The NFT market is becoming more popular day by day. Tens of thousands of new NFTs are released every day. Still no good solution for the guaranteed saving of the image attached to an NFT. It is possible to reset the cost of NFT if the file is corrupted/disappeared, etc. It is important for NFT buyers or sellers to understand that over time they will not get this problem. We have such a solution.
What it does
The user passes a link to an NFT file to the IPFS service and receives the hash of the file. The owner of the NFT makes an insurance payment for storing the file associated with the NFT metadata and hash. Payment can be either in NEAR or (NEP-141 tokens) INSUR. All this is recorded in the Insurance smart contract. The insurance is valid for 1 year. The service should have its own nodes like https://docs.ipfs.io/how-to/work-with-pinning-services/#create-your-own-pinning-service to store copies. During this period, the user can check the functionality of the metadata and the correspondence between the current hash and the hash recorded during the creation of the insurance. If there is a difference between the hashes, then the current owner of the NFT will receive an insurance payment. The payment is made in INSUR tokens 10 times higher than the user deposited at the time of insurance. If the insurance is over, the user can continue the insurance, he has to add a new payment. The user can increase the insurance by depositing a larger amount than he has previously deposited. This he can do during the period of validity of the insurance. An INSUR/NEAR pair exchange must be made on DEX. The DEX have to open for investors, speculators, market makers and recipients of insurance payments
How we built it
First I came up with it, then I coded it
Challenges we ran into
Not an easy way to get and parse data from cross-contract requests
Accomplishments that we're proud of
I am sure that this project will make the world calmer
What we learned
NEAR smart contracts, NEAR ecosystem
What's next for Insurance NFT
Make White Paper to issue tokens INSUR with roadmap the project. It is necessary to additionally investigate the service and smart contracts in case of a malicious or accidental triggering of an insured event. Deploy IPFS nodes for long-term storage of client files. Continued development of the backend for working with smart contracts and IPFS.