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Pawnshop and Rental Centre in Decentraland (resubmission)

EnactedGrant Request

Proposal Details

Author0x92e4…2e1f
PublishedJan 17, 2022 13:23
Voting beginsJan 17, 2022 13:23
Voting endsJan 31, 2022 13:23
Snapshot#YfhFQqw

Grant size

30,000 USD

Tier

Tier 4

Beneficiary

0x6A44…Be85

Description

Currently, the pain point of Asset inventory is that other than buy/ build and sell, there is no other way for NFT holders or Metaverse players to create liquidity and cash flow. For this reason, mirroring the practice in real world that how we treat with many of our assets (Real estate for example), Pawnfi supports users to make fully use of their ERC-20/ NFTs: Not only can use it to apply for collateral loan, but you can at the same time rent out to others, and/ or place it for sale. That is, liquidity will be unleashed in different dimensions. However, Pawnfi understands that it is not user friendly to make Metaverse players jump back and forth between third party platform and gaming environment. For this reason, Pawnfi's vision is to directly build a native Centre in Decentraland. There are two parts in this Centre ### Pawnshop: Borrower: In this Pawnshop, Pawnfi supports players to use their ERC-20 token (MANA) or NFTs (Wearables/ LAND) as collateral to borrow funds. While these collaterals are normally not accepted in outside world, Pawnfi will support them at first place to enable them obtain short-term cash flow (without selling it urgently to give up ownership for long!). Of course, based on our smart contract, they can place it for sale at the same time. That is, they can easily combine a "Loan + Sale" together. Lender: When visiting this Pawnshop, lenders with sufficient fund can provide short-term cash flow to borrowers and earn interest income. It can be a new use case of Play-to-earn. ### Rental Centre Builders: Instead of selling their creations for one-time income, builders can place their wearables here and rent out to others. They can now change their creation into a long-term business and earn stable income. Renters: Given that building wearables is tech-knowledge required, players can only purchase from secondary market. However, wearables are seldom for investment purpose. That is, buying it is unlikely to be the most efficient way as players might not be able to sell it in the future. With this Rental Centre, renters can try out new wearables for short-term period without monetization issue. It will lower the threshold to have fun, which will attract more players to explore in Decentraland. In conclusion, by supporting Decentraland Assets (MANA and NFTs) at first place and building a Panwshop/ Rental Centre directly in DCL world, Pawnfi wants to provide more financial attributes to DCL players, maximizing the utility and enlightening builders/ investors/ players that their inventories are more than buy and sell - in Decentraland Pawnfi can do bigger than that; and of course at the same time, Pawnfi also help the players to obtain the gaming experience without jumping back and forth between different platforms.

Voting Power

01M2MRequired to pass01/1701/2001/2301/2501/28
YesNo

11 Comments

palewinJul 13, 2022

Hi @Wesley! Great that you are making progress. To keep in mind: you have already received around $25,000 in your wallet (the one that requested the grant). What we suggest is that you continue to show the progress to the community and if you need more money to deliver the project, explain it transparently so that the community can fully understand how the money is being used. Perhaps the best way to do that is through a new proposal where you explain well what happened and request the rest of the funds.

WesleyJul 13, 2022

Hi @palewin , here is the progress of this Pawn Shop Proposal 1. Due to the complexity of our previous smart contract, me made some changes that can better fit the user need of DCL players. We are now finalizing the beta testing and it looks good. 2. We have reached out to one of the best architect company to design our mansion. We are now in conversation with them and they have provided some teasers (as attached in Discord) 3. After their investigation, we will see how we can deliver the Pawnshop at the best timing.

palewinJul 05, 2022

Hi Wesley! Great to hear from you! To give a little more context: - We tried to contact you for a month in different ways, and since we couldn't find you and we didn't see progress of your project, we passed this information to the DAO Committee with the recommendation to revoke your contract - The committee revoked your contract last week. We suggest, first of all, to share all the progress in your exclusive discord channel and also here on the proposal page. Thank you!

WesleyJul 05, 2022

Hey Pablo, Email: wesley@pawnfi.com TG: @WesKayne Love to kick start the conversation with you guys and share our progress/ plan.

WesleyJul 05, 2022

@palewin Hey Pablo, truly apologize for the late reply. I have reverted on both Twitter and Discord. Was under quarantine due to COVID symptoms. Do you think we can set up a TG group for more discussion on this topic? @WesKayne (I have actually asked one of the moderators in Discord but did not receive any revert)

yemelJun 30, 2022

**The DAO Committee has revoked the vesting contract and $4,925.82 DAI were returned to the DAO.** [View transaction.](https://etherscan.io/tx/0xfce043415f3385e0706560d124d87faf3681c61d7631b2d8eec13b231fada3be)

palewinJun 29, 2022

Dear community and members of the DAO Committee. As a member of the Grant Support Squad I have tried to contact the grantee several times (without success) and as part of our responsibilities it is our responsibility to hold grantees accountable for the proper use of the DAO treasury in the Grants program. The failed contact attempts are the following ([apendix](https://drive.google.com/file/d/1SrFTsWrz1QWb7DhQggnwC-IRsNyURs4v/view?usp=sharing)): * 1st contact attempt - June 6th: CEO's Twitter + Pawnfi Discord + NSALabs (asked everyone about the grant) * 2nd contact attempt - June 13th: DCL Forum (proposal) + Grant Discord Channel (DAO DCL) * 3rd contact attempt: - June 23th: DM CEO in Discord + Grant Discord Channel (DAO DCL). We especially ask them to show progress in the next 5 days. In addition, we couldn't find any project email addresses and had no responses on Discord (neither on their channels nor DCL channels nor DM). We also had no response on Twitter, the Decentraland Forum (proposal page), nor through their platforms. At the same time, we note that: 1. There are no monthly grant updates/reports (it is now almost 5 months since the grant was passed/enacted). 2. No one withdrew the money from the vesting contract. 3. We couldn't find the project and we couldn't find any results. Consequently, in order to protect the funds of the DAO, the Grant Support Squad suggests to the DAO Committee to immediately revoke the grant’s vesting contract. If revoked now ~$5,000 DAI unvested funds will be returned to the community fund. The Grant Support Squad

ArtReYouJun 25, 2022

What is the current status of this Grant?

palewinJun 14, 2022

Hi Pawnfi team! How’re you doing? I’m Pablo from Decentraland’s Grant Support Squad (https://governance.decentraland.org/proposal/?id=7a236540-d305-11ec-b521-2f98ffa6ccb0). We’re beginning our journey, whose mission is to support grantees to update their progress and achieve their goals, and thus contribute to grow this great community that is Decentraland. Which channel (Discord, email, other) do you think would be the most efficient to be in contact with you? Please let us know your address so we can reach out. Also we will create an exclusive Discord Channel for your Grant (in the DAO Channel) and would be great if you send us an email adress for easier communications. We are excited to hear from you! Pablo

daoJan 17, 2022

Pawnshop and Rental Centre in Decentraland (resubmission) This proposal has been ENACTED by a DAO Committee Member (0xfe91c0c482e09600f2d1dbca10fd705bc6de60bc) Vesting Contract Address: 0x07b9fbb0b836f55dd4c19e79b1d673b3c83dcaaa

daoJan 17, 2022

Pawnshop and Rental Centre in Decentraland (resubmission) This proposal is now in status: PASSED. Voting Results: * Yes 99% 14,665,198 VP (18 votes) * No 1% 274,690 VP (4 votes)