Name of Project
NFTFY
NFTFY provides collective ownership of digital assets in a decentralized and trustless way.
Proposal overview
The Ethereum Blockchain is globally known for the most famous and expensive NFT collections. As the concept of Blockchain and NFTs increases in popularity, more people seek to understand it and interact with smart contracts. However, as the number of users increases, the Ethereum blockchain faces capacity limitations, resulting in low transaction speed and high gas fees. Therefore, to scale applications and make them accessible anywhere, we have seen new solutions to reduce network congestion on the Ethereum mainnet.
As one of the latest EVM-compatible smart contract platforms, Harmony has already proven to have fast transaction speeds and highly low-cost operation fees. However, attracting users and developers to this new ecosystem is still challenging. As a result, we noticed a need for an efficient strategy to create FOMO in these new users. We believe NFTFY has the perfect solution.
NFTFY was first introduced on the Ethereum mainnet in October 2020. We were the pioneers in developing a decentralized and permissionless protocol that fractionalizes NFTs. The Fractions issued in the Fractionalization process are ERC20s, and they are all backed by the NFT.
NFT Fractionalization is a new protocol layer, a new building block of the DeFi composability (Money Lego). In that way, countless other decentralized applications can be developed on top of it, creating valuable products and services for DAOs and the NFT market and creating new financial services on DeFi and opening the path for different cross-chain operations.
During our initial phase of operations on the Ethereum mainnet, we realized how high gas fees have a deterrent effect on creating different business models, which motivated us to expand our operations to cross-chain solutions.
The growth of the NFT market in the past few months was predominantly due to the creation of solid brands alongside the support of incredible communities, such as BAYC, CryptoPunks, Cool Cats, and many others. These digital assets are mainly on the Ethereum mainnet, in which high fees limit the entrance of the majority of users in the world, making those assets so desired as luxury items by all the web3 community but only accessible by a few.
NFTFY has the proposal of bringing those bluechip NFTs into all the blockchain layers so that they also become known by Ethereum users as powerful Settlement Layers to create big brands and communities, promoting access and interest of new users in owning a fraction of a bluechip NFT.
Proposal
We propose to use our application as an incentive tool for Harmony ONE users. Using the Harmony NFT bridge, we would transfer some blue-chip NFTs from Ethereum and fractionalize them on Harmony. In that way, these valuable fractions would be divided among Harmony users through our staking tools, creating a network effect and bringing many other NFT brands and collectors into the ecosystem.
In addition, we want to promote our open-source technology so that new solutions, DAOs and partnerships can be settled in the web3 environment in a decentralized way and ensured by smart contracts.
What is NFTFY?
NFTFY is a decentralized protocol that fractionalizes NFTs. In the fractionalization process, the smart contract stakes the NFT and generates ERC20 tokens - the so-called Fractions - backed by the NFT. It is the perfect way to connect the NFT and DeFi ecosystems, being also a powerful tool to promote the creation of DAOs.
Our marketplace and base code were developed, focusing on the Ethereum blockchain. On the other hand, our interest has always been to allow cross-chain operations. In that way, we are currently focused on deploying our smart contracts in other EVM compatible layers.
Currently, we have four main features ready to deploy on Harmony:
-
Fractionalization V1: a decentralized smart contract that allows anyone to generate fractions (ERC20 compliant) of any NFT or NFT bundle, doing whatever they want with them, such as a private or public sale, or even distribute them through different engagement methods.
-
NFT Crowdfunding: a powerful tool that allows anyone to start crowdfunding for their NFTs, in which countless users can participate in a decentralized way. At the end of the process, the NFT is fractionalized, and the fractions are proportionally distributed among the participants.
-
Collective Purchase: this feature allows groups of people to collectively buy NFTs available on OpenSea, in a decentralized way.
-
Staking Protocol: Powerful tool for launching NFTs and ERC20 staking. For example, fractions can be distributed by staking single assets, liquidity provision tokens (LP tokens) or even NFT collections.
-
DAO Tools: under development.
Who we are
Our company currently has 23 collaborators, a complete team of innovation, engineering, marketing and legal professionals. There is also a DAO, which has a legal structure through the NFTFY Foundation in Cayman.
Proposal ask
USD 3M in ONEs initially, up to USD 5M ONEs in total.
We would use the funds for the following activities:
- USD 2M to purchase BlueChip NFTs and bridge them to Harmony.
- USD 1M to liquidity mining operations.
- USD 2M to the company, with autonomy to spend it strategically, to finance constant support and development in the Harmony ecosystem, including our DAO Tools feature.
Main Objectives
- Attract more investment and bring more TVL to Harmony by combining Bluechip NFTs and Defi tools. The objective is to attract users from other blockchains interested in earning the fractions of multiple Bluechip NFTs.
- Use-cases to bring more builders and users into the Harmony ecosystem;
- Open-source toolset for creating DAOs and Treasury Management, Crowdfunding, Decentralized Private Funds and DeFi;
- Warm up the NFTs and DeFi ecosystem at Harmony by allowing multiple initiatives to be created through both technologies.
Prototype:
https://nftfy-frontend-v2-o6fhgdj40-nftfy.vercel.app/rewards?network=4
