Scratch — the NFT research, assessment, and loan company — is officially launching the Scratch Token for the Scratch Platform: an NFT industry-first designed to standardize the market value of NFTs by leveraging multiple public tools and data sets.
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This valuation is backed by offering investors the opportunity to take out loans with their NFTs as collateral. The Scratch Token allows investors to be stakeholders in the platform.
This Scratch Token limited launch — presently only available via Uniswap until Regulation A approval with the U.S. Securities and Exchange Commission (SEC) is achieved — coincides with the completion of Scratch Platform’s first security audit by the leading security platform in blockchain and decentralized finance (DeFi), Certik.
“It’s clear with record months in 2022 on NFT valuations — even outperforming cryptocurrencies — that the NFT industry is getting taken seriously all over the world,” says Shawn Owens, Co-founder of Scratch. “It’s amazing to see that people are realizing it can be a fun technology, but that it’s also serious and life-changing for the artists and communities that are so passionate about NFTs.”
“Currently, it’s difficult for anyone to valuate NFTs at scale. But with Scratch Platform’s future product development releases, it’s possible and can unlock new financial applications for NFTs. Scratch Token — starting with a limited launch — will help power those applications,” Owens elaborates.
At SXSW 2022, NFTs dominated the event alongside Web3 technologies, to the exclusion of most Bitcoin and other crypto projects. Although the NFTs segment of the crypto economy is being taken very seriously, it’s also a market sector lacking in standardized data research, asset valuations, and financial services. These are issues future product development releases of the Scratch Platform aim to resolve.
This limited launch of the ETH-based ERC 20 Scratch Token for the ScratchPlatform falls under the multiple development phases of the platform’s present roadmap. As these future development phases for the Scratch Platform progress and partnerships with Scratch’s are finalized, the planned Scratch Platform features include:
- ScratchValue: 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.
- ScratchLoan: 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 ScratchVault. Loan factors include: loan amount, length of loan term, NFT desirability and value, etc.
- ScratchVault: The repository for all NFTs and digital assets loaned against. ScratchVault assets are secured and insured to prevent loss of value. Transfer and cash-out options for investor assets will also be available.
- ScratchGallery: A future marketplace where investors can shop our collection of NFTs and other digital assets. The ScratchGallery collection is obtained from assumed loans and direct purchases from the ScratchEngine