After three weeks of hacking, Strip Finance was announced as one of the winners of Polygon Buidl It 2021, India’s biggest Web3 hackathon of the year. Alongside being placed at the second position in the best tooling category for the Polygon ecosystem in the hackathon, they received $2K USD in prize money.
BUIDL IT is India’s biggest Web 3.0/Blockchain hackathon, organized by Polygon (formerly known as Matic) to promote web3 development and talent. Over the course of the event, 186 projects were submitted in a variety of categories. Strip Finance has built an NFT multi sender tool that allows the transfer of multiple NFTs in one click, against specific collection metrics with cross-chain capabilities.
The project claims that NFT project owners/collectors cannot batch distribute their NFTs to multiple addresses. For instance, most of them would want to do so as airdrop, or simply as a marketing campaign seeking to drop an NFT from their series/collection to specific addresses that are top either holders or traders. This makes it tough for NFT projects to mass-distribute tokens to their members. The tool built by Strip Finance will allow this sort of large-scale token distribution with many customized conditions across smart contracts.
Enhancing NFTs liquidity
The term “liquidity” refers to the ability of an asset to be converted into cash without affecting its market price. Cash is the most liquid asset because it can always be turned into ready money. In other words, liquidity refers to the capacity of an asset to be quickly bought or sold in the market at a price that reflects its real worth.
Liquidity in the NFTs market is extremely limited. It’s still at the very early stages of development and there are not enough people using these types of tokens, so it can be difficult to sell or trade with other members in the market.
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However, in 2021 NFTs have exploded in popularity, with well-known companies, musicians, artists, and more providing unique content on the digital assets. AMC Theatres released 86,000 limited-edition NFTs with the recent edition of “Spider-Man: No Way Home,” which was the first time that a major motion picture studio has used blockchain to release assets. The still-developing market for non-fungible tokens had its best year ever in terms of trading volume, generating over $23 billion in activity—a distance away from the under $100 million witnessed last year, according to DappRadar statistics.
Non Fungible tokens for the Win
With NFTs becoming increasingly popular throughout the next decade, Strip Finance’s NFT multi sender tool helps users save time and avoid mistakes by allowing them to send many NFTs from a collection in one click. Through automation, the tool saves time and minimizes the risk of mistakes.
Strip Finance’s major features include direct transfer to a variety of addresses, transfer by specific measures on previous collections. Cross-chain transactions that would function as a bridge for collections migrating onto the Polygon network, auto-suggestion of active addresses of similar collections so owners may transfer NFTs to build marketing pull, and more are among the planned features.
While commenting on Strip Finance’s BUIDL IT wins, Varun Satyam, Co-Founder and CPO of Strip Finance said,
“The idea for us has always been to make the lives of NFT creators and holders easier through our offerings and this product is an example. The award is a big validation of our approach with the jury consisting of eminent leaders of the space.”
Strip Finance is an Indian startup that was founded in 2021 and is backed by industry veterans as investors and advisors. It’s a decentralized platform for providing liquidity in the NFT market through its collateralized NFT lending and borrowing platform. The ability to collateralize NFTs utilizing the platform’s liquidity mechanism adds value to both asset and yield-seeking investors.
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