Like many, I followed the NFT hype of 2021 quite closely. By the end of 2021, it become clear to me and a few others, that the Billions in capital locked up in NFTs, somehow had to be released. In addition, it made sense to allow Punk and BAYC NFT holders to borrow against their assets in order to avoid taxable events, and to allow them to quickly access that liquidity. Many teams went ahead to build the missing NFT lending infrastructure with the two biggest players, BendDao and JPEG'd, raising $90m and $70m in treasury funds respectively. However, both these projects built a protocol relying on a native token and other DeFi mechanisms. The disadvantage with that approach, is that this creates a large cognitive barrier for the average blue-chip NFT holder, as even though they may be wealthy, they are not always sophisticated crypto-natives. This can clearly be shown by the large number of stolen and hacked NFTs.
What it does
We decided to build syNFThetic in order to bridge this accessibility gap to the average blue-chip NFT holder. The way we did it, was by building a simple and intuitive UX to hide away all of the underlying smart contract complexity. In 3 simple clicks the end user can get a loan quote, accept that quote, and then transfer their NFT to the treasury, all in less than 60 seconds.
How we built it
syNFThetic was build using a large variety of tools. NEXT.js was used for the frontend, while Solidity, IPFS, Infura, Moralis etc. were used for most of the functionality of the site, including minting, borrowing and staking. The Chainlink Oracle was specifically integrated to provide loan quotes for specific NFTs that had been minted to your wallet.
Challenges we ran into
Learning how to integrate Chainlink was a challenge, in addition to figuring out the RBAC nature of Solidity smart contracts.
Accomplishments that we're proud of
We are proud of having been able to have successfully integrated the Chainlink Oracle in a short amount of time.
What we learned
Learning about Chainlink was a challenge, however we were able to do that successfully, in addition to having that logic interact with our borrowing smart contract.
We would like to polish up this project and eventually launch it on mainnet after going through an audit and to help all blue-chip NFT holders unlock that much needed liquidity.
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