# The PsyDO is Developing an xNFT!

By [PsyDO](https://paragraph.com/@psydo) · 2022-07-22

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Our contributors at the [PsyDO](https://www.psyoptions.io/) are focused on building quality products of all forms for our end users - you. That’s why we’re proud to announce that we are the first external team building xNFTs ourselves!

We’re building an xNFT that will allow you to view, and eventually manage, your [PsyFinance](https://www.psyfi.io/) Vault positions directly from Backpack, [an xNFT operating system.](https://twitter.com/xNFT_Backpack/status/1538919524271017984?s=20&t=Pkgf6P2SAfzq73AK2QKF4w)

Let’s take a deeper look into what this all means.

**But Wait, What the F\*ck is an xNFT?**

The “x” in xNFT stands for “eXecutable” - tokenized code representing ownership rights over its execution! xNFTs are being developed by [Coral, the WAO Company](https://www.coral.community/), a team led by developer extraordinaire [Armani Ferrante](https://twitter.com/armaniferrante). xNFTs are the standard breaking standard which will give users the ability to natively manage all of their assets, from staking DeGods to managing PsyFinance Vault positions, within a single interface.

For the first phase of Coral’s xNFT experiment, they’ll be focused on building a wallet, but not just any wallet. This is something different, an xNFT operating system called [Backpack](https://twitter.com/xNFT_Backpack). Backpack will manage your private keys and connect to apps like a wallet, but unlike current wallets Backpack is asset and protocol agnostic. Everything in the wallet is an xNFT.

To read more about Coral, xNFTs, and Backpack checkout this [blog post](https://www.coral.community/post/wtf-are-xnfts) from the Coral team as well as this [fantastic thread](https://twitter.com/armaniferrante/status/1538916970732609536?s=20&t=Pkgf6P2SAfzq73AK2QKF4w).  

**So What Next?**

The PsyFinance xNFT is still under active development, but while the devs are busy chewing glass, you can [checkout our Vaults](https://www.psyfi.io/vaults) which are currently earning $SRM rewards in addition to the base Vault strategy premiums.

Until then, make sure to follow the [PsyDO](https://twitter.com/PsyOptions), [xNFT Backpack](https://twitter.com/xNFT_Backpack), and [Coral](https://twitter.com/0xCoral) Twitter accounts for more updates!

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*Originally published on [PsyDO](https://paragraph.com/@psydo/the-psydo-is-developing-an-xnft)*