DREP: Grow Your Assets Safely with NFT Credit
Has NFT been overly hyped? Temporarily, more drawbacks of NFT marketplace have emerged. Though it provided a decentralized environment for users, blockchain segregation can lead to problems on the other hand. Price fluctuations, disputes, scams issues occur at a higher frequency, which imply that NFT communities need to be adjusted. Fortunately, DREP has kept an eye on these risks and has learned that they are correlated to the obstacles to NFT credit. Functioning as “toolkits” and “connectors”, DREP is dedicated to providing solutions for the problems. Users will experience a reliable, flexible, and frictionless service with DREP, which intends to establish an open data ecosystem on chain to secure safety by optimizing the pricing mechanism, raising the upper limit of the liquidity pool, creating a safer environment for transactions and so on. Let’s take a closer look at the details.
Obstacles in NFT Credit
While the most important thing is to learn how to play NFT safely and flexibly. NFT is linked to the blockchain that records the authenticity and ownership of digital art. Unfortunately, it lacks control and is easy to be copied, forwarded or embezzled on cross platforms. The price discrepancy existing in NFT transactions is also a familiar phenomenon which is caused by its less liquidity. Especially in the secondary market, few objective price references are provided for the green hands so that they tend to take the risks themselves. Furthermore, When digital art is resold, the creator or artist will receive a percentage share and continuously benefit from the sales chain. However, what we should pay more attention to is that whether the auction and distribution and sub-commission rules are fair in the secondary market.
How Will DREP Deal with NFT Credit Obstacles
Optimizing NFT Pricing Mechanism
DREP will further promote the development of DREP Credit Data Oracle solutions and Credit Explorer in the 2.0 product line, thereby forming a credit price for the NFT assets. Benefiting from this, users will be more clear about the valuation of their products, thus liquidity providers could make relevant adjustments to improve their competitiveness and liquidity demanders are able to make smarter choices in their investment.
Raise the Upper Limit of Liquidity Pool
Designing to capture more value and promote the ecological exchange of NFT between chains, DREP’s Crossing Network is applicable to both ERC-1155 and ERC-721 NFT types. Therefore, token mapping is the best operable solution to enhance interoperability of NFTs. By mapping a new token as the alternative for the NFT asset through DREP Crossing, users will be able to flexibly swap and transfer their NFT upon approval.
Create a Safer Environment for Transactions
NFT players shall pay attention to phishing websites, beware of asset security and prevent private key disclosure or excessive authorization. However, based on DREP toolkits, users are able to transact in a safer environment.
A reputation system is built by the evaluation of users’ behavior, where their behaviors are recorded in real-time. With the support of DREP Credit DID, the credit accumulated by Defi users through historical transaction data, asset management, preference settings, and even Internet social behaviors will be quantified and capitalized, which will highly boost the accuracy and efficiency of the Defi protocol. The accumulated credit examination service is equipped with real-time updates, where the data is more transparent, so that the transact environment becomes more secure. Not only that, in order to maintain the benefits of DREP users, the team also endeavored to achieve security between cross-chain transactions. As a result, issues brought by frauding, copy abusing and private deficiency are more likely to be addressed.
DREP’S Vision on NFT
As a pioneer in on-chain and cross-chain solutions, DREP is dedicated to creating a safe and convenient system for NFT users. Being gallant amid the uncertainty of the NFT market is full of excitement, and the DREP team would like to convoy to ensure your security. Of course, DREP is always anticipating joining hands with more partners.
DREP will be endeavored to improve the positive and remove the negative. This means the DREP team is willing to listen to and learn from the feedback of users. In addition, DREP has been and will pay close attention to the latest technological development, especially information about the Defi and the NFT market, in order to bring better services and make more innovations. The NFT is a promising market with numerous qualified programs and teams, but more actions need to be done to refine the deficiencies. One way or another, DREP believes that the future holds new possibilities, and we are making efforts.