How to create a Sweeper Pool
Step by step instructions on how to create a Sweeper Pool
These instructions are for NFT collectors who are looking to sweep the floor of an NFT collection.
Input a valid NFTX ERC-20 contract address. Once the information has been validated you can then continue to the Sweeper Pool configuration.
Input the number of tokens to be added to the Sweeper Pool and select your base/collateral token and input the amount of base tokens you wish to add to the Sweeper Pool
In this example, we’ve chosen a 2 week sweep, set the starting price to be about 5% below the current floor price (0.20 ETH floor) and chosen a final weight that results in the price being a touch over four times higher than the current Remilio floor price. This means that hypothetically, if no one was to sell into the Sweeper Pool until the very last moment, a seller could sell their Remilio for four times the starting price. However, this is highly unlikely as we expect users to sell when price reaches a point in line with other marketplaces.
Input the description of the event and provide an optional link. Here you can let people know the token you are sweeping or provide any other relevant information.
You can choose to charge a fee on volume traded that is then earnt by the creator of the pool.
As the Sweeper Pool goes live, you will see the value of the NFT backed tokens slowly increase until supply is ready to divest at that price.
As the price increases and participants sell into the pool, the price then decreases. Price then gradually starts increasing again until sellers step in once more, ensuring an organic price is found based on market forces via supply and demand.