nftperp: Highlights From The Latest AMA Session
On May 24th, 2024 Incrypted held an AMA session with representatives of nftperp: Head of Development Ryan Clark (Helmass) and Chief Operating Officer Ali. The discussion covered the characteristics of leveraged NFT trading, the advantages of the Mafia Nuts NFT collection for users and the future development of the platform.
What Is nftperp?
Nftperp is an open-source, decentralized exchange (DEX) platform that enables the trading of perpetual non-fungible tokens (NFTs) with leverage up to x5. Additionally, it supports five trading pairs on the Blast network, as well as Ordinals.
The team launched the platform in 2021. Ali says that during the peak of the bull market, NFT trading tools were limited. They were just standard marketplace features. As a result, the team created nftperp. It aims to provide a better and more flexible trading experience for NFT owners and traders.
The COO noted that DEX operates on the same basic principle as most other decentralized exchanges. The trading fees on nftperp are used to remunerate liquidity providers and creators.
Incrypted interviewed Joseph Liu, the founder of nftperp, before. The text version of the interview is already available on the website:
Denis SolomyanyukSelection Criteria And NFT Pricing
Ali’s Chief Operating Officer insists that the platform significantly expands the opportunities for trading NFTs. The platform lets you take short positions and offer open-ended contracts for this asset class.
The project representatives said this type of futures is more popular in the crypto market than derivatives with a specific maturity date.
Ali explained that nftperp uses a method that looks at trading volumes and NFT offerings on different marketplaces to calculate a weighted average price for the asset:
“It is our policy to eliminate all attempts to manipulate the NFT price on centralized platforms and to perform a weighted calculation on the last pair of trades. Additionally, we calculate the average bid and ask — that is, buyer and seller prices —using data from multiple internal and external platforms to ensure that the data is up to date.”
When selecting NFT collections, the team considers many factors, including:
- trading volume;
- market capitalization;
- user base;
- number of unique owners;
- liquidity, and other relevant criteria.
Furthermore, the nftperp officials have indicated that they engage in regular communication with communities and NFT holders. In their estimation, such an initiative facilitates the selection of an optimal collection.
Launching Nftperp v2: What’s New?
In March 2023, the team commenced work on nftperp v2. The release of the new platform version marks a big milestone in the project’s progress. The developers added an automated market maker (AMM) and a decentralized limit order book.
Furthermore, the team has implemented a matching mechanism in nftperp v2, which provides optimal order execution and improved price discovery for traders. Also, the new version improved the oracle system and introduced Concentrated Liquidity AMM (CLAMM).
“Our partner, Chaos Labs, provided significant support to maintain the economic stability of the protocol,” project officials said.
Soon, the team plans to support over five new NFT collections and introduce several initiatives to improve liquidity.
Benefits of the nftperp Hybrid Model
During the AMA session, representatives of nftperp underscored that the platform employs a hybrid model that integrates AMM features with a decentralized limit order book (DLOB) on the blockchain.
This approach ensures the maintenance of constant liquidity and a minimal impact on prices. It efficiently determines and executes quotes and orders on a distributed ledger.
Additionally, nftperp offers traders many trading tools, such as stop loss and take profit options. The recent user interface improvements have made the NFT trading process smoother and easier to use.
Blast Gold Insurance Fund and Distribution
In the event of a default, the nftperp insurance fund is required to be in place. The fund is replenished on a regular basis through the platform’s trading commissions.
Ali asserts that this product exhibits a high rate of return. There are two insurance funds available. One is in Wrapped Ethereum (WETH) for trading NFTs for Ethereum. The other is in Wrapped Bitcoin (WBTC) for trading Ordinals.
The project representatives said that all users who use the AMM or place limit orders will get Blast Gold points. Furthermore, participants may claim extra bonuses for opening trades with Ordinals. For further details on the reward distribution, please refer to the provided link.
Also, Incrypted offers a separate guide for using the platform. We suggest reading it:
Denis SolomyanyukPrivileges for NFT Mafia Nuts Holders
The Mafia Nuts is the name of the NFT collection comprising 1,275 tokens on the platform. Owners of these NFTs get a 10% boost in rewards with a VNFTP token voucher when trading on nftperp. After the TGE, the Mafia Nuts can be exchanged for NFTP tokens at a 1:1 ratio.
Also, owning $VNFTP gives access to specific roles in the Discord platform. This encourages community engagement.
The team frequently provides complimentary entries to holders of The Mafia Nuts. According to nftperp representatives, they will soon expand the list of incentives for holders of such NFTs.
List of winners:
| Place | Winner | Prize |
| 1 | @Ortodont777 | Mafia Nut NFT |
| 2 | @andrei_domain | 3000 vNFTP |
| 3 | @yasinskix1 | 1000 vNFTP |
| 4 | @hunterofsky | 750 vNFTP |
| 5 | @Sexybambooe | 700 vNFTP |
| 6 | @Jasekeee | 650 vNFTP |
| 7 | @danok05 | 600 vNFTP |
| 8 | @Varenyk_u_Smetani | 550 vNFTP |
| 9 | @LirilKliriL | 500 vNFTP |
| 10 | @fenrir936 | 500 vNFTP |
