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My friends ( @NipolNIpol @_LounLee) and I created Peggie 
, a marketplace to get price guarantees on your NFTs, after a Sunday whiteboard session. We've won @ethconkr for building this and wanted to share a brief explainer on what it is! https://twitter.com/ethconkr/status/1340517981277704194
, a marketplace to get price guarantees on your NFTs, after a Sunday whiteboard session. We've won @ethconkr for building this and wanted to share a brief explainer on what it is! https://twitter.com/ethconkr/status/1340517981277704194
The NFT marketplaces today largely include two methods to trade: the NFT owner either lists their NFT at a set price or sells through an auction. The ownership of the NFT is transferred at the end.
Peggie introduces an alternative way for NFT holders and buyers to interact. Alice, an NFT holder, may not be willing to sell her NFT right away, but may want some guarantee in place.
Alice will come to Peggie to list her NFT and ask for a price guarantee of a year at the cost of paying 10% premium (the duration and premium values are not set in stone yet).
Now, once Alice's NFT is listed, interested parties will start bidding on how much they are willing to pay for Alice's NFT after one year. A bid will need to be submitted higher than the previous highest bid.
Let's assume Bob has submitted the highest bid. The highest bid now becomes the price guarantee for Alice's NFT and Bob is now the guarantor. Alice pays a premium based on Bob's highest bid. The premium gets paid to all participating bidders.
If Alice's NFT gets sold within the guarantee period at a higher price than the price guarantee, Peggie returns Bob's submitted bid.
If Alice's NFT gets sold within the guarantee period at a lower price than the price guarantee, Peggie pays the difference between the price guarantee and the actual sold price to Alice. The remaining balance is returned to Bob.
This marketplace allows for price discovery without the actual transfers of the NFTs. We believe this approach is more robust rather than relying on the last traded price of NFTs like we do today.
Another interesting effect is that we may see professional NFT appraisers. Since all bidders receive a premium, NFT appraisers will be incentivized to take part in bidding at a reasonable price.
Finally, with a price guarantee, NFTs can be used as collateral. Lending based on NFTs can start occurring, a lot like how people take out loans based on their real estate or art work in the traditional world.
We're grateful to the @ethconkr organizers, sponsors and the mentors. We'll be posting more stuff on Peggie in the coming days, but for now, we're going to be doing some online celebrations 
