Cross-chain Fractionalization of NFTs while mapping the fractional tokens to real-world utilities.
We are building a protocol in which designers can create an NFT liquidity pool and users who like the art can swap their coins with a fraction of the NFT, making them the stakeholders of that particular NFT. When the design is available in the real-world market, the revenue generated through sales is piped back to the chain and distributed among the stakeholders through the concept of farming. Users who hold fractions of a particular NFT can stake their fractions and receive revenue profits periodically. They can withdraw their staked fractions after they are satisfied with their profits. The revenue is shared among stakeholders based on the fractions they own.
We started by creating low-level architecture designs on how the workflow would be and how the smart contract must be written. We had started out with a different plan and we executed something which was definitely better. We split ourselves into the web guy and the contracts guy. Writing the contract took a lot of time, the logic, the formulas, the flow, etc. It was tested and tried in remix while on the other hand, the frontend was in full flow. We then started integrating the contract with the front end. The most challenging part was liquidity pooling and assigning fractions to the users then later the farming part. While this was being done, we also integrated a couple of sponsor tracks, We used Filecoin and IPFS to store our data on-chain, most importantly it's a major protocol that allows us to bridge off-chain and on-chain revenue streams of our NFTs. We are using epns to make it easier for the stakeholder of the NFT to stay updated about the revenue, price, sales, and all other metrics of his purchased NFT fraction. The owner can make a group and send notifications to all his shareholders which could be further used as a DAO. The final product was indeed impressive. Although we missed out on a few technologies we had planned, we finally made a great protocol that definitely has a good potential to get into prod and later turn out to be something that people might be using. We still do have a few things left to integrate but we are happy with what is being submitted rn. Tech stack used - IPFS, Filecoin, NFT.storage, Hardhat, web3.js, ReactJs, EPNS, Tailwind.