Please describe your proposed solution.
Analytics plays a key role in the NFT trading ecosystem whether it's flippers, mid-term holders or long-term holders.
The ETH community has access to the best NFT analytics tools currently available and the NFT trading volumes are a reflection of it.
The issue with the tools currently available to the ETH community is that most of them have a subscription model unaffordable to the everyday NFT trader and as a result, not open source. This is in alignment with the ethos of their community.
We want to create an open-source NFT analytics platform with open APIs so that the Cardano community has the same access to the tools available to blockchain communities with more ecosystem maturity.
To start off with, we'll be creating 8 different analytical tools (listed in the feasibility section), with individual APIs for each. We have chosen these tools after having researched various platforms and understood the needs of NFT traders.
To add to that we also want newer and already established NFT platforms to be able to integrate NFT analytics if they choose to do so. Builders can also choose to add specific tools (individual APIs) without the obligation of having to add all. This makes it an even playing field for all organizational players and benefits the CNFT community as a whole.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Ecosystem Maturity:
Open-source infrastructure in general helps the ecosystem by creating a foundation on which other individuals and organizations can build on.
It saves immense amounts of time and effort that goes into creating the same infrastructure over and over again.
For CNFTs to reach the same level of transaction volumes we see on a regular basis in Etherium, we need to provide the right tools to empower the Cardano community and organizations building on it.
Cardano Adoption:
Availability of the rights open source tools on Cardano attracts organizations and individuals to the ecosystem. This in turn brings rapid adoption by solving problems and creating a utility that doesn't exist on other chains.
For individuals that dabble only in NFTs, this provides a perfect platform to evaluate their investments and make educated decisions instead of FOMOing into projects, hence playing a key role in them not having a negative outlook towards our ecosystem because of lost investments.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
One of the biggest risks is developer & designer burnout when working on such an ambitious project.
To tackle this issue we have given ourselves enough time to work on the project without any burnout.
Another important factor to consider is the ease of use for each tool created.
We'll be conducting in-depth user experience research & iterative design feedback loops to make sure we create the best user experience for each tool.