Inspiration
The project inspiration came when I by chance asked someone "Why buy an NFT instead of real estate?" We invest in real estate because of its default financial utilities which makes this asset class quite liquid. But NFT being a new asset doesn't have these financial utilities like renting, loaning, mortgage, etc. which makes it illiquid & volatile.
What it does
Deefy makes NFTs more stable, liquid, and affordable for metaverse, Daaps, marketplace, and NFT games through its plug & play APIs & SDKs. Deefy aims to bring the benefits of blockchain technology to the real world. By leveraging a sophisticated collateral-less payment protocol.
How we built it
The process of renting is greatly simplified, and both asset holders and renters enjoy two benefits. For lenders, it offers an option where the original NFT never actually enters the hands of the renter, while at the same time, individuals who borrow do not need to put up collateral – thereby minimizing the impact on their financial assets.
Challenges we ran into
There were two major challenges i.e., security & customization according to different daaps.
Accomplishments that we're proud of
We successfully tackled these challenges by making it a smart contract vault that can be customized according to needs. We already have around 10 partner daaps that are willing to utilize our APIs & SDKs to add these features within their marketplace.
What we learned
We learned to ensure security while building something new for the market.
What's next for Deefy
We have a whole suite of financial utilities planned like NFT non-collateral loaning, NFT staking, etc.
Log in or sign up for Devpost to join the conversation.