NFT
NFT protocol Collection has launched NFT DEX protocol, which allows users to create liquidity pool for NFTs that target certain criteria.
To make it easier to sell and buy NFTs faster, users can define price parameters and limit pools to specific collections, traits and social curated lists.
“The protocol uses Merkle proofs to specify and target specific NFTs by token IDs, allowing users to target individual tokens, user-defined groups, or the whole collection, according to NFT infrastructure startup Gomu, the open-source project’s core contributor. These NFTs may be group according to the user’s preferences, such as traits or rarity.
Does that sound confusing? It might sound confusing. Instead of bidding on other marketplaces you could create a liquidity pool, and deposit ETH into that pool. If someone wants to sell a solid golden fur Ape, they could deposit it into the pool to receive immediate payment.
You could also sell your NFT by finding a pool that matches your criteria and selling it as soon as you have enough ETH.
Rollout of the Testnet
Collection will launch on Ethereum’s Goerli testnet today before rolling out on the Ethereum mainnet later on in Q1 2023.
“The difference between the NFT DEXs versus the traditional marketplaces like OpenSea is that you can automatically buy and sell,” said Spencer Yang, core contributor for Collection.xyz & CEO of Gomu. “We believe that NFT DEX infrastructure is essential for the growth of the NFT industry in all market conditions.”
Gomu is based in Singapore and launched in the first quarter of last year. In October, it raised $5 million from investors like Saison Capital, Defiance Capital, Coinbase Ventures and Saison Capital. It announced Mutant Hideout in November as a NFT marketplace and community hub to members who hold Mutant Ape Yacht Club NFTs.