指数基金正在为非自由贸易区带来流动性

Quantstamp Labs
March 24, 2021

If you’ve been keeping up with the news, you’ve probably heard a lot about NFTs lately. After an NBA Top Shot video highlight featuring LeBron James sold for $208k, NFTs—or non-fungible tokens—continued to gain serious momentum and dominate the headlines even among mainstream media outlets. In February, world-renowned DJ 3LAU sold the world’s first tokenized album—33 NFTs—for more than $11M. Shortly after, Beeple's NFT, The First 5000 Days, sold at Christie's for $69.3M.

As unique digital objects, NFTs authenticate the claim of ownership of an asset and allow it to be transferred or sold on the blockchain. However, while NFTs are a hot topic right now, they are non-fungible, which by their very nature means they’re illiquid. Unlike a fungible currency or common stock, NFTs aren’t easily transferable, and their value can be more difficult to determine. 

Enter NFTX, a community-owned protocol for making ERC20 tokens backed by NFT collectibles. With NFTX, users can create funds based on collectibles like CryptoPunks, Axies, Cryptokitties, and more, and trade using a decentralized exchange like Uniswap.

NFTX has seen impressive growth because it’s solving a fundamental pain point: NFTs are illiquid and NFT owners cannot earn an ROI without selling. Tokenizing NFTs as ERC-20s makes them liquid, improves traceability, and increases composability—one of the biggest benefits DeFi offers.

Why Index Funds?

Index Funds are financial instruments that track the value of a group of assets. Why would someone choose to invest in an index fund? For one, they offer diversification for investors wanting to get exposure to a variety of assets. Secondly, investing in an index removes the need to deeply study each of the index’s components individually. While some people might enjoy learning everything they can about an investment, others don’t have the knowledge or desire to research in such great detail. In the traditional finance world, index funds have remained one of the most popular investment vehicles, and we’re seeing these benefits also translate quite similarly into the NFT space.

Index funds can also help to establish price floors among NFTs with similar characteristics, for example, PUNK-FEMALE, one type of CryptoPunk with a common rarity trait. Last week, the Ethereum community discovered Moon Cats, one of the first NFT projects within the space. Cats could be “adopted,” where the only cost incurred to mine it was the ETH transaction fee. While some owners opted to put their cats up for sale on OpenSea, they also had another option: the NFT20 Moon Cats pool. Users could exchange their Moon Cat for 100 $MCAT20 tokens, which set a price floor of around $1700 USD. A week later, the $MCAT20/ETH pool had over $300k in liquidity. In addition, these index funds can even help with price discovery of NFT assets that are not in the basket. 



How It Works

NFTX—along with other similar protocols—offers both single fund and combined fund tokens. With single fund tokens, there is 1:1 backing between a single NFT contract and an ERC-20 contract. For example, while there are multiple pools of CryptoPunks, someone holding $PUNK-BASIC can swap their token 1:1 to receive a different basic Punk. 

Combined funds involve pools that combine multiple funds, providing more diverse exposure with one token. Holding $PUNK gives the person a portfolio that includes exposure to all of the underlying single fund tokens, with the token price being based on the weighted average.


Various pools on NFT20.io.

Why Now?

NFTs have been around for a while, and we’ve seen the launch of various platforms aiming to add more flexibility to the illiquid world of NFTs.  

Avagotchis are an early example of NFTs that can earn yield without selling—these cute, playable avatars can be used for both protocol governance and to play the game. Essentially, they are NFTs staked as ERC-20 tokens powered by Aave, called aTokens. With each Aavegotchi representing a stake on Aave, the characters have real-world value beyond their use in the game, opening up numerous possibilities for Aavegotchi players. 

Fractionalized ownership is another concept that has added more flexibility for NFT holders. Ark Gallery, an Ethereum-based application that launched in October 2020, offers fractionalized ownership of CryptoPunks via a decentralized autonomous organization (DAO). Ark allows users to crowdfund a punk (each person owning a fraction of the token), then collectively vote whether or not to sell if an offer is received. This gives buyers exposure to an asset they may not otherwise be able to purchase; however, fractionalized ownership without liquidity still limits an NFT-holder’s options.

B.20, a tokenized NFT bundle by famed crypto artist Beeple (audited by Quantstamp) is a well-known example where users can take a fractionalized position and then easily trade their B.20 tokens through Uniswap. 

Fractionalized ownership of the B.20 token via Etherscan.io.


The Quest for Liquidity

Liquidity is always a fundamental concern, not only within DeFi but financial markets in general. With DeFi being such a nascent space, liquidity is even more crucial. For DeFi to mature, investors need to be able to easily move in or out of a market or trade positions. Liquidity pools—which have long existed within the traditional finance world—have been instrumental in DeFi. Pooled liquidity allows us to launch new financial models and protocols successfully, even with relatively low users and volume. With decentralized exchanges such as Uniswap, users can trade against a collective pool, and liquidity providers can capture transaction fees and other incentives. Overall, deeper liquidity means less volatility and risk for investors.

Axie Infinity is an example where increased liquidity can add serious value. The Pokémon-inspired game built on the Ethereum blockchain lets users trade NFTs and exchange in-game items. Axie Infinity is creating a novel virtual economy within its game—through a decentralized marketplace, users can swap, trade, and sell Axies, land, items, and bundles. Tokenizing assets on the blockchain was a game changer in terms of ownership rights, but like most other NFTs, Axies remained relatively illiquid assets. Selling an Axie needed a willing buyer, and with Axies ranging in terms of value and rarity, this could sometimes be difficult. Now, using NFTX, users can add their Axie to one of the Axie pools and get liquid tokens in return. 

In 2020 alone, NFT transactions grew from $62 million to more than $250 million, and this growth has only sped up in the first quarter of 2021. While NFTs have taken the art space by storm, they are starting to gain serious traction in gaming. Untapping liquidity for NFT gamers could be instrumental in driving even further growth.


What’s Next? 

Bringing liquidity to the NFT space unlocks a myriad of possibilities. With Set Protocol or NFT20, users can create a tokenized basket of NFT-based ERC-20s. With more custom index funds being created, we may see a rise in interest-focused NFT indexes such as ones representing sports or music communities. 

While NFTs have taken off within the art space, gaming is another sector with massive untapped potential. PieDAO and NFTX recently announced they had teamed up to extend $PLAY, one of the most comprehensive NFT/Gaming index funds in the market. The fund gives investors exposure to more than 12 tokens including $AXS, $MANA, $MASK and $SOCKS. In the future, perhaps we will see new use cases for NFTs and NFT index funds within unexpected sectors like medicine, fashion, or agriculture.

Already, we’ve started to see Initial NFT offerings, or INOs. This could create new pathways for emerging artists to fundraise or a way for new projects to bootstrap their launch. 

This past month, Rari Capital announced the launch of their new product, Fuse. The idea behind Fuse is superfluid collateral—anything that has value can be borrowed against. With Fuse, users can create pools of assets that are their own distinct money markets. Protocols like this could unlock very interesting possibilities in the future if NFTs have the same utility as any other asset.

With Beeple’s $69M sale at the world’s top auction house, singers like Steve Aoki and Kings of Leon releasing music as NFTs, and Taco Bell selling taco-themed gifs on Rarible, NFTs have clearly hit mainstream already. Now, NFT indexes are unlocking liquidity, accessibility, and sustainable options for NFT owners. While NFTs have clearly captured people’s attention at an emotional level, this newfound liquidity gives them more objective utility. As more use cases are discovered, it will be very exciting to watch this space unfold.


Quantstamp secures the assets in your digital nation. Learn about some notable NFT projects we’ve helped secure and join our mailing list to keep up with the latest news, trends and developments in the NFT space.


Quantstamp 实验室
2021年3月24日

如果你一直在关注新闻,你可能最近听到了很多关于NFTs的消息。在一个以勒布朗-詹姆斯为主角的NBA Top Shot视频亮点以20.8万美元的价格售出后,NFTs--或者说非代币--继续获得了严重的势头,甚至在主流媒体中也占据了头条。今年2月,世界著名DJ 3LAU以超过1100万美元的价格售出了世界上第一张代币化的专辑--33张NFT。不久之后,哔哩哔哩的NFT《前5000天》在佳士得拍卖会上以6930万美元成交。

作为独特的数字对象,NFTs认证了资产的所有权主张,并允许其在区块链上进行转让或出售。然而,虽然NFTs现在是一个热门话题,但它们是不可互换的,从本质上讲,这意味着它们缺乏流动性。与可互换的货币或普通股不同,NFTs不容易转让,其价值可能更难确定。 

进入NFTX,这是一个社区拥有的协议,用于制作由NFT收藏品支持的ERC20代币。通过NFTX,用户可以基于CryptoPunks、Axies、Cryptokitties等收藏品创建基金,并使用Uniswap等去中心化交易所进行交易。

NFTX的增长令人印象深刻,因为它解决了一个基本的痛点。NFT 缺乏流动性,NFT 拥有者不出售就无法赚取投资回报率。将 NFT 代币化为 ERC-20,使其具有流动性,提高了可追溯性,并增加了复合性--这是 DeFi 提供的最大优势。

为什么是指数基金?

指数基金是跟踪一组资产价值的金融工具。为什么有人会选择投资指数基金?首先,它们为希望接触各种资产的投资者提供了多样化的投资机会。其次,投资于指数,就不需要单独深入研究指数的每个组成部分。虽然有些人可能喜欢了解关于一项投资的一切,但其他人没有知识或欲望去如此详细地研究。在传统金融领域,指数基金仍然是最受欢迎的投资工具之一,我们看到这些好处也相当类似地转化到了NFT领域。

指数基金也可以帮助在具有相似特征的NFT之间建立价格底线,例如PUNK-FEMALE,一种具有共同稀有性特征的CryptoPunk。上周,Ethereum社区发现了Moon Cats,这是该领域内首批NFT项目之一。猫咪可以被"领养",在这里挖矿所产生的唯一成本就是ETH交易费。虽然一些主人选择将他们的猫咪放在OpenSea上出售,但他们也有另一种选择:NFT20月猫池。用户可以用他们的月猫换取100个$MCAT20的代币,价格底线设定为1700美元左右。一周后,$MCAT20/ETH池的流动性超过30万美元。此外,这些指数基金甚至可以帮助发现不在篮子里的NFT资产的价格。 



它是如何工作的

NFTX--与其他类似的协议一样,同时提供单基金和组合基金代币。对于单基金代币,单个NFT合约和ERC-20合约之间有1:1的支持。例如,虽然有多个CryptoPunks池,但持有$PUNK-BASIC的人可以1:1交换他们的代币,以获得不同的基本Punk。 

组合基金涉及将多个基金组合起来的池子,用一个代币提供更多样化的风险敞口。持有$PUNK的人可以获得一个投资组合,其中包括对所有相关单一基金代币的风险敞口,代币价格基于加权平均。


NFT20.io上的各种池。

为什么是现在?

NFTs已经存在了一段时间,我们已经看到各种平台的推出,旨在为非流动性的NFTs世界增加更多的灵活性。  

Avagotchis是NFT的早期例子,它可以在不出售的情况下赚取收益率--这些可爱的、可玩的头像既可以用于协议治理,也可以用于玩游戏。本质上,它们是以Aave驱动的ERC-20代币为载体的NFT,称为aTokens。每一个Aavegotchi都代表了Aave的一个股权,这些角色除了在游戏中使用外,还具有现实世界的价值,为Aavegotchi玩家提供了无数的可能性。

零碎化所有权是另一个概念,为NFT持有者增加了更多的灵活性。Ark Gallery是一个基于Ethereum的应用程序,于2020年10月推出,通过一个去中心化的自治组织(DAO)提供CryptoPunks的零碎所有权。方舟允许用户众筹一个朋克(每个人拥有一小部分代币),然后在收到报价的情况下集体投票是否出售。这让买家有机会接触到他们可能无法购买的资产;然而,没有流动性的零碎所有权仍然限制了NFT持有者的选择。

B.20是著名加密艺术家Beeple的代币化NFT捆绑产品(经审核:Quantstamp ),是一个众所周知的例子,用户可以通过Uniswap进行零碎仓位,然后轻松交易B.20代币。

通过Etherscan.io实现B.20令牌的零碎所有权。


追求流动性

流动性始终是一个根本性的问题,不仅是在DeFi内,而且是整个金融市场。由于DeFi是一个新兴的领域,流动性就显得更为关键。DeFi要想成熟,投资者需要能够轻松地进出市场或交易头寸。流动性池--在传统金融领域早已存在--对DeFi起到了重要作用。集合流动性使我们能够成功推出新的金融模式和协议,即使用户和交易量相对较低。通过Uniswap这样的去中心化交易所,用户可以针对一个集体池进行交易,而流动性提供者可以获取交易费用和其他激励措施。总的来说,更深的流动性意味着投资者的波动性和风险更小。

Axie Infinity是一个增加流动性可以增加严重价值的例子。这款建立在Ethereum区块链上的神奇宝贝启发的游戏让用户可以交易NFTs和交换游戏中的物品。Axie Infinity在其游戏中创造了一个新颖的虚拟经济--通过一个去中心化的市场,用户可以交换、交易和出售Axies、土地、物品和捆绑。在区块链上将资产代币化是所有权权利方面的游戏变革,但与大多数其他NFT一样,Axies仍然是流动性相对较差的资产。出售一个Axie需要一个愿意的买家,而Axies的价值和稀有度各不相同,这有时会很困难。现在,使用NFTX,用户可以将他们的Axie添加到Axie池之一,并获得流动性代币作为回报。 

仅在2020年,NFT交易额就从6200万美元增长到超过2.5亿美元,而且这种增长在2021年第一季度才加快。虽然NFT在艺术领域风靡一时,但它们在游戏领域开始获得严重的吸引力。为NFT游戏玩家挖掘流动性可能有助于推动进一步的增长。


下一步是什么? 

将流动性引入NFT领域,开启了无数的可能性。通过Set ProtocolNFT20,用户可以创建一个基于NFT的ERC-20的代币化篮子。随着更多的定制指数基金被创建,我们可能会看到以兴趣为重点的NFT指数的上升,例如代表体育或音乐社区的指数。

虽然NFTs已经在艺术领域内起飞,但游戏是另一个具有巨大未开发潜力的行业。PieDAO和NFTX最近宣布他们已经合作扩展了$PLAY,这是市场上最全面的NFT/游戏指数基金之一。该基金为投资者提供了超过12个代币的投资机会,包括$AXS、$MANA、$MASK和$SOCKS。未来,也许我们会在医药、时尚或农业等意想不到的行业内看到NFT和NFT指数基金的新用例。

我们已经开始看到初始NFT发行,或INO。这可以为新兴艺术家创造新的筹资途径,或者为新项目的启动提供引导。 

上个月,瑞瑞资本宣布推出他们的新产品Fuse。Fuse背后的理念是超流体抵押品--任何有价值的东西都可以借贷。通过Fuse,用户可以创建资产池,这些资产池是自己独特的货币市场。如果NFTs具有与其他资产相同的效用,这样的协议在未来可能会解锁非常有趣的可能性。

随着Beeple在世界顶级拍卖行以6900万美元的价格出售,Steve Aoki和Kings of Leon等歌手以NFTs的形式发布音乐,以及Taco Bell在Rarible上出售塔克主题gif,NFTs显然已经成为主流。现在,NFT指数正在为NFT所有者释放流动性、可获得性和可持续选择。虽然NFT显然已经在情感层面上吸引了人们的注意力,但这种新发现的流动性赋予了它们更多的客观效用。随着更多的用例被发现,观察这一领域的发展将是非常令人兴奋的。


Quantstamp 确保您的数字国家的资产安全。了解我们帮助保护的一些著名的NFT项目,并加入我们的邮件列表,以了解NFT领域的最新新闻、趋势和发展。


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