NFTs are tokens that we can use to represent ownership of unique items. They can only have one official owner at a time and they're secured by the Solana Blockchain We aim to provide a place where people can efficiently use the NFTs owned by them in various ways like trading and using them as collateral for loans.
Enabling the users to list their NFT’s on our marketplace, thereby enabling all the users to buy the NFT or a fraction of it.
Users will be allowed to rent their NFT’s. This opens the avenue for users to temporarily use an NFT they otherwise do not want to purchase, for a set time period.
Loans against NFT
Put your NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.
How we built it
A Marketplace where the prices are fluctuating at very high speeds requires a fast and reliable blockchain network, that is why Solana is the perfect candidate for it. Solana’s massive 400,000 transactions per second are absolutely critical to the functioning of this marketplace
Flutter is used as a cross-platform tool to develop the android and ios application connected with Node.js API for retrieving data from the database.
Stardust allows the developer to easily create the NFT feature in the Solana application. Its robust transaction system makes the application secure.
- Fractionalising NFT Users will be able to fractionalize entire collections of NFTs by minting 100 of them as a template for the same item and release them under collection-specific fractional ownership tokens.
- NFT Market Users can trade NFTs or fractions of NFTs in a peer to peer fashion like the stock market. NFTs become a compelling investment opportunity when you consider the art’s resale value. This provides the avenue for low-interval high-return use for NFTs.
- Peer to peer NFT Renting Now users can temporarily use an NFT for a set period of time using our Renting feature where both the user and the renter can benefit as the user gets a steady rent and renter can earn with their trading skills.
- Using NFT’s as collateral for loan When you list any NFT as collateral, other users can offer you a loan against it. Once you accept the loan, SOL gets transferred to you from the lender's account.
- Prediction and boost With the use of price change and the properties of NFT to predict the future prices of the NFT to help the users in trading efficiently. We also provide the option to boost one’s NFT -ie- prioritise the NFT in explore page to help the user with sales.
What we learned
With the right amount of eagerness, you can learn any technology and implement it to solve some real-world problems.
What's next for eNIFTY
In the near future, we plan to add various new features such as:
- Dynamic NFT's.
- Customized Supervision and Help on NFTs with Chatbot and Predictor
- Like, Comment, Share feature on NFT to understand human perception
- Option to invest in groups where non-crypto users can combine with crypto users and invest in NFTs and many more..
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