🌫️The NFT Platform

Buy Now Pay Later, Rentals + Rent to Buy, Buy/ Sell

Rentals + Rent To Buy

Paragon began with the mission of offering NFT rentals without collateral, escrow contracts or wrappers. We felt these added barriers to the already confusing NFT ecosystem. As evidence from the early NFT rental platforms these solutions would not work at scale.

We took a different approach. We felt NFTs would continue to innovate with new contract standards, new signatures, new types of NFTs and many new use cases. So instead of focusing on the NFTs, we created a wallet infrastructure that allows the safe transfer of NFTs from one user to another. By iterating on the wallet functionality we could offer an interoperable platform for users to rent many different assets in one place and facilitate TRUE peer to peer financing. Soon after we worked through the Rental work flow, we added Rent to Buy. This gave an NFT holder the ability to collect a daily rental fee and offer the renting party the option to buy the asset for a pre-set price. For all the traders out there, this could function as an option contract in certain circumstances.

Buy Now Pay Later

Soon after, the team had an "ah hah" moment. We could offer BNPL, without an automatic default mechanism and no third party actor. Let's break it down simply.

BNPL companies like Klarna act as a third party in a BNPL transaction by buying the item upfront for you and entering in a IOU agreement with the purchasing party. So Klarna holds the risk. In NFTs, this risk is much greater as asset prices fluctuate far more than the price of the newest apple airpods.

On the other hand, Paragon simply creates the wallet infrastructure that blocks malicious actors and ensures the safe return of the NFT in the case of a default.

Due to the simplistic and true peer 2 peer nature of Paragon's BNPL, both parties can benefit from the added flexibility in pricing.