At present, the official website(static version) of Npics has been launched. Let me introduce some technical features from a developer's perspective.

-Flashloan

-NEO-NFT(NFT Everlasting Options)

-NBP NFT-Backed Position

-Beacon Proxy(EIP-1967)

-Minimum Proxy(EIP-1167)

So far, Npics' product ideas have been primarily built on financial instruments that build NFTs. While this may be the most important and core aspect, Npics doesn't stop innovating and invites all newcomers:

Build a bottom-up NFT infrastructure that provides a revolutionary NFT financial dapp with passive income and flexible hedging tools. Use leverage as a liquidity engine to unlock the extended value of NFTs.

Let's interpret the architectuie of NFT mortgage first.

Once the user completes the purchase and pays the required down payment, the contract first borrows the principal through the flash loan protocols, add the down payment paid by users, then generating route to buy the specified NFT at the best price among current NFT marketpalce.

The third step is to deposit NFT and borrow funds to repay the flash loan in the pre-selected lending pool with the optimal LTV. Finally, the NFT purchase is realized, and the user successfully opens a vault.

After that, users can choose to repay and redeem NFT by themselves, or they can directly sell the vault to settle the profit.

1. Flashloan

One of the key innovations in enabling mortgage to purchase NFTs.

The mainstream platforms that support flash loan are Uniswap, Aave, dYdX. Among which Uniswap supports lending of any ERC-20 tokens, however needs to pay 0.3% of the loan as a handling fee. Aave supports most mainstream tokens, and needs to pay 0.09% as a handling fee. We chose dYdX among the three. Although it only supports WETH, DAI, and USDC, the fee is the lowest, only 2Gwei.

Reference: https://github.com/Dapp-Learning-DAO/Dapp-Learning/blob/main/basic/20-flash-loan/readme.md

2. NEO-NFT(NFT Everlasting Options)

Once user makes their down payment, the purchase deal. Ownership of the NFT will transfer to separated contract address, and NPB protocol will mint A NEO-NFT as the synthetic version of the purchased NFT, which as an everlasting option. The NEO-NFT holder has the right to repay mortgage amount(prinicple and interests), and redeem your NFT(redemption).

A NBP represents a long term bet on an underlying NFT which has no expiry and a single floating strike. Designed for future on-chain derivative market where for speculation instead of selling your rare NFTs. Which means users can speculate on bluechip NFTs at a cheaper price in comparison to the floor of the NFT. Imagine paying 100ETH to speculate on BAYC which can now be achieved by purchasing the call option worth 1ETH.

Reference: https://01exchange.medium.com/01s-everlasting-options-6d918d461a84

Just like warrants, CBBCs are issued with a strike or exercise price, an expiration date, a conversion ratio and other similar terms. Concept-wise, CBBCs work in much the same way as index futures to leverage on the rise or fall of a market.

Reference: https://en.wikipedia.org/wiki/Callable_bull/bear_contract

3. NBP- NFT-Backed Position

When depositing NFT to lend principal , the lending protocol will mint a corresponding debt NFT to user, indicating the user's NFT debt position, but it cannot be transferred. The existing NFT lending protocol and yield farming are also based on each wallet address, not a single debt.

In order to increase the liquidity of NFT debt and allow that debt to change hands, we designed the mechanism of NEO+NBP. Each NFT debt(bendNFT) will be held by an independent NBP(NFT Backed Position) smart contract, which is controlled by the corresponding NEO-NFT. Holding a NEO-NFT means having a collateralized debt position, which can be freely transferred and sold. Likewise, the address will receive all claimable yields and airdrops while holding NEO-NFT.

Reference: https://makerdao.com/en/whitepaper/sai/#collateralized-debt-position-smart-contracts

4. Beacon Proxy

As a highly competitive NFT-Fi product, NPics will continue to iterate rapidly in accordance with planning and industry rhythms. In order to keep pace with product upgrades, especially the above-mentioned architectures(NEO-NFT, NBP, etc.), we adopted the beacon proxy pattern(EIP-1967 standard) at the beginning, a gas-efficient pattern that allows multiple proxies to be upgraded to a different implementation in a single transaction, and the upgrade operations that are sent to the beacon instead of to the proxy contract, only underlying logic to be upgraded when needed, all proxies that follow that beacon are automatically upgraded. which is similar to the factory method of design pattern.

Reference: https://eips.ethereum.org/EIPS/eip-1967

5. Minimum Proxy

In view of the logic that each NFT mortgage generation needs to create a NBP contract. In order to save gas, NPics uses the minimum proxy contract(EIP-1167 standard) as an effort to reduce gas costs as much as possible, which is only 45 bytes of proxy contract size and has zero impact on runtime gas costs.

Reference:

https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1167.md

At present, the official website(static version) of Npics has been launched. Let me introduce some technical features from a developer's perspective.

-Flashloan

-NEO-NFT(NFT Everlasting Options)

-NBP NFT-Backed Position

-Beacon Proxy(EIP-1967)

-Minimum Proxy(EIP-1167)

So far, Npics' product ideas have been primarily built on financial instruments that build NFTs. While this may be the most important and core aspect, Npics doesn't stop innovating and invites all newcomers:

Build a bottom-up NFT infrastructure that provides a revolutionary NFT financial dapp with passive income and flexible hedging tools. Use leverage as a liquidity engine to unlock the extended value of NFTs.

Let's interpret the architectuie of NFT mortgage first.

Once the user completes the purchase and pays the required down payment, the contract first borrows the principal through the flash loan protocols, add the down payment paid by users, then generating route to buy the specified NFT at the best price among current NFT marketpalce.

The third step is to deposit NFT and borrow funds to repay the flash loan in the pre-selected lending pool with the optimal LTV. Finally, the NFT purchase is realized, and the user successfully opens a vault.

After that, users can choose to repay and redeem NFT by themselves, or they can directly sell the vault to settle the profit.

1. Flashloan

One of the key innovations in enabling mortgage to purchase NFTs.

The mainstream platforms that support flash loan are Uniswap, Aave, dYdX. Among which Uniswap supports lending of any ERC-20 tokens, however needs to pay 0.3% of the loan as a handling fee. Aave supports most mainstream tokens, and needs to pay 0.09% as a handling fee. We chose dYdX among the three. Although it only supports WETH, DAI, and USDC, the fee is the lowest, only 2Gwei.

Reference: https://github.com/Dapp-Learning-DAO/Dapp-Learning/blob/main/basic/20-flash-loan/readme.md

2. NEO-NFT(NFT Everlasting Options)

Once user makes their down payment, the purchase deal. Ownership of the NFT will transfer to separated contract address, and NPB protocol will mint A NEO-NFT as the synthetic version of the purchased NFT, which as an everlasting option. The NEO-NFT holder has the right to repay mortgage amount(prinicple and interests), and redeem your NFT(redemption).

A NBP represents a long term bet on an underlying NFT which has no expiry and a single floating strike. Designed for future on-chain derivative market where for speculation instead of selling your rare NFTs. Which means users can speculate on bluechip NFTs at a cheaper price in comparison to the floor of the NFT. Imagine paying 100ETH to speculate on BAYC which can now be achieved by purchasing the call option worth 1ETH.

Reference: https://01exchange.medium.com/01s-everlasting-options-6d918d461a84

Just like warrants, CBBCs are issued with a strike or exercise price, an expiration date, a conversion ratio and other similar terms. Concept-wise, CBBCs work in much the same way as index futures to leverage on the rise or fall of a market.

Reference: https://en.wikipedia.org/wiki/Callable_bull/bear_contract

3. NBP- NFT-Backed Position

When depositing NFT to lend principal , the lending protocol will mint a corresponding debt NFT to user, indicating the user's NFT debt position, but it cannot be transferred. The existing NFT lending protocol and yield farming are also based on each wallet address, not a single debt.

In order to increase the liquidity of NFT debt and allow that debt to change hands, we designed the mechanism of NEO+NBP. Each NFT debt(bendNFT) will be held by an independent NBP(NFT Backed Position) smart contract, which is controlled by the corresponding NEO-NFT. Holding a NEO-NFT means having a collateralized debt position, which can be freely transferred and sold. Likewise, the address will receive all claimable yields and airdrops while holding NEO-NFT.

Reference: https://makerdao.com/en/whitepaper/sai/#collateralized-debt-position-smart-contracts

4. Beacon Proxy

As a highly competitive NFT-Fi product, NPics will continue to iterate rapidly in accordance with planning and industry rhythms. In order to keep pace with product upgrades, especially the above-mentioned architectures(NEO-NFT, NBP, etc.), we adopted the beacon proxy pattern(EIP-1967 standard) at the beginning, a gas-efficient pattern that allows multiple proxies to be upgraded to a different implementation in a single transaction, and the upgrade operations that are sent to the beacon instead of to the proxy contract, only underlying logic to be upgraded when needed, all proxies that follow that beacon are automatically upgraded. which is similar to the factory method of design pattern.

Reference: https://eips.ethereum.org/EIPS/eip-1967

5. Minimum Proxy

In view of the logic that each NFT mortgage generation needs to create a NBP contract. In order to save gas, NPics uses the minimum proxy contract(EIP-1167 standard) as an effort to reduce gas costs as much as possible, which is only 45 bytes of proxy contract size and has zero impact on runtime gas costs.

Reference:

https://github.com/ethereum/EIPs/blob/master/EIPS/eip-1167.md