Under the Liquidity Dilemma of NFT, which solution has more potential?

The heart of the meta universe 2022-04-03 14:38:20 阅读数:210

liquidity dilemma nft solution potential

NFT People also place high hopes on mortgage solutions , It can be divided into centralized mode 、P2P Mode and fund pool mode .

For most people in the field of encrypted assets , Liquidity is very important . stay Defi There is mobile mining in the project , Providing liquidity for trading pairs can obtain Token Reward , There are money making services in centralized exchanges such as Ouyi , Just as time deposits lock assets for a certain period of time, they can get Token interest . But in NFT market , If you like one NFT Want to hold... For a long time , Then buy this part NFT The money is equivalent to being locked in for a long time . because NFT The unique characteristics of assets , Same series NFT There are also great differences between , And whether the transaction can be concluded is greatly affected by subjectivity , This can make NFT There is no uniform pricing standard 、 Valuation difficulties , And further led to most of the current NFT Are facing the problem of poor liquidity .

On the one hand, it is new NFT Projects are springing up , celebrity 、 Big brands have followed and launched NFT; On the other hand NFT The liquidity problem is becoming a limitation NFT An important factor in ecological development . How can we change liquidity from NFT Released from ?

In response to this question , There are also some proposals in the industry , They can be roughly divided into three categories , Namely NFT fragmentation 、 be based on NFT issue Token 、NFT Mortgage lending , Let's take a look at these schemes .


NFT fragmentation  

NFT Fragmentation refers to putting a complete NFT Divide yourself , Then the buyer can 1/N Get the whole price NFT Part of , Raise the price of by lowering the purchase threshold NFT The liquidity of .

But the plan faces NFT The risk that debris cannot be reorganized . If someone accidentally loses or destroys one of the fragments , You can't restructure and restore the original NFT, So all the other pieces NFT Will become worthless . Yes NFT For the holder , Using this scheme risks losing NFT The risk of , You have to pay a certain GAS fee , The return is equal to or less than NFT Its own value , In contrast, it's better to sell it directly NFT More efficient , Therefore, this scheme has few users .


be based on NFT issue Token

3 month 17 Japan ,Bored Ape Yacht Club(BYAC) Announce the issuance of ApeCoin(APE), Used in Web3 Build its decentralized community . And will be airdropped to hold BAYC and MAYC Users of , Token holders enjoy APE Exclusive access to Ecology , You can also be right about ApeCoin DAO Vote on your governance proposal . This is based on NFT issue Token Typical representative of .

Some projects are NFT Put forward a more grand narrative , For example, will NFT Into the meta universe 、Play to Earn In the game , Add release to the project Roadmap Token How to play , Introduction ERC-20 Token act as NFT Ecological currency , They tend to give NFT Issued by the holder Token. such NFT Holders can sell these Token Access to working capital , It can also be used. Token Carry out liquidity mining to earn income , Add your own NFT The lack of liquidity in .

But issue Token It is led by the project party ,NFT The holder is very passive here , And different projects Token The corresponding value still depends on NFT Its own ecological richness and landing ability , It doesn't mean much to ordinary projects . At present most of NFT The project issued Token Because there is no internal support , It has become a temporary bubble. .


NFT Mortgage lending  

NFT People also place high hopes on mortgage solutions , It can be divided into centralized mode 、P2P Mode and fund pool mode .

Centralized mode

The centralization mode is carried out by a centralized organization NFT Mortgage business , Similar to bank mortgages ,NFT The holder needs to fill in the application first , Then through mortgage NFT Access to liquidity , And you need to pay interest on it , Pay back on time . Compared with traditional assets ,NFT It belongs to high wave products , In order to control the risk , Such platforms often provide only a very small loan to value ratio . Besides , At present, this kind of business is only aimed at BAYC And CryptoPunks So the price is relatively stable NFT Project development .

For the Pledgors , The centralized platform can never eliminate the risk of platform running and personnel doing evil , This requires strong platform strength 、 Better reputation as an endorsement , To attract users to use .

P2P Pattern

NFT P2P Mortgage lending and real life P2P Borrowing is similar to , When lending on the corresponding platform, you need to mortgage first NFT, And set the desired currency and repayment time , Then wait for someone who is willing to earn interest NFT Mortgage order to quote , It is mainly to submit the loan amount and loan interest deemed appropriate by the lender . Similar to auction , Everyone can bid . then , You can choose an order with the best amount and interest rate from these quotations to complete the loan , But if the price you receive is much lower than your price for NFT Expectation of value , You can only continue to wait for other people's offers . If the loan demand is urgent , Then you have to make appropriate concessions , To get loans quickly . When the loan matures, you need to repay the principal and interest in time to get back the money in the smart contract NFT, Otherwise, it will be mortgaged NFT It will be automatically transferred from the smart contract to the lender's address .

This means that lenders have to bear the risk of borrower default , As a risk controller , They are targeting NFT The value of the project will be evaluated more carefully when quoting the loan demand , To try to match the loan slip at a reasonable price as much as possible . This not only gives ordinary projects the opportunity to get loans , It also perfectly solved the problem in the same series NFT The price is not difficult to quote .

In the lending experience , Because both the borrower and the borrower are interested in NFT It's hard to agree on the value of , In this way, it is difficult to ensure the response speed of loan demand , The uncertainty of lending also reduces the capital utilization of lenders .

Fund pool mode

The fund pool model can be divided into two types , One is to directly establish specific NFT series ( Such as Punk) And Token( Such as stable currency 、ETH) A new flow cell , Everyone who has a consensus on the series can put this Token Put it in the pool to earn interest ,NFT Owners can inject in the platform pool NFT Lend directly Token. The other is that users will NFT Put it in the pool , Casting a derivative Token, And can redeem the assets in the pool at any time , And then put these Token Put it into the liquidity pool to exchange for others Token.

In this mode , The loan has no maturity date , The interest rate is calculated based on the utilization rate of the asset . Oracle real-time monitoring NFT Floor price , If NFT The floor price fell to the clearing line , So this NFT It will be liquidated , And the system will compensate the clearing funds to the fund providers .

Compare with other schemes , In this way, transactions can be made immediately , The lender's funds can be directly left on the agreement to earn interest, and there will be no problem of capital guard , Therefore, the interest rate of this scheme is lower . however , The fund pool model has the problem of Oracle failure caused by price manipulation , And the possibility of being liquidated in series , And the current solution is basically NFT Average floor price for reference , This is right NFT The scarce models in the series are not friendly enough .


Scheme comparison  


( The picture comes from Ouyi Research Institute )


NFT In the context of Liquidity Dilemma , What kind of solution has more potential ?

Compare the advantages and disadvantages of the above schemes ,NFT The fragmentation scheme is at risk of irrecoverability , Few users ; be based on NFT issue Token Generally, the project side will promote ,NFT The holder is more passive , Exploration in this direction has yielded little success ;NFT Mortgage lending is a better solution at present . among P2P The model is more universal in project adaptation , Blue chip projects and general projects are likely to be matched successfully , But in terms of user experience , Its response speed is slow , The bidding system leads to that the credit may not match the order after quoting , It will cause the problem of capital guard . Centralized mode relies on strong platform endorsement , Don't serve the head only .

In contrast, the liquidity pool model can provide liquidity for both parties token Reward , Obviously, it has more advantages . To guarantee the mortgage in liquidation NFT Can successfully sell , Most of these projects control the liquidation risk by providing services for the head projects , Combined with the NFT The data on the chain can be checked, which can effectively avoid single NFT Occurrence of repeated pledge , So who can attract more mainstream in this kind of project first NFT Access , Who has the advantage .

Of course , Compare the whole NFT People in the market , The number of users attracted by the above mobility scheme agreements is still very small . The reason is , On the one hand, the current liquidity scheme is not universal , Tend to be more friendly to blue chip projects , The holders of blue chip projects belong to minorities ; On the other hand , Now there are many every day NFT Projects have sprung up , so to speak NFT Development is still in its infancy , The pattern has not been formed , There are still greater opportunities in new projects . stay NFT In the eyes of the user community , Compare individual NFT There are several projects at every turn ETH The sharp rise in floor prices ,NFT The benefits of liquidity agreements are insignificant , So first, their eyes are more focused on discovering new projects .

With NFT Sustainable development of Ecology , The problem of liquidity is bound to become NFT Key points of breaking through the bottleneck of development in the field , solve NFT The agreement on liquidity issues will capture great value in the future .

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