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Redemptions allow users to take ownership of an underlying NFT from within a vault. This means that a user can go to an AMM like Sushiswap, purchase a single vToken like PUNK and use that token to claim a random CryptoPunk from the PUNK Vault.
For an additional fee, usually 5% (1.05 vTokens), users are able to select a specific NFT from the vault.
This shows that I have 4 BUNNY tokens which will allow me to claim back 4 random Genbit Bunnies from the Vault
When you visit https://app.nftx.org/redeem and connect your wallet, your vToken and NFTX balances will be displayed on the right hand side. Each vToken represents a claim on a random NFT from within its vault.
You can also target redeem specific NFTs from the vault by paying the Targeted Redeem fee — often 5% or 1.05 vTokens.
To redeem an NFT you must enter the quantity you would like to redeem (in whole numbers) next to the "Random" section in the redemption baskset and approve the NFTX contract. Once the approval transaction has been confirmed, you will then be able to redeem the desired number of NFTs from the vault.
Here I am redeeming 2 random Genbit Bunnies using 2 BUNNY tokens
New in V2 is the option to choose the NFT you wish to redeem from the vault.
Select the NFT you wish to redeem from the vault and they will be added to the redeem basket. Note that each targeted redeem will require 1 vToken plus the fee set for targetted redeems on the vault. This fee defaults to 5% on vault creation, but can be changed by the vault creator prior to finalising the vault. Once finalised, the fee's can only be updated by the DAO via a governance vote.
If the vault is left at the default settings, each targeted redeem will cost 1.05 vTokens.
Three Bunnies are being targetted redeem for 3.15 vTokens