RWAX is HERE!
Today we are proud to announce the release of RWAX, the first open tokenization protocol for NFTs on WAX!
RWAX allows owners of NFT collections to create tokens based on schemas in their collection. For instance, if you have a collection with a schema of 100,000 NFTs and you wish to release a token with the supply of 1,000,000,000, you can now link your NFTs to your token with the help of the RWAX protocol. In this example, each NFT would be valued at 10.000 tokens.
But that’s not all. You may want to consider the traits of your NFTs to reflect their accurate value on the market. Let’s say your schema includes the rarity trait and common NFTs are available for 10 WAX on the market, while epic NFTs are available for 50 WAX: Simply provide a factor of 5x for the “epic” rarity and a factor of 1x to the “common” rarity and so on. When you create your tokens you can set this up for any trait in your schema. A market preview helps you to scale these factors based on real market conditions.
Once your token is created, people can now exchange their NFTs for your token. Once tokenized, the NFT is available for redemption. It will require the exact number of tokens that were issued for the NFT in the first place. So either the user exchanges their tokens back for the NFT, they transfer or sell the tokens to another user and that user redeems the NFT or a third user tokenizes their NFTs and claims the available NFTs in the contract.
RWAX is meant to increase liquidity for the NFT market. If a creator creates a token for their collection and tokenizes the first batch of NFTs, they will receive the initial tokens from the contract. The rest of the tokens remain locked in the contract alongside the now tokenized NFTs. To provide liquidity for their collection, it is recommended that a creator provides liquidity for their token on exchanges like Alcor or Taco. This will allow users to always exchange their NFTs for tokens and trade them. It creates an arbitrage opportunity for NFTs. It also enables users to own a share of an NFT and hold the token in anticipation of a price increase of the NFT.
Collections will have to pay an initial fee to create their token, but they earn 80% of all exchange fees when users redeem or tokenize NFTs.
Check out RWAX now: https://r-wax.io/
Check out the tutorial on how to use RWAX here: https://hivebp.medium.com/how-to-use-rwax-517b215a0021
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