[DAO: QmYfhFQ] Pawnshop and Rental Centre in Decentraland (resubmission)

Governance
1

by 0x92e4f1731f2ef18856ed6592fcc0bf55f37c2e1f

Should the following Tier 4: up to $60,000 USD, 6 months vesting (1 month cliff) grant in the Content Creator category be approved?

Abstract

Pawnfi is a Non-Standard Asset platform that supports all the user to put their ERC-20 tokens or NFTs (721/1155) in work. That is, Pawnfi enables NFT/ GameFi/ Metaverse players to create Pawn (collateral loan), Lease (rent), and Sale purposefully or simultaneously within one transaction.

By supporting Decentraland Assets (MANA and NFTs) at first place, Pawnfi will provide more financial attributes to DCL players, maximizing the utility and enlightening builders/ investors/ players that their inventories are more than just “buy and sell” - in Decentraland Pawnfi can do bigger than that.

Grant size

30,000 USD

Beneficiary address

0x6A44e6C59e2Fa54962e67a70Dd0A34FdC117Be85

Description

Currently, the pain point of Asset inventory is that other than buy/ build and sell, there is no other way for NFT holders or Metaverse players to create liquidity and cash flow.

For this reason, mirroring the practice in real world that how we treat with many of our assets (Real estate for example), Pawnfi supports users to make fully use of their ERC-20/ NFTs: Not only can use it to apply for collateral loan, but you can at the same time rent out to others, and/ or place it for sale. That is, liquidity will be unleashed in different dimensions.

However, Pawnfi understands that it is not user friendly to make Metaverse players jump back and forth between third party platform and gaming environment. For this reason, Pawnfi’s vision is to directly build a native Centre in Decentraland. There are two parts in this Centre

Pawnshop:

Borrower:

In this Pawnshop, Pawnfi supports players to use their ERC-20 token (MANA) or NFTs (Wearables/ LAND) as collateral to borrow funds. While these collaterals are normally not accepted in outside world, Pawnfi will support them at first place to enable them obtain short-term cash flow (without selling it urgently to give up ownership for long!). Of course, based on our smart contract, they can place it for sale at the same time. That is, they can easily combine a “Loan + Sale” together.

Lender:

When visiting this Pawnshop, lenders with sufficient fund can provide short-term cash flow to borrowers and earn interest income. It can be a new use case of Play-to-earn.

Rental Centre

Builders:

Instead of selling their creations for one-time income, builders can place their wearables here and rent out to others. They can now change their creation into a long-term business and earn stable income.

Renters:

Given that building wearables is tech-knowledge required, players can only purchase from secondary market. However, wearables are seldom for investment purpose. That is, buying it is unlikely to be the most efficient way as players might not be able to sell it in the future. With this Rental Centre, renters can try out new wearables for short-term period without monetization issue. It will lower the threshold to have fun, which will attract more players to explore in Decentraland.

In conclusion, by supporting Decentraland Assets (MANA and NFTs) at first place and building a Panwshop/ Rental Centre directly in DCL world, Pawnfi wants to provide more financial attributes to DCL players, maximizing the utility and enlightening builders/ investors/ players that their inventories are more than buy and sell - in Decentraland Pawnfi can do bigger than that; and of course at the same time, Pawnfi also help the players to obtain the gaming experience without jumping back and forth between different platforms.

Specification

Pawnfi smart contract has been code audited by Peckshield and is a ready-to-launch platform. Our public testing in coming weeks will support all kinds of DCL assets. However, acquiring funding through DAO would help Pawnfi devote more to development, and hire UI designer/ architecture to build up a native pawnshop/ rental centre in Decentraland. Here is what Pawnfi plan to enhance and improve:

Pawnfi Platform UI Optimization To make the whole UI/ UX more accommodating to Decentraland and the overall experience more smooth, we’ll hire UI Designer to help to build a more solid Interface. This is a high priority because when go live we want to onboard DCL players at first place and make the UX more immersive.

Native Pawnshop and Rental Centre Pawnfi understands that it is not user-friendly to make Metaverse players jump back and forth between third party platform and gaming environment. For this reason, Pawnfi will directly build a native Centre in Decentraland. We will bring in developer/ architecture. It’s vital to ensure the user experience and audience can be kept in DCL world.

Build Relationship with Builders We want to onboard the best creators/ builders to place their new wearables in our Rental Centre. While Pawnfi will normally charge service fee for placing rentals, for DCL creators we will provide rebate, which means contributing our service revenue to DCL community.

For more details, please refer to product deck: Pawnfi Product Deck - DCL.pdf - Google Drive

Personnel

Wesley - Chief Executive Officer

CFA Charterholder with more than 5-year experience in investment and banking industry, leading security Lending & Borrowing business. Work on the whole financial logic for collateral loan/ lease/ sale.

Dirk - Chief Technology Officer

Former CTO at Yintech (NASDAQ:YIN), with more than 15-year corporate experience in Fintech software development and blockchain.

Stephen - Front-end engineer

Senior game developer from Tencent Timi Game Studio and 5-year experience in Blockchain development.

Black - Product Manager

3 years front end development experience at Yintech (NASDAQ:YIN), and 3 years experience as a PM in blockchain contributing more than 5 projects.

Roadmap and milestones

This project will be completed within 10 weeks. The roadmap is as follows:

  • Week 1-2: UI/UX optimization of Pawnfi platform
  • Week 3: Internal testing and final bug fixing
  • Week 4 -6: Public Testing & Strategic Partners Announcement
  • Week 7: Platform Mainnet Launch
  • Week 8-10: Pawnshop and Rental Centre Building design in Decentraland
  • Week 10: Pawnshop and Rental Centre open in Decentraland

We will update our latest progress via below channels:

Vote on this proposal on the Decentraland DAO

View this proposal on Snapshot

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Pawnshop and Rental Centre in Decentraland (resubmission)

This proposal is now in status: PASSED.

Voting Results:

  • Yes 99% 14,665,198 VP (18 votes)
  • No 1% 274,690 VP (4 votes)
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Pawnshop and Rental Centre in Decentraland (resubmission)

This proposal has been ENACTED by a DAO Committee Member (0xfe91c0c482e09600f2d1dbca10fd705bc6de60bc)

Vesting Contract Address: 0x07b9fbb0b836f55dd4c19e79b1d673b3c83dcaaa

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Hi Pawnfi team! How’re you doing?

I’m Pablo from Decentraland’s Grant Support Squad (Grant Support Squad).

We’re beginning our journey, whose mission is to support grantees to update their progress and achieve their goals, and thus contribute to grow this great community that is Decentraland.

Which channel (Discord, email, other) do you think would be the most efficient to be in contact with you? Please let us know your address so we can reach out.

Also we will create an exclusive Discord Channel for your Grant (in the DAO Channel) and would be great if you send us an email adress for easier communications.

We are excited to hear from you!

Pablo

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What is the current status of this Grant?

1 Like
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Dear community and members of the DAO Committee.

As a member of the Grant Support Squad I have tried to contact the grantee several times (without success) and as part of our responsibilities it is our responsibility to hold grantees accountable for the proper use of the DAO treasury in the Grants program.

The failed contact attempts are the following (apendix):

  • 1st contact attempt - June 6th: CEO’s Twitter + Pawnfi Discord + NSALabs (asked everyone about the grant)
  • 2nd contact attempt - June 13th: DCL Forum (proposal) + Grant Discord Channel (DAO DCL)
  • 3rd contact attempt: - June 23th: DM CEO in Discord + Grant Discord Channel (DAO DCL). We especially ask them to show progress in the next 5 days.

In addition, we couldn’t find any project email addresses and had no responses on Discord (neither on their channels nor DCL channels nor DM). We also had no response on Twitter, the Decentraland Forum (proposal page), nor through their platforms.

At the same time, we note that:

  1. There are no monthly grant updates/reports (it is now almost 5 months since the grant was passed/enacted).
  2. No one withdrew the money from the vesting contract.
  3. We couldn’t find the project and we couldn’t find any results.

Consequently, in order to protect the funds of the DAO, the Grant Support Squad suggests to the DAO Committee to immediately revoke the grant’s vesting contract. If revoked now ~$5,000 DAI unvested funds will be returned to the community fund.

The Grant Support Squad

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The DAO Committee has revoked the vesting contract and $4,925.82 DAI were returned to the DAO.

View transaction.

1 Like
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@palewin Hey Pablo, truly apologize for the late reply. I have reverted on both Twitter and Discord.
Was under quarantine due to COVID symptoms.

Do you think we can set up a TG group for more discussion on this topic? @WesKayne (I have actually asked one of the moderators in Discord but did not receive any revert)

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Hey Pablo,

Email: wesley@pawnfi.com
TG: @WesKayne

Love to kick start the conversation with you guys and share our progress/ plan.

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Hi Wesley! Great to hear from you! To give a little more context:

  • We tried to contact you for a month in different ways, and since we couldn’t find you and we didn’t see progress of your project, we passed this information to the DAO Committee with the recommendation to revoke your contract
  • The committee revoked your contract last week.
    We suggest, first of all, to share all the progress in your exclusive discord channel and also here on the proposal page.
    Thank you!
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Hi @palewin , here is the progress of this Pawn Shop Proposal

  1. Due to the complexity of our previous smart contract, me made some changes that can better fit the user need of DCL players. We are now finalizing the beta testing and it looks good.
  2. We have reached out to one of the best architect company to design our mansion. We are now in conversation with them and they have provided some teasers (as attached in Discord)
  3. After their investigation, we will see how we can deliver the Pawnshop at the best timing.
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Hi @Wesley! Great that you are making progress.
To keep in mind: you have already received around $25,000 in your wallet (the one that requested the grant).
What we suggest is that you continue to show the progress to the community and if you need more money to deliver the project, explain it transparently so that the community can fully understand how the money is being used. Perhaps the best way to do that is through a new proposal where you explain well what happened and request the rest of the funds.