We are happy to announce that our community member NFTMerchant just created the $MEME NFT20 Pool!
$MEME Users can now deposit their NFTs and get $MEME20 Tokens (the ERC20 derivative of MEME NFTs), they can use $MEME20 to trade on AMMs such as Uniswap, buy rare MEMEs, or buy commons from the NFTs available in the NFT20 pool.
If $10k liquidity is bootstrapped by the MEME Community for the MEME20-ETH on Uniswap, we will start offering $MUSE (our token) as farming rewards. $MUSE holders get distributed fees generated by the DEX.
What is NFT20?
NFT20 is a permissionless NFT DEX with the objective of bringing liquidity to NFT projects and finding the right price for users, collectors and funds for investing into NFTs.
How does the $MEME20 pool work?
You can deposit any MEME NFTs into the pool and get 95 $MEME20 back, you can use MEME20 to add liquidity on Uniswap and trade MEME20-ETH.
You can deposit 100 $MEME20 back into the pool at any time and choose which MEME NFT to redeem. The 100 $MEME20 you deposit gets burned.
How to Sell a Legendary MEME
It is advised to lock common NFTs into the general pool as you’ll get the same 95 $MEME20 tokens for all NFTs, no distinction.
If you have a legendary NFT, you can create a dutch auction within the asset page and set your own price in $MEME20.
How to Buy Back an NFT from the Pool
To get back an NFT from the pool you can either swap your MEME NFT directly to another NFT available on the pool, or buy 100 $MEME20 on Uniswap and buy an NFT from the pool.
Arbitrage with Uniswap and Opensea
Based on our past pools, there is a lot of arbitrage that can be had once liquidity is added to $MEME20-ETH.
The goal of the NFT20 pools is to create a price floor for common NFTs and make them liquid on Uniswap.
Think creatively and you might find some nice arbitrage opportunities.
Are there any fees involved?
When you tokenize an NFT the pool contract mints 100 tokens, 95 go to you and 5 go to our factory to be distributed to $MUSE holders.
There are no fees for swapping, or getting back a MEME NFT from the pool.
Disclaimer: NFT20 is a permission-less protocol for creating liquidity to NFTs, we are not related in anyway with the MEME team, our community member NFT Merchant created the pool as he is a MEME fan.