFT (title, description, unique traits)
3.Save: You can still edit your NFT after you save it until you mint it.
4.Mint: At this point, we will create your mint page on NYX App and community will mint it.