Your First Perpetual NFT Exchange, Fixel

Your First Perpetual NFT Exchange, Fixel

Trade BAYC collections with up to 20x leverage

Carousel Gallery Item: 1

Last updated: 11 August 2022 10:00 AM

Updated description

The problem Your First Perpetual NFT Exchange, Fixel solves

Can you invest in BAYC?

For some, the answer is No.

Let’s say you think the price of BAYC will double tomorrow. How can you invest in it? If there’s no sales, you can’t. Plus, you have to pay at least $160,000(80ETH) for a floor price of BAYC.

Even if you bought 1 BAYC at 100ETH, you have to sell your BAYC at over 105.263ETH to break even because you paid a total 5% fee, 2.5% fees each to OpenSea and the creator. Don’t forget, this is just a break even point.

If you trade on Fixel, you can long/short a BAYC at 0.1% fee, a 50x lower fee than OpenSea.

Are there any alternatives ways to invest in BAYC?

The answer is Yes.

NFT’s non-fungibility and indivisibility makes NFT exchanges difficult and illiquid. It clearly shows a limit for NFTs’ spot market to propel. However, for investors searching for capital gains, they can invest via perpetual NFT. This perpetual NFT functions similar to Vanguard Real Estate ETF which is pegged to the weighted average value of real estates in the United States.

** Fixel, Your first Perpetual NFT Exchange. 1) Invest on the Top NFT Collections, 2) customize your own leverage ratio and 3) invest with 0.1% fee. **

Challenges we ran into

For a great trading experience, deep liquidity is essential. This was a big challenge for our team to solve. Even tokenized NFT suffers liquidity problem, and no markets are providing deep enough liquidity these days. We solved this problem in Synthetic's way. Index price of each position follows an oracle price feed that the protocol provides. And one big liquidity pool which has a structure of PvP AMM, deals with trader’s pnl and receives fee generated as reward. This way, we succeeded in providing unlimited liquidity to all trades.

It was really hard to provide “decentralized data feed”, and we still have a long way to go. Since NFT price that we use to estimate position’s value is not supported from oracle like Chainlink, we had to provide the price of underlying asset to our own oracle, which is not fully decentralized. This allows us to manipulate the market price easily. Even if we do not, system embeds single point of failure. We are going to cooperate with Space and Time(web3 data warehouse) and Chainlink(oracle) at the next step, so that we can both manage date source and provide data in a decentralized way.

Discussion