NFT Decentralized Exchange Collection.xyz Launches on Ethereum

Key Takeaways

A new NFT decentralized exchange, Collection.xyz, is launching on Ethereum.
Contrary to first generation NFT marketplaces, Collection.xyz features an AMM mechanism.
The protocol aims to make the purchase and sale of NFTs more efficient.

Collection.xyz is looking to make NFT trading a smoother experience thanks to its innovative automated market mechanism.

An Essential Building Block

The NFT market is increasingly adopting DeFi components.

A new NFT decentralized exchange, Collection.xyz, is launching today on Ethereum.

Contrary to first generation NFT marketplaces like OpenSea or LooksRare, Collection.xyz sports liquidity pools and automated market maker (AMM) features—just like DeFi protocols such as Uniswap or Curve. Users provide either NFTs or ETH to these pools and receive tokens as rewards. This mechanism allows traders, in turn, to automate the purchase and sale of NFTs in bulk without intermediaries.

Collection.xyz also offers customized trading options, which include the possibility for traders of specifying which NFTs they want to accept (for example, only NFTs with unique traits, or super-rare NFTs, or NFTs trading above floor price). Users can also target specific NFTs ID numbers within the collection.

“We developed Collection.xyz as an essential building block for the NFTFi industry,” stated Collection.xyz co-founder Spencer Yang. By enabling composability between Collection.xyz and other protocols, users can create endless combinations and new transaction possibilities such as collaterizing their liquidity pool position to borrow against, buying NFTs and paying later or depositing their LP tokens in other yield protocols to stack for yield.”

Furthermore, Collection.xyz aims to make “community-driven curation” a priority, meaning that the protocol will seek to involve NFT community members in market-making activities. The decentralized exchange also claims to offer a solution to the NFT royalties debate by linking royalties payout to the liquidity in the creator’s collection’s pools.

Collection.xyz has been audited by ABDK Consulting, which counts Uniswap, GMX, ZKSpace, CitaDAO and Sudoswap as some of its clients.

Disclaimer: At the time of writing, the author of this piece owned BTC, ETH, and several other crypto assets.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source link