As a bidder, you get a fair discovery price of the art, earn passive income from NFT rentals, receive bragging rights for ownership of NFTs, and use them as collateral.
Bidders are buyers who participate in the auction process on the 7Pixels NFT marketplace to acquire the asset. The bidding process on 7Pixels is similar to that of any other auction where those placing the highest bid will receive the asset. However, unlike other NFT marketplaces, bidders on 7Pixel will be in a better position to place informed bids due to the instrumental role played by endorsers.
The role of endorsers on 7Pixels enables fair price discovery so that bidders will have a better understanding of the NFT’s actual value while placing bids.
Apart from gaining ownership at a fair price, NFT buyers can also enjoy additional benefits through passive income-generating opportunities. All the underlying assets of NFTs created on the 7Pixels platform are stored on decentralized cloud storage infrastructure provided by IPFS. By using IPFS, 7Pixels ensures the integrity of NFT data, while providing an option for the buyers to validate the associated CIDs to ensure that nothing has changed since the link was created.
The NFTs on 7Pixels are not just collectibles but a source of passive income. By extending DeFi features to the NFT ecosystem, the project allows NFT owners to rent their collection to other community members from within the platform.
The NFTs can be rented for a predefined duration from within the platform to earn rental income. The rental duration along with any other applicable terms and conditions will be governed by smart contracts, ensuring the enforceability of ownership in case of any conflict during the process.
Apart from rentals, the NFT’s value can be leveraged as collateral on DeFi lending protocols. Whenever an NFT owner requests a loan against one or more of their assets as collateral, 7Pixels uses a smart contract to create wrapped NFTs (wNFTs). These wNFTs represent the borrower’s loan collateral and it will be time-locked in an escrow smart contract. Once the user fulfills the borrowing conditions by repaying the loan, they will be able to reclaim complete ownership of collateralized NFTs.
All the benefits offered by 7Pixels to NFT holders come on top of the priceless bragging rights one inherits by owning an original NFT piece.