GhostNFT - A collateral-free, non-ownership-transfer, application-oriented NFT rental protocol and marketplace

Dora Grant DAO
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Hi, Dorahacks Community.

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GhostNFT is a collateral-free, non-ownership-transfer, application-oriented NFT rental protocol and marketplace. We hope to bring safety, efficiency and composability to NFT rentals.

Many believe that we are on the eve of NFT applications/utility NFTs breakout. NFTs have wide variety of utility in both online and offline NFT applications. NFT owners could get profit by using the NFTs in the applications, but he/she may not have enough time or resource. Users who want to participate in the applications may not own NFTs, buying NFTs may also costs a lot. This is where the idea of NFT rental comes up.

Problem

Currently there are some NFT rental marketplace backed by either:

  • Traditional collateral-based NFT rental protocol

  • Inovative rental protocals such as ERC4907

Both NFT rental protocal/marketplace are base on ownership-transfer machanism which brings some issue:

  • Asset may not be safe – one has to transfer NFT/collaterals to rental platform or borrowers.

  • Financial inefficiency – collaterals have to be locked during rent term. NFTs have to be transfered which may cause potential loss of airdrop opportunities.

  • When one NFT is rent in one application, it can not be rent in other applications in the same period.

  • When some application team need to list one or more NFT collections to existing rental marketplace, they can not list the collections by themselves-- they have to communicate with the marketplace, maybe also have to wait in line to list their target NFT collections.

Our Idea and Solution

We introduce a non-ownership-transfer rental mechanism, the process is as below:

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  1. Lessors register authentication of usage of their NFTs(list for rent) instead of transfer their NFTs to the platform, set up rent and rental terms. The platform record the NFT metadata. As the lessors do not need to transfer the NFTs, they have to pledge some guarantees for not transfering the NFTs to others during rental term.

  2. Renters pay the required rent to the rental platform.

  3. If ANYONE finds out that the lessors transfer their listed NFTs to others in the rental term, he/she can claim a fixed portion of their guarantee and distribute rest guarantees to the lessors and the applications to cover their loss.

  4. If the lessors keep their promises during the rental form, they can get back their guarantees.

  5. The applications dev team need to integrate the rental protocol to their code, which is pretty EASY. Once the integration is finished, the dev team can list the target NFT collections using self-service lising function provided by GhostNFT marketplace.

Current Developing Status

  • We have finished the EVM version and flow version contracts. Both sets of contracts have been deployed on Ethereum goerli, Klaytn baobab and Flow testnet. Application teams and individual users are welcomed to try on https://testnet.ghostnft.fun

  • We have won 3rd price in Wanxiang hackathon summer 2022 held by Shanghai Wanxiang Blockchain Inc. in Nanjing, China.

  • We have won Best Thematic Expression Award in Web3 Jam 2022 Summer held by Flow/Tintin.

  • We are now developing aptos contracts and plan to deploy fully-functioning contracts in November 2022.

Revenue Model

We will issue token GNFT for lender to pledge guarantee.

The first 100~200(to be determined) applications that integrate GhostNFT protocal will get GNFT airdrops for their users.

  • GNFT token for lenders’ guarantee.

  • Rental fee.

Fundings

We are requesting for a $40,000 USD grant from the Dora Grant DAO to accelerate the development, deployment and marketing/operation initiation:

Milestone 1: $8,000 USD

We estimate to complete this milestone by December 2022. These funds will be deployed towards:

  • Website design optimization.

  • Aptos smart contract develop/testing/deployment.

  • Business partnership developing.

Milestone 2: $18,000 USD

We estimate to complete this milestone by Janurary 2022. These funds will be deployed towards:

  • Technical Writing: improved documents/tutorials.

  • Smart contract gas optimization.

  • Smart contract code audition.

  • Marketing initiation.

  • Community initiation.

Milestone 3: $14,000 USD

We estimate to complete this milestone by May 2022. These funds will be deployed towards:

  • Marketing: Influencer/KOL partenership developing.

  • Community developing.

Resources

Demo: https://testnet.ghostnft.fun/
Demo Video: GhostNFT video demo for klaytn - YouTube
Dorahacks Buidl: GhostNFT NFT rental protocol and marketplace | BUIDL | DoraHacks