Name of Project
Temp NFT
Information regarding project
The tempNFT vision is to bring any asset that has a rentable use case whether in the digital or physical realm on-chain with an NFT for trustless, secure, and quick rentability. We see this as anything ranging from intellectual property rights, physical/digital real estate, to in game item purchases in gaming experiences, a way to flex. This intersection of NFTs and DeFi is where trustless smart contracts become incredibly powerful.
We are not just building the product but we want to build a great community where each member of our DAO will be benefited and will be incentivised to actively contribute to the ecosystem
The Problem
The initial and core tempNFT product is a protocol layer that enables peer to peer renting of ERC-721 and ERC-1155 non-fungible tokens (NFTs) on harmony mainnet.
In the current NFT landscape there are no income generation methods but rather just speculative price increase over time. We expect this issue to only get worse as NFTs are adopted into mainstream use. This is already an increasingly large problem for certain NFT holders such as funds that invest in expensive/useful yield-earning NFTs for the long run. These NFT holders want to earn yields before reselling them and do not have the desire, time or expertise to do so. The wide majority of these assets are sitting unused in wallets. NFTs such as virtual art, gaming assets, virtual land, domain names, IP rights, and more could be rented to users for a small rental fee to generate income yield.
tempNFT enables holders of NFT assets to put them to work by renting them out for a set price, duration, and collateral amount.
Further, tempNFT opens the avenue for users to temporarily use an NFT they otherwise do not want to purchase or that is not for sale, for a set time period.
How temp NFT works
As an NFT “Lender” (Lending an NFT)
- On tempNFT’s platform a user can lend one or multiple NFTs. By doing so this saves multiple rental transaction costs and merges them into one single cost
- Lending implies transferring the NFT to our “escrow” smart contract to list it for rent
- The NFT “Lender” specifies the following:
- The Rental Price (how much you wish to be compensated daily; this is the daily borrow price)
- The NFT Price (this is the collateral a borrower most put up to rent)
- Max Rental Period (maximum number of days you wish to lend out your NFT)
Formula to calculate collateral - (user does this himself since nft price are subjective) -
Collateral amount > floor price of the collection
Rent Amount → user defined
Total Amount user has to pay for borrowing → Collater Amount + Rent Amount*time borrowed.
As an NFT “Borrower” (Renting an NFT)
- The “Borrower” must specify the duration (in days) that they would like to borrow the NFT for
- This duration then gets multiplied by the lender’s set rental price, the NFT price ****(collateral) gets added in, to arrive at the total rent price
- This total rent price gets deducted from the borrower’s balance and sent to the tempNFT contract which acts as an escrow
- The NFT is then sent to the “Borrower” after successful transaction
- The NFT price (collateral) is stored in tempNFT’s contract and is returned to the NFT “Borrower” only upon successful return of the NFT to the “Lender” (NFT “Lender”)
- In the case that the NFT is not returned on time (rental duration has passed), the collateral can be claimed by the lender from the tempNFT contract
Currently, we are at a stage of the product where we are deployed on polygon testnet, will be live on harmony soon.
Proposal ask
$50k
1st Milestone (launching a feature-complete product on our testnet) - 2 Weeks
Requested Amount - $10,000
2nd Milestone - deploying staking mechanism on testnet - 3 week
Requested Amount - $10,000
3rd Milestone - mainnet launch of tempNFT - 2 week
Requested Amount - $15,000
4th Milestone - Growing the Community- 1 month
Requested Amount - $15,000
External links
Here is link for our current project right now - www.temp-nft.vercel.app , its completely working on testnet…
We are supported by HARMONY INDIA DAO at each and every stage of our project journey.
and guiding at each point.
We are looking forward to journey with them
