Blockchain Apps

Niftex To Add NFT Governance Over Shards

NFTX fractionalized NFT trading platform

The non-fungible token exchange Niftex will launch an improved version of their NFT platform in the coming weeks, which will add governance functions to fractional ownership over NFTs. In addition Niftex will create a new interface, add royalties for NFT artists, supporting more NFT implementations, while also significantly lowering gas costs.

One of the main elements Niftex will be focusing on, is community ownership and governance. Niftex will lay the foundation for management of its fractionalization protocol through a decentralized autonomous organization (DAO). They will also introduce a token. They will distribute that token based on user interactions, like for example creating, trading, and community engagement. First they will have the smart contracts of Niftex v2 audited, which will happen in early February.

Niftex launched in just before the summer of 2020. The platform had initially lots of success as Cryptopunks and Axie Infinity creatures were fractionalized. However, the platform stopped operating soon after it launched. The gas prices on the Ethereum blockchain made it impossible to offer a proper service. However, the rise in gas fees forced the platform to quickly move over to the Matic Network.

How does Niftex work?

Niftex is an exchange platform where users can buy a share of highly valuable digital assets. They decide a price and the number of shards of ownership, after which investors can buy shards. This works because the platform locks the NFT in a smart contract, and the owner can set the amount of fragments that will be available.

Niftex allows fragment owners to propose a buyout. When token holders don’t agree with a proposed bid, they can acquire the bidders token for the proposed value. One of the best trading stories so far, was the way Pranksy traded his zombie punk twice, making him a whole lot of money.

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Robert Hoogendoorn avatar
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he's a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He's a content manager and creator at heart, started the Play to Earn Online Magazine in early 2020.