Please describe your proposed solution.
Our target user group are customers that require a specific service or utility that is accessed by holding an NFT, but who lack the necessary knowledge to safely create, authorize and manage transactions via a Web3.0 wallet.
Our solution will create an NFT purchase flow that allows users to pay in fiat and under the hood, we will do all the necessary steps on the blockchain to create and transfer the NFT to the user.
A primary use case would be event tickets that are sold as NFTs. For mainstream adoption, the experience of buying the NFT must be as simple and frictionless as possible, which will involve providing users with familiar payment options. Since the ticket is an NFT, users could resell the ticket on various marketplaces, companies can attach additional utilities to the ticket and event organizers can use the ticket to grant access.
Ultimately, we want to create a user buying experience that is comparable to Nifty Gateway on Ethereum.
The complete purchase flow would comprise the following steps:
- A new native Cardano wallet is instantiated when a user attempts their first purchase
- User pays in fiat via credit or debit card
- We mint the NFT with ADA from our treasury
- The NFT is transferred to the user's native Cardano wallet
If the user wants to make a transaction, our system will make it on the user's behalf. The wallet is managed by us until credentials are shared or transferred to NFT purchaser.
For the scope of this project, we will only support the purchasing and transferring NFTs. While initially this product will be integrated into the Future Fest system, we fully intend to expand the product over time, so that other teams building on Cardano can utilize and integrate it into their own products in the future.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Our goal is to drive adoption on Cardano by allowing new users to quickly and easily benefit from the utilities offered by Cardano NFTs. Allowing people to use payment methods that they're already intimately familiar with will remove points of friction in the minting process.
These fiction points include:
creating a wallet -> creating an exchange account -> purchasing crypto -> sending the crypto to the wallet -> minting the NFT
While each step in this process is not difficult per se, each additional step increases the likelihood that a potential customer will fail to complete their purchase. The simpler the transactional process, the more sales Cardano NFT projects are likely to generate.
Furthermore, in order to operate safely and securely on chain, users need to understand why each step exists and the ways in which they can protect their assets. User/customer information is, therefore, critical. In time, users will graduate to managing their own wallets, but – in the beginning – we want to make their first experience of minting an NFT on Cardano as seamless and safe as possible.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Legal issues will be the greatest challenge for the proposal. We need to ensure that our product complies with laws in the jurisdictions where we deploy our product. Our strategy is to release in one region/country at a time. The first region will be the United States and we will expand as we secure approval.
Since we are taking a custodial approach, our system will be centralized because we are storing the private keys on our side. This poses security risks because we are in control of the wallets. A large focus in development will be on securing our systems.