We were inspired by bear-market of 2018-2019 and saw up-comming hype of NFTs. As we like NFT phenomenon and see big potential their especial for financial use cases, we decide to create hedging tools to minimize risks of holder/trader, project and whole NFT-market.
What it does
ENVELOP (NIFTSY) (https://envelop.is) is a flexible cross-chain tool set able to give any NFT new functionality (economic set-up, on-chain royalties, rental mechanism, time/value/event-locks), protection of devaluation and anti-fraud system. Now easily implemented in GameFi, Marketplaces, Art, Metaverses and non-pledge NFT-rentals.
How we built it
ENVELOP DAO consists of three main parts, binded together by NIFTSY token: 1) Protocol to add the digital assets inside NFTs and set on-chain royalties; 2) Oracle to score the collateral and assess the quality of assets inside NFTs; 3) Index to hedge the position to the whole NFT market — becomes one of the first decentralised and collateralised simultaneously market indices for NFT and related assets (synthetic, among others).
Challenges we ran into
Was hard to explain to the wide puliс what benefits ENVELOP gives. Think this is due to complexity of idea.
Accomplishments that we're proud of
Were in top-10 projects in Binance Hackathon this spring (under the name of NIFTSY). Granted by Polygon team. First implementation made into marketplace (NFT Stars https://nftstars.app/en/), in progress implementation into 3 games projects and 30 projects in pipeline. Were selected to pitch on Game On Summit. Closing our fundraise.
What we learned
Listen to the customer and correct your ideas. Especially it was helpful in GameFi, cause sometimes we imagined more complex solutions than needed.
What's next for ENVELOP DAO
Updating our front-end to be up-to-date with our smarts. IDO on 21 October.
We researched 30+ projects from Solana ecosystem to find examples of NFT mechanics, but, unfortunately, we found the following:
- A number of projects are either still not launched, or "in development"; some are completely disabled.
- At the same time, we and our developers would like to really understand such aspects of Solana's work as:
- visual representation of interactions with a large set of accounts.
- practical examples of creating tokens with advanced functionality.
- and most importantly: to understand the situation with the standard for transferring ownership of tokens to other smart contracts (today there is no unification in this matter).
- Thus, we see the potential of the system, based on the analysis of WP and general documentation, as well as the development of the ecosystem, described in the news feed, but at the same time we cannot deny that there are a huge number of technical problems and questions to which we would be happy to receive your answer, as well as assistance in the development of our project.
- In addition, in our project there are several people with experience working with the ecosystem of Bitcoin, Ether and other blockchain solutions, and therefore we would be happy to participate (with appropriate financial and organizational support) in the development of standards for the points described above.
P.S. clarification for link https://app.envelop.is/ (our Alfa in Rinkeby-testnet), we plan to update UX/UI in mainnets till end of October, so maybe you will not need this instruction:
To test our alpha version of the NIFTSY Protocol. There will be two stages: • On the first, go to the site - https://app.niftsy.io/ (Metamask is switched to the Rinkeby network " • Create yourself an NFT-skin on the test network: let's say - here: https://rinkeby.mintbase.io/ (we get the test ether here: https://faucet.rinkeby.io/) • If / When you need test NIFTSY tokens - write to me (@menaskop). I send • Go to Metamask and click "Add token": there we indicate 0x1e991ea872061103560700683991a6cf88ba0028 (other parameters, if necessary: Token symbol - NIFTSY, Number of decimal places of the token - 18) • Starting tests • We write reports to the dock: https://docs.google.com/spreadsheets/d/1P7sSC8kjydyWEN1o8bES8Eni4ZY-PAGzIb-AlBJO_i4/edit?usp=sharing