NFT marketplace enabling P2P DeFI

[IMPACT]

How can we bring the marketplace to life by allowing creators and owners to earn passive income on their assets in a free-market fashion?

We are trying to create a marketplace that will enable P2P DeFI through non-interest-bearing lending with ulterior incentives, non-collateralized borrowing, community empowered short to long term savings and predictable looping cash out.

The solution is simple, incentivize the community to lend without necessarily earning interest. Allow community members to borrow with no collaterals, without paying interest and build a stronger credibility profile over time within the community. Allow community members to play a one-of-a-kind predictable pooling cash out. All this is enabled and empowered by the NFT marketplace. There is no such product as this in the crypto industry, a platform with heavy transaction driven use cases in the form of a free market.

Communities around the world predominantly in Africa and Asia for hundreds of years have relied on each other for decentralized lending and borrowing to build and prosper. It is more cost effective and promote a healthy ecosystem. The current system preys on borrowers even in the Crypto verse. According to the Federal reserve, Commercial bank interest rates on the average credit card in 2020 was 16.28% with a projection for this number to reach 17.13% in Q3 of 2021. Parallelly, according to an article published by Forbes business in OCT 2021, the average interest rate for a business loan ranges from 2-13%, 7-100% for online business lender, and 20-250% for merchant cash advance. Based on data provided by the Consumer Finance Protection bureau, in 2018 Americans paid $119 billion in credit card interest and fees, 128 billion in 2019, 117 billion in 2020 and the number goes on.

Our proposed solution will build a sustainable bridge between NFTs and DeFI. It will allow artists and owners to earn passive income on their NFTs along with all the other functionality of a marketplace. The community is in charge of lending and borrowing and it is interest free. Transaction driven use cases and will foster the adoption of Cardano by many folds.

Great Legal advising on some of the intricate use cases.

Enlisting capable and talented individuals for the development effort.

Community development through adequate marketing.

Great blockchain & technical advising.

[FEASIBILITY]

NFT is growing by lips and bounds everyday as new use cases are discovered overtime. Some are projecting its market cap to reach a weeping 80 billion by 2025. The boom of the DeFI industry on the ETH ecosystem is no secret to anyone. These are here to stay and the use case we are bringing to life by combining these two is a proven use case that has been at play since the break of dawn in African and Asian communities.

Our product is a self-sustaining ecosystem I personally have been taking part in for years. When executed to perfection, it will bring a lot more people into the fold of the Cardano Ecosystem. It will revolutionize the lending and borrowing industry and foster healthy competition. It is traction driven and will force money to be locked into the protocol for longer period of times.

To bring the project to life we will need to source the development effort within Cardano.

1. Project Conception

2. Multi-chain NFT Marketplace development

3. Crypto currency development

4. Seed Sale

5. Whitepaper Release

6. Risk Factor calculation

7. Public Sale

8. Lending and Borrowing introduced

9. Looping concept introduced

9. Dex

10. Community fund raising

Marketplace cost ranges from $120K – 150k depending on the number of features, the level of customization, the tech stack, developers’ cost, and third-party API integration note counting a mobile app which we will need to have in order to fulfill the promise of this marketplace.

The DeFI exchange typically cost $320K at the floor if built from scratch. Given that we are not only creating a DEX, but instead incorporating many more use cases, and the marketplace being multi chain we predict the cost to a moderate $650K.

Mohamed Kante completed his undergraduates in Information Systems and his graduate degree in Cybersecurity. Mohamed has near to 10 years of experience working in the IT industry in many leadership roles counting his last one where he is the Enterprise Lead for the Department of Homeland Security HQ and its 11 components. Parallelly, Mohamed has been serving since 2011 and now is an officer in the U.S. Navy Reverse as an Information Professional.

Sory Kante graduated as a double major for his undergraduate in Computer Engineering and Mathematics. He has since been working as a full stack software Architect and developer for various agencies and industries. He is known for piloting and developing entire web-apps. Sory has also been serving close to 8 years as a Logistic Specialist in the U.S. Navy Reserve.

[AUDITABILITY]

We hope to use the Incremental Milestones approach and tackle the project in a step by step fashion attempting to stay glue to the roadmap as closely as possible. we will measure progress by subtask completion within each milestone. These are areas that will evolve as we learn more and open to as much objective suggestions as possible.

- Successful completion of all milestones/roadmap items as previously displayed.

- Establishing non-collateralized and interest free borrowing + no interest bearing lending

- Drives Cardano community adoption to new height

- Replaces traditional marketplaces as we know it by taking they market share given the underlining use cases provided

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