CIP: 30
title: Creating a NFTX Vault
author: Benbilmem
status: Phase-1
created: 2022-01-03
Hello,
Hereby I am proposing to create a NFTX (https://nftx.io/) vault for CityDAO citizenship NFTs. My arguments are,
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OpenSea floor price is not really a floor price but the lowest price someone is willing to sell for. NFTX is the real floor price for an NFT, because you can immediately sell without the need of a buyer.
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Unlike Opensea, NFTX is a decentralized exchange and it has a DAO. It is better aligned with what CityDAO wants to achieve.
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Right now around 1K NFTs are stored in the treasury. NFTX is distributing commissions to the liquidity providers. So our treasury and the holders can have a passive income from SushiSwap pool.
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Only disadvantage, NFTX contract is complex so it is consuming more gas than Opensea. For higher floor prices like 3-4 ETH this should not be a big issue.
Any comments and critics will be appreciated
Thanks