Project Y

NFT Marketplace with best Flexible Plans and Terms designed for you!

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Inspiration

Coming from an artistic background, my brother and I have always admired artwork in general. The other day I was going through an NFT marketplace - Opensea to find an NFT for my his birthday gift and I came across this mystical astronaut out in the space holding a cute Labrador puppy. It was the perfect choice for a gift but unfortunately my budget was quite low & the NFT was obviously costly. I mean it goes without saying that I was bumped but fortunately in this case my mind wondered around a possibility we have in web2 space of buying something on installments if you don’t have the money ready upfront. So I thought of why not introduce this option in web3 as well, this would definitely increase the overall adoption in web3 space plus users of different financial background can participate in buying such exorbitant priced NFTs.

What it does

  1. NFT selling.
  2. Various installment plans over which NFT can be bid on.
  3. After grace period has ended, opportunity to liquidate or buy one’s position opens up.
  4. Vouching for user’s credibility has its own points in the profile which would reasonably increase the chance of winning the bid and go ahead with the selected installment plan.

How we built it

Stacks that were used in the development of this platform.

  1. Solidity programming language & environment foundry for the smart contract development and unit testing.
  2. React TS was used for the front-end development of the platform. 3 . Ethers library was used in the integration of contracts with the front-end.
  3. Blockchain network – polygon test network – Mumbai (Ethereum L2 network).

Challenges we ran into

There were many since its NFTs being referred here, but the most pressing one was the price fluctuation of NFTs. Project Y has been working on this and plans on proposing a more refined solution in the future.

Accomplishments that we're proud of

  1. We are proud of taking this initiative and presenting an installment plan for NFT buying/selling in the blockchain ecosystem.
  2. We connected with various web3 protocols working with NFTs to refined our idea and came up with other exciting options for the user. These features are currently in testing and would be launched in the future.

What we learned

  1. We came across compelling use-cases & types of NFTs in the market such as derivative NFTs, fractional NFTs – that paves way for different ideas over which grants can be provided such as real state land ownership etc (already in working)
  2. We had gone through multiple NFTs marketplaces that are launched on different networks too EVM and non EVM to gather proper data and identify what else can be introduced in such marketplaces that would increase the adoption on web3.
  3. We researched over different networks and picked out the most feasible one which is Polygon in our case – this network is not only fast and manages colossal traffic but it offers low gas fees over transactions and inherits Ethereum network security too.

What's next for Project Y

  1. Partner up with NFT marketplaces to improve the supported NFTs collection on our platform.
  2. Mainnet deployment.
  3. Add the option which would let multiple users(Party) to bid and buy an NFT.
  4. Add the option for the users to propose installment plans for buying.
  5. Integrate the option to pay out in different currencies – tokens for example: Dai, usdt, eth.
  6. Integrate a service EPNS which would alert the users when their installment date is approaching or even it has passed for them to stay informed about the consequences.

Built With

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