The decentralized finance company aims to become the leading valuator of non-fungible tokens (NFTs) by bringing multiple data pools together to give accurate NFT pricing, as well as offer financial services based on investor NFT holdings as collateral.
Scratch — the NFT research, assessment, and loan company — is introducing Scratch Platform: the first platform to standardize the market value of NFTs by leveraging multiple public tools and data sets. The Scratch Platform backs up this valuation by offering investors the opportunity to take out loans with their NFTs as collateral.
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According to Cointelegraph, NFTs are projected to have a trading volume of over $6 billion USD in January 2022, nearly double the previous all-time high of $3.5 billion USD in August 2021. But despite the success and high trading volume of NFTs, it’s a sector of the crypto economy that is lacking in standardized data research, asset valuations, and financial services.
Shawn Owens, Co-founder of Scratch provides further details on the goals of Scratch Platform:
“What it comes down to is trust. There is very little of it in NFTs right now, even with the massive trading volume they’re presently enjoying and — we anticipate — will enjoy well into the future. There needs to be a platform that engenders that trust with solid data and standardization of NFT valuation. Confidence is then necessary in that valuation, and we provide that with secured loans, giving investors increased liquidity to capitalize on other short-term crypto opportunities. In short, we’re putting our money where our mouth is, resolving issues no one else is.
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But some of these problems we recognize we can’t — and won’t — solve on our own. Scratch Platform’s APIs will also enable our partners and partnerships to help make the NFT marketplace a secure, stable, and scalable ecosystem.”
The present roadmap has multiple development phases, each phase increasing the scale of the platform as well as introducing new features, and each culminating in a security audit to ensure stability before moving to the next phase. Further phases include the listing of Scratch Token on major exchanges, the BETA1 and BETA2 releases of Scratch Engine, the launch of Scratch Loans, and the final security audit before launching of the technology and Scratch APIs to the public.
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