StreamNFT

Why are you participating for Based India?

Over the past decade, I’ve worked across various industries and products with a focus on making a tangible impact in people's everyday lives and accelerating value creation and exchange. India holds immense potential, not just as a consumer market but as a hub for builders and creators. I believe that once technology becomes simplified for this region, crypto adoption will accelerate rapidly, given how quickly we embrace new innovations. Especially, when people realize that technology offers them greater flexibility, control, and accessibility, mass adoption becomes inevitable. As a firm believer in India’s growth story, my goal is to simplify the adoption of ownership-based digital assets for developers and creators, while simultaneously expanding accessibility for consumers by enhancing distribution channels. With my passion for Web3, I see Based India as the perfect platform to connect with fellow innovators, builders, and visionaries. It's an exciting opportunity to share my experiences and learn from others while contributing to the future of blockchain applications in India.

What challenges are you focusing on?

StreamNFT tackles several major challenges in the realm of ownership-based digital assets: Limited Utility of Digital Assets: Ownership-based digital assets are often confined to specific use cases, such as collectibles or single-purpose tokens, which restricts their broader applications across industries like education, entertainment, and business. Rigid Ownership Models: The existing approach to digital assets revolves around full ownership, with limited options for temporary or shared access, preventing more dynamic models like rentals, borrowing, or shared rights. One-Dimensional Nature: Owners can only work with one protocol at a time, limiting it’s potential. Holders can’t borrow while they have rented out an asset. Lack of Liquidity: Digital asset markets frequently face liquidity constraints, making it hard for holders to leverage the value of their assets without outright selling them, limiting financial flexibility. Fragmented User Experience: Users need to engage with multiple platforms for essential functions such as minting, trading, and accessing benefits tied to digital assets, leading to a fragmented and confusing user journey. Consumer Accessibility and Adoption: The complexity and lack of user-friendly platforms for ownership-based digital assets pose significant barriers to mainstream consumer adoption, making it harder for people to access, understand, and benefit from these new technologies.

How does your submission address this challenge?

StreamNFT provides a unified platform for ownership-based digital assets, addressing key challenges by: Expanding utility beyond collectibles to include diverse assets like educational content and in-game items. Offering liquidity options through peer-to-peer rentals and borrowing, allowing asset holders to generate value without selling. Introducing flexible ownership models such as time-limited access and shared ownership. Simplifying user experience by integrating minting, trading, renting, and borrowing into one platform. Lowering barriers for developers and creators with user-friendly tools for tokenization and asset management. Introducing composability among protocols to maximize utilization of asset in the economy StreamNFT is driving widespread adoption of ownership-based digital assets by enabling easier access and broader use cases across various industries. With features that offer greater financial flexibility, users can unlock value from their assets in new ways, fostering active participation in the ecosystem. The platform’s seamless experience enhances user engagement, making it more intuitive and rewarding to interact with digital assets.

Challenges we ran into

1.One of the major hurdles we faced was tied to the limitation of NFTs in the EVM ecosystem—specifically, their inability to be locked or frozen in wallets. Coming from the Solana ecosystem, we were familiar with the benefits of locking NFTs, which enable escrowless and decentralized interactions. To overcome this, we proposed two new standards: ERC7066 and ERC7721. These standards are designed to introduce locking capabilities within the EVM ecosystem, allowing us and our partners to build truly decentralized solutions that mirror what is possible on Solana. This was a key innovation that opened up new possibilities for decentralized NFT use cases like renting and borrowing, without the need for centralized escrow.

2.Another significant challenge involved managing user NFT data. Initially, we relied on third-party data providers, but this introduced latency due to multiple NFT data calls and complex data transformations. Moreover, many projects that do not yet support ERC7066 and ERC7721 required additional integration with our SDKs and APIs. To address these issues, we built a micro-service that supports interaction with third-party data providers, handles data transformation, implements caching, and even includes rented asset information in a single API call. This solution dramatically improved integration speed and reduced latency, providing our partners with a seamless experience through one streamlined API call.

Additional Features

Utility contract has been added to the project stack, enabling users to discover and create NFT benefits on-chain, which can be claimed by owning or renting NFT. Loan Contract has been updated to support NFT pool, where users can come and demand custom lending rules for their specific NFTs.