> For the complete documentation index, see [llms.txt](https://docs-v4.nftx.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs-v4.nftx.io/how-it-works/collection-lifecycle.md).

# Collection Lifecycle

A collection on NFTX has a beginning and, if liquidity dries up, a graceful end. Both are permissionless and designed so no one is left holding an NFT they can't exit.

## Launching a collection

Any collection can be brought onto NFTX by creating its vault and floor token. Who's allowed to do that is controlled by a **launch gate** — a swappable contract that a collection can set to be either:

* **Permissionless / public** — anyone can create the collection, or
* **Curated** — creation is limited to an approved party.

To lower the capital needed to bootstrap trading, a new pool can be initialized **single-sided** — seeded with collection tokens alone, without a matching amount of paired ETH. That means a collection can go live and start trading without someone having to supply deep ETH liquidity on day one.

The gates and related machinery live in the [Supporting Contracts](/contracts/supporting.md).

## Shutting a collection down

Sometimes a collection winds down — holders redeem out until only a handful of NFTs and some dust-sized token balances remain. Left alone, those last holders could be stuck, with too little liquidity to trade out. NFTX has a **community-driven shutdown** path for exactly this.

How it works:

1. **Reach quorum by locking tokens.** Once the circulating token supply has fallen low enough, holders vote for shutdown by locking their tokens. The vote passes when it reaches quorum.
2. **Liquidate the remaining NFTs.** The NFTs still in the pool are sold off externally (via a Sudoswap auction), converting them to ETH.
3. **Distribute pro rata.** The proceeds are shared out **pro rata** to the token holders who took part — so the final holders get their fair share of value instead of being stranded.

{% hint style="warning" %}
Shutdown is **permanent**. Once a collection is wound down, it's sunset for good — this is deliberate, so a settled collection can't be resurrected in a half-liquidated state. It's an exit of last resort, not a pause.
{% endhint %}

The full mechanism — quorum thresholds, the liquidation auction, and how proceeds are claimed — is documented in [Collection Shutdown](/contracts/collection-shutdown.md).