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Art Gallery
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Sports Gallery
Inspiration
Several constraints like a high price, less liquidity, non-interchangeability have stunted the growth of NFTs. As we develop this solution- prominent market places today allow NFTs be owned by a single owner at a time. No doubt this is aligned to characteristics of NFT- indivisible, indestructible, guarantee absolute ownership, verifiable, interoperable, i.e., NFTs can be traded, purchased, or sold.
Question we had how we bring of best of both the worlds – where we comply to NFT criteria and bring additional flexibility to attract more users to metaverse. Interesting, isn’t it?
Drawing parallel to tradFi here we have a proposal and solution to bring ecosystem of shared ownership to NFT as an asset.
As we connect our idea more – this is bringing next level of asset tokenization (AT). AT is tailored for different objectives, with primary focus on financial inclusion and improving the efficiency of business processes.
AT on the blockchain aims at capitalizing on three prominent traits – Distributed ledger technology, immutability and transparency. AT could capitalize on the innovations in blockchain landscape resulting better liquidity, automation & efficiency, improved accessibility.
What it does
Our solution enables micro level way to invest in NFT making it easy with two paths
Approach 1 - During minting break NFT in pre decided micro (fractions) so equal fraction size on subsequent buy, transfer, sell transactions
Approach 2 - No mention of fraction size during minting. This brings flexibility for an individual to decide on portion to buy, transfer and sell. This is where our solution stands differently – really cool. This makes it truly F-NFT NEXT !
Benefits Above two unique approaches will help in bringing benefits of NFT marketplace closer to users. Tokenization, securitization and this micro route of fractionalization enables better liquidity, faster settlements and reduced costs easily without any concerns.
It is where the fractional NFTs play a massive role in allowing people to invest a small sum of money to gain fractional ownership of a high-priced asset.
In current context of XRP ledger , to fractionalize a purchase, the NFT owner divides the token into multiple tokens. Hence, each fractioned token becomes a fractional NFT of the asset.
Our two approaches are revolutionary beyond traditional Fractional ownership in some of the marketplace (our approach 1) is observed.
With our solution asset owner gets additional benefits of
- price discovery – Strategy is sell les say 10% on the market
- Enhanced liquidity
- Democratizing investment
- Loyalty Governed Tokens - original minted owner stand to receive loyalty benefits
Solution with both the mentioned approaches encourage more people to start their NFT investment journey, as now they need not have thousands or millions lying around to invest in a popular NFT piece.
How we built it
XRPL, Outsystems, node.js,
Challenges we ran into
Liked the way XRPL documentation is presented , that helped to quick start and get environment up and running.
Accomplishments that we're proud of
Experience interface allows to have segregated categories upfront to browse individual as per interest. At present level of development maturity- we have three below categories coded.
Proud to make a difference through revolutionary approach to make NFT marketplace open for each n every end user.
What we learned
XRPL integration with outsystems- this is one of its kind being one of first one to realize this combination of XRPL blockchain and low code platform
What's next for NFT VALLEY
For now we have Three categories - Art, Sports and Collectibles. This could be enhanced.
Second- For each category we will bring additional features beyond we have now as below
- implementation has completed search capability
- sort by – high price, low price (this will be expanded in future)
- slider to search based on price range
Built With
- api
- blockchain
- ipfs
- node.js
- outsystems
- xrpl
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