Introduction

To be honest, it's not easy to explain how exactly NFTX works. There is a short introduction here on another dashboard that I provided. td;lr of that introduction is that NFTX provides liquidity for NFT collections. you can instantly sell your NFT on floor price or buy a random or specific NFT for floor price.

But there is more to this actually. the tricky part is initiating and providing liquidity for NFT collections. There are two types of Providing liquidity or staking in NFTX: Inventory Staking and Liquidity Staking. I will try to explain how each one works short and simple.

Inventory Staking

In this case, you only stake your NFT to its pool (along with other NFTs from same collection) and will receive xNFT token in exchange; Like staking a BAYC and receiving a xBAYC token. You are entering a position which can earn you yield from transactions on that pool and you have two choices to exit this position:

1. Exchanging your xToken for a vToken which can be swapped to ETH in SushiSwap
2. using your xToken to pick a random or specific NFT from that pool regardless of floor price

Liquidity Staking

In this model, you stake your NFT + Some ETH and receive xNFTWETH token in exchange; Like staking a BAYC + 1 ETH and receiving xBAYCWETH. For exiting this position you also get 2 choice:

1. Receiving SLP SushiSwap LP Which can be traded for ETH
2. vToken (entitled to a random NFT) + ETH

You shoud note that the amount you receive both in ETH and NFT is Subjected to Market behavior and performance of that particular vault

Methodology

In this Analysis we are going to see how each pool perform in different terms. In other words we are using pools or vaults as a proxy to see user activity in NFTX. We do this by finding top Pools in staking and unstaking amounts both in inventory and liquidity staking method. Also number of unique participants and number of deposit and withdraw interactions are important and will be rendered for the past 60 days.

Data & Analysis

Since there are two types of staking it is better to separate them in our analysis too. I will start with Inventory Staking and Top 5 pools with the most amount of staked NFTs + Unique number of users who were engaged with staking in this pool/vault:

• As you can see MILADY is leading in terms of most NFTs staked and most unique users staking
• Strangely and interestingly (if not mistaken!) there are few addresses engaged in staking other collections (can this be a whale initiating a pool for tens of NFTs from a collection that he is hodling?)
• MILADY is Also the leading Project in unstaking actions in past 2 months. A note Worth mentioning is that number of unstaked NFTs is higher than staked NFTs reflecting current situation of the entire NFT market which is experiencing a huge sell pressure.

Next two chart are showing the exact same criteria for liquidity staking and unstaking; Similarities are also remarkable as MILADY is again at top with most NFT+ETH staked, Most number of deposits and also low engagement in other pools. We can also see new names like Goblin & Goop & Others that were absent in top 5 Inventory staking pools.

I am going to add another angle by searching into top pools with most deposit and withdraw activity. This probably is the closest metric to represent pure activity of users and pools in NFTX:

There seems to be some repeatable names between all charts and MILADY is standing at top in each one of them. But considering the amount and number of participant we can say that NFTX despite its brilliant idea has a long path ahead of it, to be able to host vaults with enough liquidity that lower the slippage and fees properly