Please describe your proposed solution.
<u>Overview</u>
Although the current marketplace is already up and running, there are still many services that we would like to offer to empower our community and SPOs. Also, the current version of the marketplace is on the Testnet network and we want to make it available on the Mainnet. We want to expand the possibilities of the marketplace and enrich the services offered, from the minting process to browsing and exploring the NFTs, going through the purchase mechanisms and social interactions to improve the user experience. In addition, the current site lacks comprehensive data analysis and statistics on site usage and the history of each NFT.
<u>How do we empower SPOs?</u>
ALDEA NFT is a community project. We count with 30 SPOs aligned with our vision and mission and the idea of this Marketplace is to make the SPOs benefit from it, as the fees that we gather go to the DAO Treasury, which we have in a multisig that SPOs themselves operate. In the future, we may use these funds to bootstrap SPO based projects as well.
<u>Features</u>
This is why we propose the following features for our V2:
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Categories and collections of NFTs: NFTs from the user's wallet and in the marketplace can be viewed, grouped by categories, facilitating navigation and selection. Statistical information will be provided about each category, such as number of minted NFTs, holders, average price, price history, etc.
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Actions in categories and bundles of NFTs: You will be able to interact with sets of NFTs from each category, such as putting up for sale, minting or buying entire categories.
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Collection minting: The loading of information for each NFT of a collection will be automated.
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Scheduled minting: A program may be established for the gradual publication of minted NFTs for sale, generating expectation in the market.
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NFT History: You will be able to access the full transaction history of each NFT, including the number of wallets it has gone through and the purchase price history.
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Minting and selling directly: The process of mining and selling NFTs will be simplified, allowing both actions to be carried out in a single transaction.
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NFTs or Featured Collections: Users may establish an additional fee to feature their publications on the portal.
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Wallet profile: Each wallet will have a profile on the website where its activity and the collections and NFTs it owns will be displayed.
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Messaging between users: It will be possible to send chat messages between users using the Mercury Chat integration.
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Offer messages: Users will be able to make offers to the owners of the NFTs and they will be able to accept or reject the offers.
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Auctions: A smart contract will be implemented to manage NFT auctions, where users can bid to win the auction.
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Content moderation: A content moderation will be carried out to flag inappropriate NFTs and prevent them from appearing on the site.
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REST API and Integration: To enhance accessibility and interoperability, we will provide a complete set of REST API endpoints that allow users to access all marketplace data. Our official portal will also utilize the same API. Furthermore, our API will be callable from any platform, enabling other platforms to display our listings. Additionally, transactions can be created using our API from any web platform with a wallet connector, providing flexibility and integration opportunities.
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FAQs, user guides and documentation: Guides and documentation will be updated and expanded to provide clear resources for users.
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Internal improvements: Improvements such as IPFS garbage collection, image embedding in metadata instead of uploading it to IPFS, NFT image in email notifications, stake pool delegation button, among others, will be implemented.
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Fee Minimums: It is proposed that fee minimums be editable and allow amounts less than 1 ADA.
<u>Detailed Explanation of Each Feature</u>
NFT Categories and Collections
Being able to view the NFTs in the user's wallet so that they can select which ones they want to publish for sale, as well as view the NFTs available in the marketplace grouped by category, especially the category of the collection to which they belong, can facilitate and streamline the navigation and selection. In addition, we want to provide information, statistics and data about each of the categories based on the NFTs they group together. This will include the number of minted NFTs (and max supply), number of holders, average price, price history, etc.
Some of the categories will be: collection (minting policy), creator, artist, seller, top100, etc.
Actions on NFT categories and bundles
By working with these different categories, we will also be able to interact with them together and perform operations with the set of NFTs in each category at one time. We are going to offer the possibility of selling, minting or buying entire categories.
Collections Minting
The idea is to automate the information upload process for each NFT, doing it once for the entire collection. However, there are elements that must be uploaded individually, such as the image or other details.
The user sets keywords that will then be used across all minted NFTs from this collection. A base name is established, for example: "Las Ranas", and then each NFT takes that name and adds an index, for example: "Las Ranas 1", "Las Ranas 2"…
Scheduled Mints
We will also offer the possibility of establishing a program through which the portal will publish the minted NFTs for sale over time. The user will mine and submit the NFTs to the protocol, which will be able to automate the publishing schedule chosen by the user.
This post scheduling strategy aims to generate buzz and excitement in the marketplace. Instead of minting and posting all NFTs at once, you can choose to release them at different times, thus creating a sense of anticipation. The user will have the option to carry out this programming manually, but they can also use our platform to schedule these publications automatically.
NFT History
In our marketplace and on the web, you will be able to access the complete transaction history of each NFT, including the number of wallets it has gone through and the purchase price history. You will have all the necessary information to follow the path of each NFT and know its valuation history.
Mint and Sell Directly
Our goal is to simplify and streamline the process of mining an NFT and its subsequent sale. To that end, we want to offer users the ability to perform both actions in one step, within the same transaction. This means that you will be able to mint your NFTs and put them up for sale immediately, without having to take any additional steps.
NFTs or Featured Collections
Users will have the option of establishing an additional fee to the fee per sale established by the protocol, with the aim of highlighting their publication compared to others on the portal. The amount of this additional fee will determine the visibility priority of the publication.
Wallet Profile
Each wallet will have a profile on our website where their activity with our contracts will be seen. You can also see the collections and NFTs you own.
Additionally, users may upload an image and personal data, as long as they wish and respect their privacy.
This will allow us to expand the social functionalities of the portal to explore our users, analyze their nfts holdings, ect.
Users may choose to create a profile or not, to show their data or not, and to use their email or the internal chat system for portal messages and notifications.
Messages Between Users
Possibility of sending chat messages between users. Mercury chat integration.
Offer Messages
The site will show us the nfts in the wallets of the different users. A user can then make an offer to the owner and make available the value he offers to pay. The owner of the nft may accept or reject that offer and if he did, he could deliver the nft and automatically receive payment.
In addition, we will make an offer button available next to each published NFT. Unlike the buy button, here the user who wishes can make an offer to the seller different from the one he proposed.
When the seller enters the site, or if he has configured notifications in his email, he will receive a notification about this offer, so that he can decide whether to accept or reject it.
Auctions
A smart contract will be implemented to manage an auction system. In this system, a seller will set a base price and deadline for an auction, making an NFT available for sale. As time progresses, other users will be able to see this active auction and place bids to try to win it. The smart contract will be in charge of managing the bids and determining the winner at the end of the auction, taking into account the highest offer within the established period.
Content moderation
Listings of NFTs for sale are found both on the Cardano network under the administration of the marketplace contract and in our database, which reflects the information present on the network. By having this information in our database, we can carry out administration and control of which NFTs are displayed on our portal. Through content moderation, administrators can flag certain NFTs as inappropriate, which will prevent them from appearing on our site. Users who have made those posts will receive a notification and have the option to withdraw their NFT.
FAQS, User Guides and Documentation
We are looking to update and expand the guides and documentation on how to use our website, portal and contracts. We want to provide our users with up-to-date and clear resources that allow them to understand and effectively use all the functionalities of our platform.
Editable Fee Minimums
Fee minimums are currently 1 ADA and are hardcoded into the contract. If we want to change them to 2, 3 ADA or a lower value, we should create a new marketplace contract. It is proposed that this parameter be editable, similar to how commission fields for ALDEA can be edited and other aspects where these values are stored in the Protocol datum.
Fee Contract
Currently, the fees paid by users are directed in the same transaction to the destination wallets of the protocol and ALDEA. This places a limit on the minimum fee that can be charged, as that minimum must be greater than the minimum ADA that can be sent to an address (approximately 1 ADA today).
However, if the fees were directed to a contract instead of the mentioned wallets, the situation could be different. Each sale would generate commissions that would accrue on that contract and would not be subject to the ADA floor.
Instead of generating a new transaction with a commission output, as is currently done, an existing UTXO would be consumed in that contract that has an amount of ADA, for example, 4 ADA. Outputs would then be generated with an amount such as 4.00001 ADA, where 0.00001 ADA represents the new commission payment that accrues. This would make it possible to handle commissions of a value even much less than 1 ADA, overcoming the current limitation.
This approach would provide more flexibility in handling commissions and allow for lower commission amounts to be charged instead of the current minimum of 1 ADA.
IPFS Garbage Collection
The current NFT mining system on the site uses IPFS to upload and store the images. The process involves uploading the image first to get the image link, then minting is done and adding the image link or URL in the metadata of the minting transaction. However, if the minting transaction fails, the image has already been uploaded to the IPFS server. Therefore, we need to implement a system that identifies all images that have been uploaded but are not present in any metadata of the NFTs we have mined. This internal improvement of the portal aims to reduce the associated costs.
<u>Other Internal Improvements</u>
- Embed image in metadata instead of uploading to IPFS
- Image of the NFT in notification emails of publications for sale and purchases
- Button to make the delegation to ALDEA Stake Pools
- Button accept conditions and disclaimer
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
ALDEA is a project that supports decentralization since day 1. This is why we count with a strong community and 30 Stake Pools from Latin America and Spain aligned with our goals, mission and vision.
ALDEA NFT is a 100% SPO based project; a tool for them to use and share with their delegators and, most importantly, it is open source.
We also address the Challenge because we align with these potential directions stated on its description:
- Developing SPO Tools ✓
- Supporting existing tool updates ✓
- Developing Platforms and Marketplaces ✓
<u>Impact for Cardano and Latin America</u>
ALDEA NFT is the first and only Marketplace in the Cardano ecosystem where fees produced from buying and selling within the platform go to the DAO Treasury. The more adoption our platform has, the more our Treasury goes and the more proposals from our community we can fund. Have a look at what we have achieved with a Project-Catalyst-like process called "Iteration 0", where we were able to fund two proposals from our DAO members that brought value to Latin America and helped to solve real world problems. We are looking forward to do this again, to bootstrap SPO based projects in Latin America.
How do you intend to measure the success of your project?
Here are some key measures and the rationale behind them:
- User Engagement: We will track metrics such as the number of active users, time spent on the platform, and frequency of interactions. This will provide insights into the level of user engagement and the platform's appeal to NFT creators, collectors, and enthusiasts. Increasing user engagement indicates a positive response to the marketplace and its features.
- Transaction Volume: Monitoring the number and value of transactions within the marketplace will help gauge its adoption and usage. Higher transaction volumes indicate increased activity and economic value within the Cardano ecosystem.
- User Feedback: Collecting qualitative feedback from users regarding their experience, satisfaction, and suggestions for improvements will provide valuable insights. This feedback can help us identify areas for enhancement and iterate on the platform based on user needs and preferences.
- Number of Creators and Collectors: Tracking the growth in the number of NFT creators and collectors on the platform will reflect the marketplace's appeal and its ability to attract and retain users. A growing community of creators and collectors signifies a vibrant ecosystem.
- Ecosystem Expansion: We will measure the number of integrations and partnerships established with other platforms, services, or protocols. These collaborations will contribute to a more interconnected and seamless experience for users, enhancing the overall value proposition of the Cardano ecosystem.
- Developer Adoption: Monitoring the number of developers leveraging the platform's API and building applications on top of the marketplace will indicate the platform's developer adoption and the creation of a robust developer ecosystem.
- SPO Adoption: Monitoring the number of SPOs engaging with our Marketplace. We will track the number of collections published in our platform that are created by different SPOs from ALDEA and from Cardano in general.
The innovation brought by our project will have both short-term and long-term effects on Cardano's productivity and growth:
- Short-term: The introduction of a feature-rich NFT marketplace will attract NFT creators, collectors, and enthusiasts to the Cardano ecosystem, driving immediate engagement and transactional activity. This increased activity will contribute to the ecosystem's productivity and economic growth.
- Long-term: The marketplace's continued success and expansion will lead to a growing community of creators and collectors on Cardano, bolstering the ecosystem's long-term growth. The integration of the marketplace with other platforms and services will create a network effect, attracting more users and facilitating a wider range of use cases. This increased productivity and growth will position Cardano as a leading blockchain ecosystem in the NFT space.
By regularly assessing these metrics and gathering user feedback, we can evaluate the project's impact on user adoption, engagement, and ecosystem growth and this allows us to continuously refine and improve the marketplace, ensuring its long-term sustainability and value for the Cardano ecosystem.
Please describe your plans to share the outputs and results of your project?
We will prepare detailed documentation and reports that provide comprehensive insights into the project's objectives, methodologies, findings, and outcomes. These materials will be made available through our project website, community forums, and Cardano/ALDEA-related communication channels. By sharing this information, we aim to disseminate knowledge and create awareness about the project's achievements.
In addition to documentation, we will actively engage with the Cardano community through public presentations and webinars. These sessions will serve as platforms to showcase the project's outputs, share our experiences, and foster interactive discussions. By encouraging participation and addressing questions, we can ensure that the community benefits from the project's outcomes.
Collaboration with ALDEA DAO will be instrumental in sharing project outputs. As the project is presented on behalf of ALDEA DAO, we will work closely with the DAO to disseminate the project's progress, outcomes, and potential opportunities. Regular updates, discussions, and active involvement in the DAO's communication channels will help keep the community informed and engaged.
To reach a wider audience, we will utilize social media platforms such as Twitter and Discord. Through these channels, we will share project updates, highlight its impact, and raise awareness about the opportunities that arise from the completed project. This will enable us to engage with the broader Cardano community and create interest in the project.
In addition, we will explore opportunities for partnerships and collaborations with other projects and organizations within the Cardano ecosystem. By sharing our project's outputs and results with these partners, we can collectively explore new avenues for collaboration and further advancements. This will enhance the value of our project and contribute to the growth of the Cardano ecosystem.