Decentraland

by 0x92e4f1731f2ef18856ed6592fcc0bf55f37c2e1f

Should the following Tier 4: up to $60,000 USD, 6 months vesting (1 month cliff) grant in the Content Creator category be approved?

Abstract

Pawnfi is a Non-Standard Asset platform that supports all the user to put their ERC-20 tokens or NFTs (721/1155) in work. That is, Pawnfi enables NFT/ GameFi/ Metaverse players to create Pawn (collateral loan), Lease (rent), and Sale purposefully or simultaneously within one transaction.

By supporting Decentraland Assets (MANA and NFTs) at first place, Pawnfi will provide more financial attributes to DCL players, maximizing the utility and enlightening builders/ investors/ players that their inventories are more than just “buy and sell” - in Decentraland Pawnfi can do bigger than that.

Grant size

30,000 USD

Beneficiary address

0x6A44e6C59e2Fa54962e67a70Dd0A34FdC117Be85

Description

Currently, the pain point of Asset inventory is that other than buy/ build and sell, there is no other way for NFT holders or Metaverse players to create liquidity and cash flow.

For this reason, mirroring the practice in real world that how we treat with many of our assets (Real estate for example), Pawnfi supports users to make fully use of their ERC-20/ NFTs: Not only can use it to apply for collateral loan, but you can at the same time rent out to others, and/ or place it for sale. That is, liquidity will be unleashed in different dimensions.

However, Pawnfi understands that it is not user friendly to make Metaverse players jump back and forth between third party platform and gaming environment. For this reason, Pawnfi’s vision is to directly build a native Centre in Decentraland. There are two parts in this Centre

Pawnshop:

Borrower:

In this Pawnshop, Pawnfi supports players to use their ERC-20 token (MANA) or NFTs (Wearables/ LAND) as collateral to borrow funds. While these collaterals are normally not accepted in outside world, Pawnfi will support them at first place to enable them obtain short-term cash flow (without selling it urgently to give up ownership for long!). Of course, based on our smart contract, they can place it for sale at the same time. That is, they can easily combine a “Loan + Sale” together.

Lender:

When visiting this Pawnshop, lenders with sufficient fund can provide short-term cash flow to borrowers and earn interest income. It can be a new use case of Play-to-earn.

Rental Centre

Builders:

Instead of selling their creations for one-time income, builders can place their wearables here and rent out to others. They can now change their creation into a long-term business and earn stable income.

Renters:

Given that building wearables is tech-knowledge required, players can only purchase from secondary market. However, wearables are seldom for investment purpose. That is, buying it is unlikely to be the most efficient way as players might not be able to sell it in the future. With this Rental Centre, renters can try out new wearables for short-term period without monetization issue. It will lower the threshold to have fun, which will attract more players to explore in Decentraland.

In conclusion, by supporting Decentraland Assets (MANA and NFTs) at first place and building a Panwshop/ Rental Centre directly in DCL world, Pawnfi wants to provide more financial attributes to DCL players, maximizing the utility and enlightening builders/ investors/ players that their inventories are more than buy and sell - in Decentraland Pawnfi can do bigger than that; and of course at the same time, Pawnfi also help the players to obtain the gaming experience without jumping back and forth between different platforms.

Specification

Pawnfi smart contract has been code audited by Peckshield and is a ready-to-launch platform. Our public testing in coming weeks will support all kinds of DCL assets. However, acquiring funding through DAO would help Pawnfi devote more to development, and hire UI designer/ architecture to build up a native pawnshop/ rental centre in Decentraland. Here is what Pawnfi plan to enhance and improve:

Pawnfi Platform UI Optimization To make the whole UI/ UX more accommodating to Decentraland and the overall experience more smooth, we’ll hire UI Designer to help to build a more solid Interface. This is a high priority because when go live we want to onboard DCL players at first place and make the UX more immersive.

Native Pawnshop and Rental Centre Pawnfi understands that it is not user-friendly to make Metaverse players jump back and forth between third party platform and gaming environment. For this reason, Pawnfi will directly build a native Centre in Decentraland. We will bring in developer/ architecture. It’s vital to ensure the user experience and audience can be kept in DCL world.

Build Relationship with Builders We want to onboard the best creators/ builders to place their new wearables in our Rental Centre. While Pawnfi will normally charge service fee for placing rentals, for DCL creators we will provide rebate, which means contributing our service revenue to DCL community.

For more details, please refer to product deck: https://drive.google.com/file/d/176naRyblIEVbvJ8NqV5VMbbm65feugAc/view?usp=sharing

Personnel

Wesley - Chief Executive Officer

CFA Charterholder with more than 5-year experience in investment and banking industry, leading security Lending & Borrowing business. Work on the whole financial logic for collateral loan/ lease/ sale.

Dirk - Chief Technology Officer

Former CTO at Yintech (NASDAQ:YIN), with more than 15-year corporate experience in Fintech software development and blockchain.

Stephen - Front-end engineer

Senior game developer from Tencent Timi Game Studio and 5-year experience in Blockchain development.

Black - Product Manager

3 years front end development experience at Yintech (NASDAQ:YIN), and 3 years experience as a PM in blockchain contributing more than 5 projects.

Roadmap and milestones

This project will be completed within 10 weeks. The roadmap is as follows:

• Week 1-2: UI/UX optimization of Pawnfi platform
• Week 3: Internal testing and final bug fixing
• Week 4 -6: Public Testing & Strategic Partners Announcement
• Week 7: Platform Mainnet Launch
• Week 8-10: Pawnshop and Rental Centre Building design in Decentraland
• Week 10: Pawnshop and Rental Centre open in Decentraland

We will update our latest progress via below channels:

• Website: https://pawnfi.com/
• Twitter: https://twitter.com/pawnfiofficial
• Discord: https://discord.com/invite/pawnfi
• Medium: https://blog.pawnfi.com/
• Telegram: https://t.me/pawnfiprotocol

Vote on this proposal on the Decentraland DAO