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Sunday, January 23, 2022

Introducing The Euler Beats NFPool

This post was originally published on Nifty NFT

Very Nifty

Feb 27 · 2 min read

We are happy to announce that our community just created the Euler Beats NFT20 Pool!

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NFT20 Japanese inspired logo by KVN

Euler Beats Print Holders can now deposit their NFTs and get EB20 Tokens (the ERC20 derivative of Euler Beats Prints NFTs), they can use EB20 to trade on AMMs such as Uniswap, buy rare Euler Beats, or swap from the NFTs available in the NFT20 pool.

If $20k liquidity is bootstrapped by the Euler Beat Community for the EB20-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 Euler Beats pool work?

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You can deposit any Euler Beats NFTs into the pool and get 100 EB20 back, you can use EB20 to add liquidity on Uniswap and trade EB20-ETH.

You can deposit 100 EB20 back into the pool at any time and choose which Print to redeem. The 100 EB20 you deposit gets burned.

How to Sell a higher value Print

It is advised to lock more avg priced prints NFTs into the general pool as you’ll get the same 100 EB20 tokens for all NFTs, no distinction.

If you have a supre rare print, you can create a dutch auction within the asset page and set your own price in EB20 tokens..

How to Buy Back an NFT from the Pool

To get back an NFT from the pool you can either swap your Euler Beat NFT directly to another NFT available on the pool, or buy 100 EB20 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 EB20-ETH.

The goal of the NFT20 pools is to create a price floor Prints NFTs and make them liquid on Uniswap as well as swappable between fans of the prints.

Think creatively and you might find some nice arbitrage opportunities.

Are there any fees involved?

There are no fees for swapping, depositing or getting back a Euler Beat NFT from the pool besides regular gas costs.

Disclaimer: NFT20 is a permission-less protocol for creating liquidity to NFTs, we are not related in anyway with the Euler Beats team.

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