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devfolio-responses.md

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The problem it solves

NFTs have seen an explosion of popularity in the last year. Countless companies/projects such as Showtime, Superrare, have popped up to support discovery and initial sale of new NFTs, along with marketplaces like OpenSea to facilitate trading. Some projects even support taking out NFT-backed loans (ex. NFTfi).

Unfortunately, there is no platform for accurate pricing information of these NFTs. While some NFTs have their own site (ex. CryptoPunks) that allows holders to place sell orders, there is no information on assets that currently don't have open orders, or for assets that are changing hands outside of these large platforms.

If you're familiar with virtual video game items, you may know of sites such as backpack.tf (for Steam items) that allow the community to collectively speculate, vote, and decide on the pricing of certain items based on past trades, market dynamics, cultural changes.

Accurate pricing information opens up a ton of possiblities - it adds predictability to NFT-backed loans, allows for more efficient items-to-items trading, and is a source of information for those who are in the market for NFTs that may not be actively traded.

Challenges we ran into