NFTX

NFTX is a community-owned protocol and [platform](https://blog.nftx.org/litepaper-and-introduction/) for creating non-fungible token ([NFT](https://coinmarketcap.com/alexandria/glossary/non-fungible-token))-backed [ERC-20](https://coinmarketcap.com/alexandria/glossary/erc-20) [tokens](https://coinmarketcap.com/alexandria/glossary/token). Notably, NFTX powers the creation and trading of funds, tracking sought-after NFT collectibles such as CryptoKitties, CypherPunks and others. NFTX was launched in early January 2021 to provide an essential new service to the booming NFT sector through indexing of projects. Although these tokens represent index funds, they’re composable and fungible, which means they are interchangeable for other tokens, which distinguishes them from standard NFT protocols. These “funds” are actively traded on [decentralized exchanges](https://coinmarketcap.com/alexandria/glossary/decentralized-exchange-dex) (DEXs) such as [Sushiswap](https://www.coinlive.com/coin/sushiswap) and [Uniswap](https://www.coinlive.com/coin/uniswap). The platform’s unique value [proposition](https://dappradar.com/blog/nftx-the-first-nft-index-fund-has-arrived) is to bring NFTs to light to high-level individuals trading funds based on leading non-fungible tokens like [PUNK](https://www.coinlive.com/coin/punk) and [AXIE](https://www.coinlive.com/coin/axie-infinity) on Uniswap and other DEXs.