NFTree

NFTree logo

Inspiration

Incentivize real-world tree planting and care through the proposed NFTree market.

What it does

Create a platform to own, nourish, and trade real-world trees around the world. Based on the idea of a Non-Fungible Token (NFT), our NFTree will be unique cryptographic token on a blockchain and cannot be replicated, which also represents a real-world tree that will be planted. The NFTree will function to represent individuals’ property rights over a physical tree. We will develop our app on Pi Network's easy-to-use platform, and through this, we will have an initial community of over 35 million engaged users. Not only will we further develop the innovative NFT world, but also significantly benefit the earth to a more sustainable planet.

How we built it

To build an NFT, we had to first understand what makes every NFT unique. We came up with three main points that every NFTree has to have: How NFTrees differ, how people can change the state of the NFTree, and how the price of NFTree is calculated. The most important aspect of NFTree is how they are created. Upon creating an account, we will provide a free NFTree (along with a real-world sapling) but with the tree specifications, such as type and location, randomized. The NFTree token will represent the conditions of the real-world tree, and as the real-world tree thrives, the price of the NFTree token will increase comparatively. We chose the location of the trees planted based on areas that need trees. To trade an NFTree, we will implement a bidding system where the user can set the lowest price, and buyers can bid within a set timespan. With the demand of the market, NFTrees can fluctuate. Similarly to NFT’s, the prices of NFTree tokens will fluctuate based on valuation which is driven by scarcity of supply and speculation. Finally, in addition to the price of NFT’s based on valuation, we will incorporate the health of the real-world tree. We will provide an “estimated” price of the tree using our innovative algorithm that takes account of all the features of the tree (such as location, age, weather, and size) to provide a reasonable ground price. However, this prediction will only be a recommendation, and the real sold price will be based on the users.

Challenges we ran into

One of the biggest challenges faced in the NFT market is the uncertainty in determining the price of the NFT. Currently, the prices of NFTs depend on the creativity, uniqueness, and scarcity of buyers and owners. Our idea of NFTree and algorithm attempts to solve this problem by providing a recommended price. With a physical tree linked with the digital NFTree token, we have a more concrete item to base our price on.

Accomplishments that we're proud of

We are most proud of our design of the UI as well as the NFT backend that we implemented. Since this was the first time that any of us had done things like this, we, therefore, were unsure as to whether we would be able to execute successfully. However, we successfully implemented and executed NFTrees in addition to learning a lot!

What we learned

One of the most interesting things that we learned was how to interact with the blockchain, and specifically how to use the pi network. This was the first time that any of us had ever used NFTs or any other blockchain technology and taught us a lot about the power of this technology. Also, this was our first time using Figma in order to do quick prototyping of our application in order to see what it should look like. This was really helpful in allowing us to visualize what the front-end part of the application would look like.

What's next for NFTree

NFTs have already demonstrated their impact in the art world, with already over $250 million dollars in transactions in 2020. We believe that not only will the art world be impacted, but many more aspects. Our proposal of NFTrees is an initial step of this new revolution that focuses on sustainability. After all, why stop at art when we can be aiding our environment and much more.