Proposal for Applying investment on NPics from the BendDAO Treasury

Final BIPs
,
#1

Authors: NPics

Date Created: 27th July

Date of Posted: 27th July

Summary

This proposal is for seeking BendDAO’s investment in the seed round financing of NPics.

BACKGROUND

NPics is the first NFT leveraged trading platform for Web3. The NFT down payment purchase function on NPics is completed owing to the adoption of the NBP protocol. We reckon that BendDAO is the optimal financing platform among the current NFT lending protocols for mortgage and risk Management, which also in return, makes NPics one of the BendDAO ecosystem builders and BEND hodlers. We will communicate with the community here about the investment from the BendDAO Treasury, to strengthen the cooperation between NPics and BendDAO as well as co-build the Best liquidity for bluechip NFT trading.

MISSION & VALUES ALIGNMENT

NPics is one of the BEND token hodlers and the builders of the BendDAO ecosystem. Investment in NPics is a strong reflection that the BendDAO Treasury cares for valuable co-builders to together bettering the ecosystem, which is also in line with the original intent of the BendDAO Treasury.

SCOPE OF WORK

As members of the BendDAO community, we drafted this proposal in a sincere hope that the BendDAO Treasury will invest in the seed round of NPics in the form of BEND tokens equivalent to a minimum of 20,000 USDT.

SPECIFICATION

NPics is building the first Web3 leveraged NFT trading platform. A bottom-up NFT infrastructure is built to create an everlasting liquidity engine for the NFT industry. Through the innovative application of NFT + DeFi, the NFT trading marketplace is used as a vehicle to allow users to safely, securely and anonymously leverage significant capital exposure and hedge the value of NFT, stimulating, securing and accelerating the growth of NFT liquidity in multiple means and phases.

In comparison with other NFT-Fi products, the central focus of NPics’ is not on how to help NFT holders dispose of the NFT they already own, but on how to help effectively lower the barrier to entry for potential NFT investors as well as improve capital utilization, which will allow more people to have the opportunity to interact with their favorite NFTs, thus providing front-loaded liquidity to the NFT market.

The NBP protocol in NPics completes the full process of “Flash Loan - NFT Purchase - NFT Lending - Flash Repayment” in a single smart contract with the generation of a Vault, which symbolizes that the NBP protocol acts as the core component of the NPics. The Vaults require over-collateralisation and have a liquidation ratio that the Vaults owner needs to maintain to avoid liquidation.

The Vaults has no fixed repayment schedule, no minimum repayment requirements and no credit history requirements. Each Vault is managed separately and users can repay at their own pace as long as they ensure that the Vault is properly secured. Users can also manage their own Vault, including but not limited to selling, transferring of ownership and profit settling.

NPics uses the HP (Health Factor) score to determine the liquidation criteria and a Health Factor of 1 will trigger the liquidation of user debt. Liquidation is carried out on the NFT pledge platform - an ecosystem partner of NPics’. Once liquidation has occurred, users will need to go to the platform via the Vault to continue tracking the status of the pledge order.

NPics uses BendDAO the best NFT lending protocol in the market for NFT pledged borrowing. NPics will not take a penny from any BEND token incentive generated by the BendDAO for the user, which means users can collect all BEND rewards directly through the NPics dashboard.

In order to increase the liquidity of NFT debt and allow that debt to change hands, we designed the mechanism of NEO+NBP. Each NFT debt ( boundNFT) will be held by an independent NBP (NFT Backed Position) smart contract, which is controlled by the corresponding NEO NFT. Holding a NEO-NFT means having a collateralized debt position, which can be freely transferred and sold. Likewise, the address will receive all claimable yields and airdrops while holding NEO-NFT.

FINANCIAL IMPLICATIONS

  1. Fundraising information:Seed round: 8% of total distribution, valuation of US$12 million; 12% of total investment is released after a three-month lock-up, then 11% unlocked quarterly for 8 quarters.Strategic round: 14% of total distribution, vesting over 24 months.
  2. NPics will airdrop to BendDAO community users at a good timing.

SUCCESS METRICS OR KPIS

BendDAO Treasury invests in NPics’ seed round with a minimum of 20,000 USDT equivalent in the form of BEND tokens.

NEXT STEPS

Receive funding in the form of BEND tokens from the BendDAO Treasury.

MY BACKGROUND

Website: https://www.npics.xyz/

Twitter: https://twitter.com/NPicsNFT

Discord: NPics

Telegram: Telegram: Contact @npicsannouncement

Medium: https://medium.com/@npics.xyz

Github: GitHub - NPICS/npics-xyz-website: Npics.xyz is a primary website online resource for the NPics community.

  • Agree
  • Disagree

0 voters

5 Likes
#2

It is done really very well. respect!

1 Like
#3

This project looks pretty good… :wave: :wave:

1 Like
#4

Looking forward to the future

1 Like
#5

We believe that blue-chip NFT as the bulk assets, and the spot volume is far less than that of futures. Futures will be the future. The market for front-loaded liquidity products will be a blue ocean. WAGMI

1 Like
#6

welcome every project build on BendDAO’s liquidity.

#7

NPics Funding Proposal [DAO Treasury]

Modified Version(Sep 7th)

Summary

This proposal is for seeking BendDAO’s investment in the seed round financing of NPics, which proposed to deeper cooperation with the BendDAO in building the NFT Liquidity Infrastructures as both programs progressed.

BACKGROUND

NPics is the first NFT leveraged trading platform for Web3. As a pioneer of the front-release NFT liquidity tool, we’ve dedicated to and built a full functioning and user-friendly NFT marketplace. The NFT one-click down payment purchase on NPics is implemented through the NBP protocol, which allows automatic routing of available listings and financial services as the users click loved NFTs to buy.

As the core section of NBP protocol, NPics reckon that BendDAO is the optimal Banker among the current NFT lending protocols for mortgage service and risk management.

  1. Through NPics Marketplace, users can automatically stake the purchased NFT to BendDAO once they accept the terms of BNPL service.
  2. NBP protocol will also sync BendDAO as NFT holders’ ture ownership(any claimable airdrops and rewards) by minting a transferable and approvable NEO-NFT, the related boundNFT will be held by the separate NBP protocol as a debt NFT which provide the vault functionality.
  3. NBP reserves all Bend rewards to NEO-NFT holders which can be claimed anytime. The unclaimable Bend token will be dropped to owners’ addresses once they repay all debt.

MISSION & VALUES ALIGNMENT

As one of the core closing loops in NPics Downpayment business, Benddao makes great business sense. Whether it is the NFT lending or the expansion of BEND token holders to help BendDAO ecological development, NPics will be able to provide strong support for Benddao’s ecological development.

SCOPE OF WORK

As members of the BendDAO community, NPicswe drafted this proposal in a sincere hope that the BendDAO Treasury will invest in the seed round of NPics in the form of BEND tokens equivalent to a minimum of 20,000 USDT.

  1. As one of the Investors in NPics seed round, the potential incentives for BendDAO community will also be well-considered.
  2. BendDAO will be set as the whitelisted of the lending protocols router (the selected logic is the one with available funds more than 1000E which provided the lowest DP amount and the highest APY);
  3. The unclaimed BEND reward of non-performing assets in NBP protocol that have not been claimed will be mortgaged as veBend;
  4. NFT listings on Bendao will be directly displayed NPics " Second-luxury NFT market (without royalty fee)".
  5. On the devs side, NPics will regularly synchronize development plans with BendDAO team; On the marketing side, co-brands exposure and participate in BendDAO’s community routines and governance;

SPECIFICATION

The prototype of NPics was conceived in February, and two months later the teams was formed. The beta version of NPics was launched in June. NPics’ vision is to serve as a liquidity engine of NFT. Lower the trading threshold and unlock the liquidity of NFT through core modules such as leveraged trading and fragmentation.

Here’s product outline of NPics

NFT leveraged trading

1.Blue-chip NFT Downpayment(V1.0 version)

1.1 Current features:

  • The NFT one-click down payment purchase, which is completed owing to the adoption of the NBP protocol, which allows automatic routing of available listings and financial services as the users click loved NFTs to buy.

  • Flexible debt position management. In addition to the regular repayment and redemption of NFT, NPics also supports the management of NBP smart contracts bound with debt relationships through NEO-NFT, and users can freely transfer and trade the sale of NEO-NFT, including the transfer of ownership of bound NFT and the settlement of profits after the transaction is completed.

  • By providing pre-liquidity to the NFT market through the NFT Based Protocol, users are able to purchase NFTs at 60% or less without credit guarantees, no time limits and no minimum repayment requirements. It supports one-click sale of the NEO-NFT, which is anchored to the original one.

1.2 Valid Information

  • Available marketplaces: OpenSea, LooksRare, x2y2, NFTX and sudoswap.
  • Available lending protocols: BendDAO (online), 3 (preparing).
  • Current users amount: 24
  • Platform Fees: there is no fee for NPics, only gas fee for purchase and repayment.

2.NFT hedging protocol (Q3 2023)

No details yet

NFT Fragmentation Tool (V2.0 version, Q4 2022)

  1. NFT fragmentation protocol to achieve NFT -NFT20 (Fragment) -ETH super swap

It allows the creation of any NFT index token liquidity. Once a collection of NFTs be added to the market, the corresponding fragment contract will be created, the initial NFT20 will be minted and the liquidity pool will be created to enable NFTs-NFT20s-ETH.

  1. Focused on NFT fragment trading

A NFT can be swapped into NFT20s by selecting the default ratio of 1:10,000 or the desirable ratio, depending on the value accepted by the holder. And NFTs can only be purchased or redeemed through NFT20s.

  1. Rebalance liquidity regulation

The protocol regulates the zone distribution of liquidity at timed intervals to avoid the situation where liquidity is drained by the circulating fragments. In addition, a rebalancing is automatically triggered when an action occurs in which an NFT is swapped into fragments.

NFT Vaults (NFTs with outstanding debts) Trading

  1. Vault marketplace:

NPics will support all types of debt in the form of original NFT pending orders to sell. It’s more like a secondary-luxury market, which asks for no royalty fee.

  1. Vaults PMM foundation:

A fund for vaults positive market making, automatic placing offers and adjusting price at 10-15% below the floor price to achieve stable income.

FINANCIAL IMPLICATIONS

  1. Fundraising information:

Seed round: 8% of total distribution, valuation of US$12 million; 12% of total investment is released after a three-month lock-up, then 11% unlocked quarterly for 8 quarters.

Strategic round: 14% of total distribution, vesting over 24 months.

  1. This proposal aims to raise a minimum of 20,000 USDT equivalents in the form of BEND tokens in seed round. The fund will be used for team operations of NPics and subsequent marketing on NPics and partners.

SUCCESS METRICS OR KPIS

BendDAO Treasury invests in NPics’ seed round with a minimum of 20,000 USDT equivalents in the form of BEND tokens.

NEXT STEPS

Receive funding in the form of BEND tokens from the BendDAO Treasury.

BACKGROUND

Website: https://npics.xyz

Twitter: https://twitter.com/NPicsNFT

Discord: NPics

Telegram: Telegram: Contact @npicsannouncement

Medium: NPics – Medium

Github: NPics · GitHub

All BEND stakers are members of BendDAO.

Quorum: 24M veBEND (10% of the total supply)

Pass Rate: 80%

The voting will last for 7 days.

1 Like
#8

It is great to see other project proposals based on BendDAO.In order to push the proposal forward, I will make the following suggestions in the process.

  1. The first thing is that the proposal is financed by the BendDAO treasury, and Communit decises the assets in BendDAO treasury, so you need to get the support of the community.
  • The forum - The platform for Elite users（Already done）
  • Twitter - The main platform for all users
  • Discord - The platform for active users
    It is clear that communication on the forum is not effective, so you need to increase some Communication on other platforms（Twitter & Discord）.

  1. Add a team introduction section, the team is the most important part of financing

  2. Lastly and most importantly, the community cares about NPics helps BendDAON.
    (For example,How much NFT collateral can be added? Specific calculations are desirable )
    It can best be illustrated in the context of BENDDAO’s roadmap, where proposals that can drive benddao’s next route will likely be promoted as a priority

#9

First, Tks for your respect and kind reply.
Regarding the lack of interaction with our community (like dc, Twitter), there’s already disclosed a channel for us( tks for BendDAO’s team again) :

We will keep you updated on our developments;

How about organizing an open space this week/next week, or simply be a spokesperson in Big BenD Theory? Or an both side AMA with some poaps for attendance~

Team Brief introduction is below and for sure it’s essential for any programs.

The Team Behind NPics:

We’re Cloud Office like BendDAO, mainly members in Singapore, US, and Mainland. Here

Leon Lee, CEO, Co-founder. Founder of Bitwhale Capital. 10+ years of experience in Blockchain, Mobility, and Telecom industries. Serial Entrepreneur & Advisor of high-performing start-ups. DeFi-maximalist, well versed in NFTs and GameFi.

Ant Pong, Head of devs, Co-founder. Former Lead Smart Contract Engineer @Bounce.finance. Engaged in blockchain since 2017. Ertified Solidity Developer. Openzeppelin expert. Experienced and thorough development of DeFi.

Kimi Chow, COO, Co-Founder. Former COO @Solo.top. Overseen PR campaigns for many of 30+ blockchain clients, creating and executing multi-faceted, integrated media campaigns, fulfilling strategic direction.

Ken Hung, Makerting Leader. Former Chinese Community Manager@Arweave. 5+ years in Community Manager & Marketing for Blockchain. Master of Management, University of Edinburgh.Specialist in decentralized storage, DeFi, and Layer1.

Clark Yan, Legal Adviser. LLM (Master of Laws), Peking University. Former manager of legal department@GuoruiProperties Ltd. Independent Researcher, global blockchain policy and financial environment.

As for the business volume of that NPics can bring to the table:

As a core part of the NBP protocol, NPics believes that BendDAO is the best banker for collateral services and risk management in the current NFT lending protocol. Therefore, we are complementary individuals and the data needs to be validated by the market and we are confident it will work well.

#10

Real business volumes will certainly need to be verified by the market, but NPics should give theoretical figures (which need to be calculated) based on your own business objectives and expectations

#11

Any team is welcome to build application based on BendDAO and can make proposal for funding from treasury but the rule is clear and NPics should do more communication in the community to get more vebend votes for this proposal, BendDAO team would be more stay silence for any proposal from treasury, the treasury mulisig should be delivered to the community in the future, which should not belong to the dev team.