Covet was inspired by the demand for a more equitable NFT market. Currently, exorbitant floor prices inhibit newcomer participation.
Our mission was to provide a fair and transparent method for acquiring NFTs through a VRF-powered raffle, thereby lowering the barrier to entry. By offering affordable tickets and a chance to win highly coveted NFTs, Covet seeks to democratize and enhance inclusivity in the NFT market.
What it does
Covet allows NFT owners to initiate raffles with slot, ticket price, and start/end date customization. SupraOracles Verifiable Random Functions (VRFs) are utilized for trustless, pseudorandom winner selection. Prior to winner selection, users can purchase/refund tickets prior to winner selection and NFT owners can delete raffles.
The app also features an automated NFT and owner funds disbursement, including a 3% commission for Covet platform owners (via an ownable vault contract).
How we built it
The back-end was built in Solidity, leveraging Hardhat, OpenZeppelin (SafeMath.sol, ERC-72.sol, and Ownable.sol). The SupraOracle VRFs play a crucial role in the system, providing automated callback functions that streamline the asset disbursement process for participants.
Challenges we ran into
- Connecting front- and back-end
- Gas optimization
- Vault contract configuration
Accomplishments that we're proud of
- Gas efficiency
- It works!
What we learned
- thirdweb SDK
- Ethers.js with React
- SupraOracles VRFs
What's next for Covet
- ERC-1155 and ERC-20 support
- Token-gated raffles
- Account/NFT blacklisting (i.e. scammers/stolen NFTs)
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