Wavvy - NFT Lending

WAVVY is an NFT Finance platform enabling NFT buyers to get loans for their next big NFT purchase.

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INSPIRATION

Due to high cost of NFTs, most people (including us) are discouraged from purchasing one. Thus providing a service that mitigates this is of high necessity. This will help reduce the entry barrier for crypto and also increase participants in the NFT economy.

We believe that proper inclusion of all and sundry in the NFT space would be instrumental in providing financial stability for people.

WHAT IT DOES

Wavvy provides a unique traditional approach to buying NFT with a fair deposit for a selected NFT of choice and paying off the remaining balance through a series of later installments.

We built a service that helps people invest in their next NFT project by connecting them with individuals who are willing to lend them money.

HOW WE BUILT IT

  • We built a NextJS client that interacts with our smart contracts, deployed on the MATIC layer 2 blockchain.
  • Our smart contracts handle the loan borrowing, and repayments process in a decentralized and trustless process.
  • We built an indexer that listens for events from our contracts and ingests them into our database.
  • We also integrated our Dapp with the opensea seaport contracts for seamless purchase of the NFTs once loan is approved.
  • Using QuickNode rpc we were able to interact with the blockchain.

CHALLENGES WE RAN INTO

  • We tried integrating the Chainlink NFT floor price - price feed, but it isnt deployed on MATIC yet, so we had to find other ways to get nft floor price.
  • We'll be glad to integrate it in the future tho on the ethereum mainnet.
  • Purchasing the NFTs seamlessly was a hassle too, but we were able to integrate opensea seaport successfully.
  • Deploying on an AWS EC2 instance wasnt easy but we made it happen.

ACCOMPLISHMENTS THAT WE ARE PROUD OF

  • Completing a working demo was really a proud moment for us.
  • Writing and deploying our indexer and our integration with opensea.
  • Deploying on an AWS server.

WHAT WE LEARNED

  • We learnt about Chainlink price feed especially the one for NFT floor price and how to use oracles.
  • We learnt more about ERC721 and ERC1155.
  • Learnt about AWS services for DevOps.

WHATS NEXT FOR Wavvy - NFT Lending

  • Deploying on the Ethereum mainnet is our next step but cost of deployment is a drawback. This will help us provide access to more exclusive NFTs..
  • Also deploying on more chains is in the roadmap.

Built With

  • adonisjs
  • aws-ec2
  • ethersjs
  • nextjs
  • opensea-seaport
  • soldiity
  • typescript
  • web3js
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