Pawn Protocol

Pawn Protocol

Project Description

Project Description According to statistics compiled by blockchain analytics firm Chainalysis Inc., the NFT marketplace grew to almost $41 billion in 2021, closing in on conventional art sales. NFTs are a fast-growing asset class, but no reliable solution exists to borrow against them at present. Therefore, we’ve decided to adopt a real-world solution for NFTs - pawn shops. In real life, if we find ourselves short of cash, we could find a local pawnshop to borrow money using our assets as collateral. These assets could be anything from a baseball card collection to a vintage watch. While pawnshops do not have the best reputation, the model offers us a neat solution. A decentralized pawnshop - Introducing the Pawn Protocol. The Pawn Protocol allows a crypto holder that seeks short term, high-interest investment to open a digital Pawn Shop and lend out crypto to other NFT owners who want to quickly access liquidity. The protocol uses smart contract technology to automate and secure all transactions. It also utilizes cross-chain technology to let other NFTs owners from different blockchain borrow crypto and reduce the gas fee with Wrap NFTs. NFTy Lend is the first Decentralized Application built on top of the Pawn Protocol and we will support more dApp projects to utilize the protocol in the future. We hope that we can be a reliable solution for NFTs owners to access liquidity and crypto holders to invest in a much safer and more transparent environment. Testing Instruction Is provided in the introduction video.

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