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NFTX is a protocol that allows anyone to create and invest into index funds which are 1:1 backed by NFTs. This brings the DeFi and NFT communities together, enabling NFTs to be used as collateral for use cases such as AMM liquidity providing, yield farming and borrowing/lending.
With the NFTX Hashmasks Index Fund, you can now supply one or multiple Hashmasks as collateral which gives you back an index fund token called $MASK, which tracks the ETH-floor price of all Hashmasks in the index fund.
This token allows you to become a liquidity provider on SushiSwap (or any other ERC20 AMM) by pooling it together with ETH.
The Hashmasks basic pool is set up to accept any Hashmask #ID and does not take into account specific attributes of the NFT. Because of this, this index fund will organically become a fund that attracts the least valuable Hashmasks, often referred to as floor Hashmasks. Floor prices are able to stay in parity due to arbitrage opportunities which arise when the price is either too high, or too low.