GearFi
Buy Now Pay Later for NFTs! Buy NFTs on a down payment and pay rest of the amount later.
Created on 18th July 2023
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GearFi
Buy Now Pay Later for NFTs! Buy NFTs on a down payment and pay rest of the amount later.
The problem GearFi solves
Liquidity Crunch is a major problem that NFT Traders face. Paying full upfront amount to buy an NFT limits the buying potential of users. Also, many NFT traders miss a successful trade due to a lack of upfront capital.
Current financing protocols require a pre-collateral and are overcollateralized, this is a problem for users with a lack of upfront money or no pre-owned asset to collateralize.
GearFi facilitates Buy Now Pay Later NFTs, allowing traders to trade more and earn more.
Users can pay a down payment to own NFTs and can pay rest of the amount later.
Challenges we ran into
Learning curve of cadence, specially coming from a solidity background. Also building DeFi protocols on Flow seemed complicated to us since contracts do not have their own account and cannot hold funds.
We faced challenges in handling react states for updating data coming from flow blockchain.
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