Inspiration
Decentralized financial organizations are trying to solve this problem, one of which is NFT Lending, a financial service that allows for borrowing money with NFT artwork as collateral. This does not necessarily solve the problem, as banks are still the financial institutions with the most capital and are regulated by authorities. Can bank implement this on a large scale?
What it does
NFT API : NFTs are used to convert works (intellectual property) into digital assets, making it easier to use as collateral for loans. There are many things that can be turned into NFTs, eg. digital illustrations and source code.
Blockchain-based voting : can be used by banks to gauge customer interest in intellectual property and ownership, which can be used as an estimate of prospects and a consideration for approval of loan applications. Blockchain is used for transparency. The use of voting can be a great blend of convenience, innovation, and human-centricity that is sought after by digital banks, especially Panda Bank.
How we built it
We use EVM, solidity, javascript backend platform
Challenges we ran into
Interact between off-chain and on chain How to implement web3 technology in banking
Accomplishments that we're proud of
Idea and tech infrastructure
What we learned
-Solidity -Build blockchain API -Idea and regulation
What's next for Mimpy - Blockchain-enabled dream-achievers
-The true products of our API -The actual API product that implements the idea
- More comprehensive for consideration NFT smart contract
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