NFTfi Partners with BootNode and Safe to create NFT Rights Management Wallet
August 16, 2022 ・ 4 min read
New product will allow Safe users to delegate individual rights associated with their NFTs to other addresses without giving up ownership of their assets.
CAPE TOWN, SOUTH AFRICA (August 17, 2022) — NFTfi, the leading liquidity protocol for NFTs, announced today that it has partnered with leading Web3 development company Bootnode and Safe (previously Gnosis Safe), a crypto wallet platform securing over $40 billion USD in digital assets, to create the first NFT Rights Management Wallet. As part of the partnership, Safe announced a strategic investment in NFTfi.
The NFT Rights Management Wallet will allow Safe users to segregate and delegate rights associated with their NFTs to other Ethereum addresses. Currently, NFT users have to move NFTs out of their wallets (i.e. give up ownership) to access other Web3 applications such as NFT-collateralized loans or NFT rentals. This makes for an inconvenient user experience of moving assets back and forth and has prevented many NFT owners from fully utilizing the value of their NFTs.
The NFT Rights Management Wallet will enable Safe users to access other protocols and applications without moving their NFTs out of Safe. Users will be able to delegate the respective rights to other addresses, which can then execute only specific smart contract functions. This functionality unlocks additional utility and enables creative use cases such as receiving airdrops on an NFT, renting out the right to display the same NFT in an online gallery or borrowing against it on a platform (e.g., NFTfi) — all at the same time.
With this partnership, NFTfi will become a native NFT finance integration within the Safe product suite and the first NFT lending protocol to support rights management wallet technology. The NFT Rights Management Wallet will be open-sourced, aiming to become a new industry-wide standard. BootNode leads the technical implementation of the product.
“Secure rights delegation is a critical capability missing from the current NFT technology landscape,’’ said NFTfi Co-founder and CEO Stephen Young. “This project will provide a secure and flexible solution compatible with existing NFT standards. We hope this will enable new use cases that add value not only to NFTfi and Safe users, but also to the overall NFT community.”
“Secure and flexible NFT Rights Management is considered a key enabler for the wide-spread productive and responsible use of NFTs,” said Safe Co-founder Lukas Schor. “This endeavor unites three strong partners committed to enabling a step-change in NFT protocol composability,” said BootNode Co-founder and CEO, Manu Garcia. “The project will add a safer and more convenient way for NFT owners to productively use their assets. It will enable rights efficiency, which is to NFTs what capital efficiency is to DeFi.”
The project team will release more information about the product over the next few months.
To learn more, interested parties may get in touch by emailing email@example.com.
NFTfi is the leading liquidity protocol for NFTs. It allows NFT holders to receive secured ETH and DAI loans from liquidity providers peer-to-peer. NFTfi’s vision is to build a decentralized, permissionless, user-owned public utility, supporting the seamless financialization of NFT based economies through innovative mechanisms and highly user-friendly applications.
Bootnode is a team of highly experienced web3 builders with the mission to accelerate the development and adoption of decentralized protocols, infrastructure, and applications. Bootnode has participated in some of the most important projects out there, including core contributions to the Gnosis Safe.
Safe is the most trusted platform to manage digital assets on Ethereum. It allows users to customize how they manage their crypto assets, with the option to require a predefined number of signatures to confirm transactions. After spinning off from parent company Gnosis in April, Safe is now building an adaptable, multi-app ecosystem for the custody of digital assets.
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