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have also used ISDA CDM, we have concluded that implementing OTC deriva- tives in DeFi would not be straightforward and would not bring any obvious benefits to the space. Therefore, we were presented with the risk of developing a solution that would not complement exchange traded derivatives and would not improve the mar- ket. However, by closely following DeFi loans and the NFT space, we have spotted a gap in the market that could enhance the ownership of NFTs and while using our background about derivatives. NFTs could benefit from financial solutions such as leasing and lending but also forward contracts and other OTC insurance products, bringing ISDA regulations back into focus. We think we have mitigated all the risks about the motivation of the project by focusing on a novel solution, which combined insight from different and apparently non-overlapping domains such as DeFi, NFTs and derivatives. A key process which guided and set a structure to our approach was Human Centered Design, as explained above. • Implementation: having a problem statement that was improved throughout the project changed the focus from the use of ISDA CDM to using NFTs and then back to having derivatives as an extension. Moreover, having multiple iterations of the Human Centered Design process added requirements in a time frame limited by the length of the iterations. It was challenging to meet the requirements and present add implementation features at each iteration but this has also set clear objectives that we had to achieve. Additional implementation risks were related to the security of the smart con- tract. Since we are making calls to external contracts, that could act maliciously, there was a risk of re-entrancy attacks. We had to guarantee that any state or memory changes to the LeaseNFT and LoansNFT contracts would be resolved before making any external calls. Additional, security measures were discussed in the previous subsection. Other implementation risks involved handling the contract data in the React App and responding to changes. A lazy approach to solve this issue would have been to poll the smart contract for each component and periodically. However, this would affect the performance of the website. The solution chosen was to have a Redux store that holds the offers and requests of the smart contract as well as their corresponding assets. Should a transaction be executed, we can check its result using callback func- tions and update the store accordingly or inform the user about any error that might have occurred. • User risk: Since NFT.finance is a peer-to-peer platform, a lot of trust amongst users is required. 67PDF Image | NFT finance Leveraging Non-Fungible Tokens
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