Fractionalizing NFTs is fun, but only if you don't have to pay buckets of ETH for transaction fees. That's why we've been working hard to get NIFTEX onto Matic Network, a type of Layer 2 (L2) network for Ethereum, in the past few weeks. This post summarizes all you need to know about the integration.
- Matic transactions are super-fast and cost cents or less
- Add Matic RPC in Metamask
- We airdropped you some Matic for txn fees if you're a registered user
- Wrap your ETH via the Matic Wallet (use PoS NOT Plasma!)
What does this mean for users?
The NIFTEX dashboard will now feature both Mainnet Assets and Matic Assets, indicated with badges:
When creating a new Launch, you will now have a choice between the two networks:
In order to interact with Matic Assets, you will need to add a new network in Metamask (more info). This is a one-time, one-minute thing. Click on the "Main Ethereum Network" dropdown at the top, then "Custom RPC" and then enter ALL the following info:
- RPC URL: https://rpc-mainnet.matic.network
- ChainID: 137
- Symbol: MATIC
- Block Explorer URL: https://explorer.matic.network
There you go! All you need to do now is select this network and you're ready to enjoy fast & cheap transactions on the Matic Network.
Matic transactions require MATIC tokens as fuel instead of ETH. We have airdropped some MATIC to all our current users so you don't have to worry about this immediately.
While transaction fees are paid with MATIC, you probably still want to use Ether to buy Shards upfront or in the secondary market. No problem - just wrap your Ether first. This can be done in the Matic Wallet. Get started in 4 steps:
1. Select "Wallet" at the top after logging in with Metamask.
2. Click "Switch to PoS". Matic has both Plasma and PoS systems, and we use the newer PoS system for WETH.
3. Select "Matic Wallet" to start (un)wrapping your ETH.
4. Select "Deposit" to convert your mainnet ETH to Matic ETH, or "Withdraw" to convert your Matic ETH to mainnet ETH.
Congratulations, you now have WETH (Wrapped Ether)! The NIFTEX dashboard indicates your WETH balance when you are connected to Matic:
How do mainnet NFTs work with Matic?
The tech for mapping of NFTs to other chains is in its very early days so we have chosen a very simple approach. When fractionalizing an NFT, it will be transferred to a public Gnosis multisignature vault with five signatories. An NFT representing the mainnet asset is then minted on Matic. When a user wants to redeem a Matic NFT for its mainnet version, the Matic NFT is burned and 3 out of 5 signatories must sign off on transferring the mainnet NFT to the redeemer.
Of course the signatories are prominent and trusted members of the community. Apart from the NIFTEX wallet, we are graciously joined by:
- Gabby Dizon aka @gabusch, NFT pioneer and game developer.
- Matty aka @dclblogger, well-known NFT blogger and trader.
- Jiho aka @Jihoz_Axie, Axie Infinity's talented Growth Officer
- Peter aka @pet3rpan_, METACARTEL Blood Mage and all-round community boss.
A huge thanks to all for having our back!
As part of the setup we have also deployed our own Uniswap fork on Matic with some slight adjustments. The default currency is now Wrapped Ether. LPs now also earn 0.5% on each trade, and a protocol fee of 0.5% has been enabled to support both NFT artists and NIFTEX. An update on artist royalties is coming soon 👀. We hope the fork holds up well but some tweaks might still be made.