ProjectX solves the problems associated with the lack of transparency and complications in the NFT market by making NFT investments liquid, accessible, and secure through its unique and dynamic NFT-pegged ETFs. Additionally, it makes NFT collecting more lucrative and beneficial for all by offering an array of liquidity mining & rewards farming programs. Due to the NFT/ DeFi nature of the project, ProjectX in particular addresses the market of cryptocurrency trading and yield-based investments (specifically to the DeFi and NFT market).
The current NFT market lacks transparency and is unnecessarily complicated. Without proper guidance, buyers are more likely to lose on their investment than make a profit. This issue blocks millions of potential NFT Investors from properly participating in the market. This also derives from the high gas fees and slow transaction confirmations on Ethereum, which brings about a scalability problem. To solve the problem and scale at better speed, ProjectX will utilize Polygon’s full-stack scaling solution for pools of NFTs, the NFT redemption mechanism, and for all of the rewards systems the platform has.
By further developing the use of indexes and ETFs, it aims to create different themed pools of NFTs - which include Music, Digital Art, Sports Cards, and KOL issued NFTs within its unique platform. This development will assist both Institutional and Public adoption - driven by hundreds of large-scale and Tier-1 entertainment corporations .
ProjectX has several main product lines:
The first product line for ProjectX is being a launchpad for NFT issuers. Celebrities, KOLs, or other recognizable people can set up pools of NFTs and raise funds for it by doing a public sale (IDO style).
Additionally, the platform is one which provides instant liquidity to NFT owners (they put NFTs in the pool and get ERC-20 tradable tokens that are pegged to this pool). Therefore, all of the NFT owners can get instant liquidity easily.
Finally, ProjectX works to provide the most secure and simplified way to gain exposure to the NFT market with the use of pools and Indexes.
Solutions to current Market Issues:
For NFT Owners: Add your NFTs to the pools and get fungible 1:1 backed ERC-20 tokens, which will be tradable on our partnering exchanges. This feature brings instant liquidity to the NFT collectors/owners and lets them convert their NFTs into any other digital asset almost instantly. NFT owners can add any NFT they hold with no limit. Only those that meet the benchmark will be accepted to the pool. After submitting their NFTs, users will receive a XIL token as a reward for that. XIL token might be staked, sold, or swapped.
For Investors: Buy ETFs (index funds) pegged to specific pools of NFTs selected by top experts - a.k.a curators, overall community, and the company itself.
For Creators: Create NFTs with the ability to sell on all leading Marketplaces. All NFT creators will have access to buyers from the TOP NFT marketplaces, with just one click due to the simultaneous aggregating of liquidity from them and providing of maximized demand to the creators. All NFT creators will earn rewards (XIL Token) for minting NFTs and providing those NFTs to the liquidity pools.
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