Announcing the NFTP Index

Introduction

An NFT index has been high on the wishlist of our community since the very inception of Indexed. While some users requested an index of NFT platforms’ governance or utility tokens, others requested an index of actual NFT art.

The Sigma committee — represented by a multisig of 5 members of the NDX community — was appointed for precisely this reason: to respond to these requests and bring new, experimental indices desired by our community to life quickly.

$NFTP is an index of NFT platform tokens, tracking the entire NFT market sector in a very broad fashion: from art platforms to the Metaverse, music-streaming services to community and fan tokens.

We hope that $NFTP will be the perfect instrument for users seeking to capture some of the creativity unleashed by the Web3 revolution without having to personally hunt for NFT gems all day long.

To start with, $NFTP will contain:

  • Enjin, 23.98% ($ENJ)
  • Decentraland, 17.74% ($MANA)
  • Sand, 10.36% ($SAND)
  • SuperFarm, 8.87% ($SUPER)
  • Audius, 8.83% ($AUDIO)
  • Axie Infinity, 7.64% ($AXS)
  • Ethernity, 6.77% ($ERN)
  • Gala, 6.81% ($GALA)
  • Rarible, 4.77% ($RARI)
  • NFTX, 4.67% ($NFTX)

Liquidity Mining

Liquidity mining for $NFTP will be enabled seven days post-launch: this is due to introducing a timelock on the Sigma NDX wallet (for context, see this Twitter thread). After this time has elapsed, we will introduce a three-month NFTP/ETH Uniswap LP reward pool, with amounts to be determined by the Sigma committee.

However! If you’re one of the first hundred people to provide US$5,000 worth of liquidity (and keep it there!)… we’ll be sending you a little something that you might want to hold on to…

How To Buy NFTP

To buy the NFTP index — as with all indexed.finance indices — you have two options.

1) Buy NFTP (good for small purchases, i.e. <US$10,000).

The easiest option is to simply buy NFTP on Uniswap or on Indexed Finance (our UI also uses Uniswap).

Note that in the first hours after launch, liquidity in the $NFTP pool will be quite low, potentially throwing the price of the token quite wildly off course until it’s arbitraged back to a sensible level — in which case we don’t recommend buying large amounts (>US$10,000) because you’ll end up eating high slippage costs.

As the liquidity on Uniswap pool grows you’ll be able to buy larger amounts without moving the price.

2) Mint $NFTP (good for large purchases > $10,000)

When you go to indexed.finance and click on the NFTP pool (see image below) and click on “Mint”, you can directly mint NFTP by either contributing the 10 individual NFTP component tokens in the weights suggested by the UI… or by clicking “Mint with Uniswap”, which allows you to pay using just ETH and our Uniswap router buys the 10 tokens on Uniswap and deposits them into the NFTP pool for you. Note that this latter option can be quite gas intensive, and should only be considered for buys greater than US$10,000.

An Aside: The Other Other NFT Index

We’re aware that some of you were expecting this index to be our collaboration with NFTX composed of actual NFT assets themselves ($PUNK, $MASK, $AXIE et al).

This is still in the pipes! We’re waiting on NFTX to arrange some liquidity on Uniswap for their floor funds before we release this, but trust us, we haven’t forgotten!

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From all of us at Indexed Finance, we hope you find NFTP useful. Now, start collecting…

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