Cardinal

Cardinal

Project Description

Among other things, the Cardinal protocol provides a way to wrap NFTs with time and usage based expiry. For the hackathon, we have applied this aspect of the protocol in building a templated rental marketplace for NFT and blockchain gaming projects to securely rent out assets. Unlike collateralized loans and escrow-based rentals, this protocol, dubbed the token-manager, allows the renter to hold the asset in their wallet. Owners/issuers can issue their NFTs as rentals with custom invalidation parameters including price and duration. Borrowers/renters can pay to claim an available rental from the marketplace pool, and after the specified amount of time has expired, the NFT will be programmatically revoked from their wallet and returned to the owner. Our team is excited to share a video demonstration of an integration between the Cardinal protocol and the Portals metaverse that demonstrates this functionality. The video illustrates a basic portals-themed p2p rental marketplace flow in which a holder of a Portals NFT access card successfully rents it out to a willing patron that then uses it to access the metaverse. At the end of the rental period, the card is programmatically revoked from the renter’s wallet and returned to the original holder. For anyone that is unfamiliar, Portals is a browser-based metaverse that focuses on a frictionless and immersive user experience. It facilitates seamless digital interactivity with a variety of settings that include a dense city center and private residences. Currently, the Portals metaverse can only be accessed with a limited edition Portals access card NFT of which there are three tiers: Ivory, Onyx and Vision. The demand for access has been immense, and the price to acquire one of these cards has risen considerably as a result. For many hopeful entrants, it’s no longer feasible to purchase a card and is thus not possible to participate. The Portals team has identified this dynamic and begun working on renting and lending initiatives to bridge the gap. These initiatives have led to a collaboration with our team at Cardinal where we’ve built a managed NFT utility protocol that facilitates un-collateralized renting/lending on Solana. Leveraging our protocol, Portals users can participate in a fully secure rental economy in which access card owners can securely rent out their tokens to one another. To rent out a card, a holder can simply navigate to a marketplace like the one shown in the video, connect their wallet, select their desired rental parameters (price, duration, etc.) and issue their card into the available rental pool. At that point, anyone can navigate to the rental pool and claim the token according to the owner-specified parameters. Once claimed, the token is transferred from the pool into the renter’s wallet where it will remain for the duration of the rental. Because the NFT access card is genuinely transferred to the renter’s wallet, the Portals platform’s check for ownership passes seamlessly when they attempt to enter the metaverse. What’s special about our protocol is that in spite of the fact that the NFT is transferred, it is still programmatically impossible for the renter to default. It remains locked in the renter’s wallet until the agreement expires at which point it is automatically revoked and sent back to the original owner. Gated access will be a massive theme in the future of the metaverse, and we’re excited to work with the Portals team to pioneer the evolution of the token economies that surround it. Testing: git clone https://github.com/cardinal-labs/cardinal-token-manager.git cd cardinal-token-manager make Mainnet Demo App (**PLEASE note that we are currently in the middle of our protocol audit) https://main.cardinal.so/ Devnet Demo App https://dev.cardinal.so/

Additional Information

Main Website https://www.cardinal.so/ Twitter https://twitter.com/cardinal_labs Gitbook Documentation https://docs.cardinal.so/ API Documentation https://cardinal-labs.github.io/cardinal-token-manager/ Twitter Namespace Claim UI https://twitter.cardinal.so/

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