Note from the Developers
Burst NFT envisions an evolving DeFi space that allows users to create sophisticated crypto-asset backed securities or baskets that can allow for greater price exploration and novel strategies.
Although AMMs have progressed the ability for anyone to participate in DeFi, they do so at a cost to the exploration of price to the underlying assets, as well as creating issues of slippage for traders and impermeant loss to AMM liquidity providers.
As we aim to evolve DeFi basket trading capabilities, Burst NFT allows a user to represent an unlimited number and amount of ERC20 tokens (eventually to include ERC721 tokens) as a single ERC721 token. Burst NFT an OTC-like marketplace for a utility NFT with features to support price exploration i.e: premiums/discounts for sellers and buyers. Further product iteration will explore the utilization of the underlying assets in other DeFi mechanisms to generate additional value for basket holders.
Use of Covalent API
Get external NFT metadataTo fetch NFT metadata.
All extracted data was then used in JSON format.
The project was built using the Covalent API at 2021 Moralis Hackathon