Deefy - Empowering NFTs with financial utilities

Name of Project / DAO / Company
DEEFY

Application type
Product Launch

Proposal overview

Deefy is a decentralized protocol built on top of major public blockchains that allows essential financial services for NFTs such as Buying, renting, lending, and pay later. Decentralized protocols are non-custodial, meaning the services never rely on the custody of any middleman or intermediary but can be administered by smart contracts.

Our protocol includes:
→ Collateral-less Buy Now Pay Later for NFTs
→ Collateral-less NFT renting
→ NFT backed loans

Deefy growth till now,
Our P2P loaning is live on testnet of Ethereum, Polygon & Binance which have more than 100k worth of loan requests.

Deefy is part of Polygon Leap Accelerator 2022.

Partnering with different marketplaces and P2E games to empower them with Deefy protocol.

We are a team of 8 including developers, marketers & designers. We aim to empower NFT on different chains with financial utilities making the NFT market more stable & vast.

Proposal ask
$50k

We are requesting $50K in equity-free contribution: $10K for launching a feature-complete product on testnet, $10K after mainnet launch, $10K after forming a DAO for our community, and $20K for after 10K users. As well to funding, we are looking for Harmony’s help with product development, fundraising, and talent recruitment.

External links

Website: http://deefy.co/
Docs: Introduction to Deefy - Deefy Knowledge base.
Socials: Deefy | NFT Renting & Lending Protocol in Audit | Linktree

2 Likes

Thank you for submitting a proposal to Harmony’s $300M Ecosystem Fund. We are in the process of reviewing your proposal and will assign a representative on behalf of the Grants Ops team.

We would also love :blue_heart: to have the Harmony community participate to ask questions and provide feedbacks.

If you have more details to add, please do so by replying to this thread.

3 Likes

@Ujwal_from_Deefy this is going to be an amazing enablement for NFT utility on Harmony!

I’d like to solicit for more information about which NFT markets would be most suitable use cases to help boost Deefy’s utility on Harmony to 10K users? We prefer Daily Active Users rather than just total users, hence it’ll be a great challenge to start thinking about engaging the Harmony community.

We’re happy to help support in any ways possible. If you were to name 3 NFT markets on Harmony to integrate with at launch time, which 3 would that be?

2 Likes

Hey @Jacksteroo,
Thanks for asking this.
We are targeting the gaming market first which includes, P2E games, metaverse daaps, NFT marketplaces, etc.

Some great use cases:
Metaverse/Gaming Experiences

  • Virtual land rentals
  • Scarce and rare in-game items.
  • In-game exclusive limited wearables/digital fashion NFTs
  • Advancing play to earn game mechanisms.
  • Virtual ad space rentals, metaverse in-game billboards could be rented even daily on large experience plots in high traffic areas

P2E games

  • Best suited use case for these games is implementing renting into their marketplace where players can rent out their NFTs to other players to earn passive income.

Digital Art

  • Rent certain pieces to metaverse/virtual art exhibits for limited times, art selection curation/rotation
  • Generate yield on those otherwise stale art pieces
  • Rent art pieces to directly display on physical NFT displays

NFT Marketplaces

  • Direct pay later & rental integration with marketplaces built on harmony.
  • This can also allow direct pay later & rental on large marketplaces without re-inventing the wheel

Hope this answers your questions.
Let me know if you have any other doubt.

Hey @Jacksteroo @essalacher,
Hope you are doing good.
Any update for us?

@Ujwal_from_Deefy apologies my question was supposed to be straightforward, I didn’t mean “markets”, I meant which particular dApps with NFTs would Deefy be integrated with to enable rentals, loans or buy-now pay-later NFTs?

Apologies, 3 NFT markets on Harmony to integrate with at launch time are:
For Gaming -
https://app.marscolony.io/
https://defikingdoms.com/

For NFT marketplace -

How far along are the discussions taking place currently?

1 Like

Hey,
We haven’t started the communication yet, we are looking for the introduction. Let us know if anybody from Harmony can help us with the introduction.

Hey jack, taking the time here today to outline a wonderful conversation I had today with the Deefy team. I know you guys are wicked busy though I encourage you to take a look under the hood here.

I popped in and noticed Polygon beat us to the punch and already agreed to work with Deefy. They’ve been building the product for about 6 months and are letting the team at ONEverse into some testing periods. We’re exploring opportunity to partner with Deefy and I took time out of this week to reach out and ensure they feel welcome on our chain.

Our protocol includes:
→ Collateral-less Buy Now Pay Later for NFTs
→ Collateral-less NFT renting
→ NFT backed loans

Some interesting opportunity here to give NFT owners additional utility on a broader scale!

Thank you so much for the warm feedback

I was also part of that conversation with Deefy. I’d like to say that I’m very excited at what Deefy could potentially offer to Harmony, ONEverse and the wider NFT-Fi ecosystem as a whole.

We’re certainly looking into integrating their features into our upcoming NFT marketplace at ONEverse (subject to testing and auditing). But, I also think that they’ve got some great stuff on the horizon longer-term too.