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Chapter 3 Design and Requirements In this chapter we will discuss our approach to identifying a gap in the market of NFTs and applying adequate DeFi principles as well as insights about the derivatives market gathered through the research presented in the Background chapter. The requirements were adapted as we received more feedback and the problem statement was updated to bring novel features to owners of ERC-721 tokens. The final problem we aimed to solve has been laid out after multiple iterations and an investigation of the DeFi market, where a gap has been spotted. In order to structure and standardize our approach to receiving and reacting to the feedback of users or mentors, we have followed Human Centered Design Research Techniques. Additionally, to get feedback for our solution, we have taken part in the Hack- Money 30-day hackathon, organized by ETHGlobal. [59] This event was aimed at finding new solutions and improvements for the DeFi space and it enabled us to have access to mentors from the industry. 3.1 Human Centered Design Research Human Centered Design is a well-defined approach to developing interactive appli- cations, which constitutes a set of design activities. This lays out a formal plan for the development of the platform while taking into account human factors and usability insights. [60] Initially, we have planned the HCD process adapting the steps proposed by the ISO standards. [60] There were many benefits to choosing this approach and it enabled a continuous assessment of our requirements and helped us redefine goals as we gained more information about the industry and users. The steps, adapted from ISO, are laid out in Figure 3.1. The first part of the HCD process, namely the planning, started with the back- ground research and defining the motivation for the problem. Following this, we have conducted three iterative rounds which re-assessed the definition of the problem, added to the requirements and improved the UX. In this chapter we will focus on the first two rounds, the last one having a slightly different and more thorough approach and will be discussed in the Evaluation chapter. 27PDF Image | NFT finance Leveraging Non-Fungible Tokens
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