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.
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.
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.
Scratch Platform features:
Scratch Value: A programmatic valuation solution for NFTs and digital assets using multiple market tools and the latest market data sets. This allows investors to receive real-time values on their NFTs and other digital assets.
Scratch Loan: A first for NFTs, take out a loan of a percentage of the estimated NFT value on assets. Once assumed, the asset is stored in the Scratch Vault. Loan factors include: loan amount, length of loan term, NFT desirability and value, etc.
Scratch Vault: The repository for all NFTs and digital assets loaned against. Scratch Vault assets are secured and insured to prevent loss of value. Transfer and cash-out options for investor assets will also be available.
Scratch Gallery: A future marketplace that investors can shop our collection of NFTs and other digital assets. The Scratch Gallery collection is obtained from assumed loans and direct purchases from the Scratch Engine, and potentially assets from Scratch Partners.
Upon launch, the Scratch Token will be an ETH-based ERC 20 token, and other blockchain development is in process. This token will allow holders to stake tokens to receive reflections as we loan, sell, and buy NFTs directly and via partnerships. The token pre-sale launched on January 15th, and is only available at scratchengine.com. Per the roadmap, the public launch is scheduled for Q1 2022.
To learn more about the Scratch Platform and the Scratch Token pre-sale, or to schedule an interview with the Scratch team, please call Brian Markowski at +1 603 306 3645 or e-mail [email protected].
With over a decade of experience in the digital asset space combined, Scratch is a company with the experience needed to bring the tools, standards, and strategic partnerships required to create trust and financial services to NFTs, metaverse, and blockchain economies. “Security, Stability and Scalability” is the mantra of the Scratch team, underlying all of its projects. To learn more about Scratch and the Scratch Engine platform, please visit scratchengine.com.