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A brand New NFTFi Primitive that allows users to safely Lend, Rent, or Short NFTs


Created At

HackFS 2022

Winner of


🏊‍♂️ NFTPort — Pool Prize


🥈 Covalent — Best Use


5️⃣ Polygon — Top 5

Project Description

NFT trading is broken. There are millions of unproductive and idle NFTs in peoples wallets. There is billions traded with limited NFTFi tooling and strategies for most and NFT scammers everywhere. Ultimately this means that retail gets rekt with liquidity crashes.

Can we profit from a Bear Market? We think we can! Traders are shifting their focus from Up Only looking for new ways to trade NFTs. We have seen recent developments in improved NFT tooling and APIs, alongside a proven appetite for yield from holding NFTs in NFT AMMs, leading to our brand new protocol concept - NFT shorting.

Here's how Dyve works. A lender sets fees/day to lend their NFTs, and sets collateral and return conditions, including receiving an NFT that is: the exact same (a simple rental), having the same trait (matching metadata using IPFS for rental/shorting), or ANY NFT from the same collection (for shorting). Borrowers browse listings then choose a borrow duration and pay the fee and post collateral. Dyve will then arrange the borrow (and sale where necessary) of the NFT. Before expiry, the borrower then either returns the NFT, or forfeit their collateral, with Dyve offering assistance to automatically close the position where possible, making the entire process possible all in the Dyve protocol!

Dyve makes the end to end process easy & safe with: Financial opportunities - new strategies, fair price discovery, and better capital efficiency User Control - Exact same, Trait specific, Any in collection Safe and secure- powered by Covalent and NFTPort Simple to use - optimal trade execution by Dyve

Dyve is a simple and safe solution for a complex market need, and it's time for "Up Only" to meet "Down Also" so the entire NFT ecosystem wins!

How it's Made

How it is made

The Dyve NFT platform is a smart contract protocol deployed on Ethereum and Polygon test nets. There is a set of 7 smart contracts, allowing the users to List their NFTs in our NFTPool while specifying listing terms. The borrowers can choose a listing, post a collateral to the smart contract and chose what they want to protocol to do next - for example short the NFT in the market place (to be still built). We leverage IPFS, Covalent and NFTport in the critical parts of our system to ensure a robust and secure NFT trading environment, preventing stolen NFTs from interacting with our ecosystem and smart contracts. Dyve relies on IPFS to source and analyze NFT collection metadata, giving lenders unique and needed control over traits they want to keep.

With some good UX and front end to go with the sophisticated smart contracts we created, we believe that we have created an awesome protocol that automates borrowers needs and incentivises lenders in one place that makes advanced trading activities for NFTs simple, one of which is shorting, a first of it's kind in the market

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