DAO for multi-asset NFT

[IMPACT] Please describe your proposed solution.

Static NFTs (ERC-721, ERC-1155) are currently the most common type of NFT, used for the most part by NFT art projects and play-to-earn game projects and as digital collectibles. Beyond these use cases, they also offer a unique value proposition for digitizing items in the real world, such as real estate deeds, patents, and other unique identifiers.

However, this model is limited by the permanence of static NFTs, because the metadata attached to them is fixed once they’re minted on a blockchain. Use cases such as tokenizing real-world assets, building progression-based video games, or creating blockchain-based fantasy sports leagues often require data to be updated. dNFTs (ERC-725X, ERC-725Y) offer a best-of-both-worlds approach, with NFTs retaining their unique identifiers while being able to update aspects of their metadata.

Put simply, a dynamic NFT is an NFT that can change based on external conditions. Change in a dynamic NFT often refers to changes in the NFT’s metadata triggered by a smart contract. This is done by encoding automatic changes within the NFT smart contract, which provides instructions to the underlying NFT regarding when and how its metadata should change.

Dynamic elements besides metadata changes can also exist. For example, dynamic NFTs can be minted based on certain conditions, such as when a hidden spot is found in an augmented reality application. Dynamic NFTs can also house “hidden traits” manifested through user interactions instead of within the metadata. As fully unique and customizable tokens, NFTs can be programmed in an infinite number of ways. However, most dynamic NFTs must implement some form of metadata change in order for non-technical users to “see” the changes.

An example for applying NFT 2.0 (dNFT) to NFT game

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For example, we have an NFT 2.0 hero in the game. After you play and upgrade that hero, the hero's stats will be updated data on-chain to that hero's NFT by the issuer through oracle.

NFT information will not be lost when the game server crashes. Because we can completely use checkers to get the information of the NFT and recover it on the server or even we can build a new game based on current NFT information.

Since NFT 2.0 can update data on the blockchain, different games can use NFT 2.0 together. This makes an NFT usable in many different games. Creating interoperability and future Metaverse development. The value of NFT is also greatly enhanced because it is used in many different games.

We will build a DAO on the NFT 2.0 Integration platform (we are building this platform to help NFT publishers make their own NFT 2.0 on Cardano. We have proposed a proposal for this platform: ………….).

Users of our platform can vote to add more assets to their NFT 2.0. This DAO will provide them with full decision-making power with the NFT they own.

We have a lot of partners providing digital assets such as: NFT games, music, art, …. Digital asset providers can list their digital assets on our platform

Users can vote to add digital assets on our platform to user’s NFT 2.0 (plus asset fees specified by the digital asset provider). Each asset added to a user's NFT 2.0 increases their NFT value. Voting power is determined based on the number of NFT 2.0 users own

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

Our NFT 2.0 integration platform will help increase the value and number of NFTs on the Cardano platform (Because it is multi-assets NFTs. Different projects can use the same NFT to add value to the NFTs. If an NFT issuer shuts down their server, the NFT still exists because it has other assets).

NFT 2.0 is a new generation of NFT that can help create a metaverse on Cardano.

NFT games can update hero or item stats on-chain to ensure all user NFT information is not lost when the game server goes down. Different games can use the information of an on-chain game to create interactivity with their game.

NFT and NFT games can integrate NFT 2.0 into their projects to increase NFT sustainability and interoperability

Our DAO will provide users full decision-making power with the NFT they own. More digital assets were added to DAO, and more transactions on Cardano. Amount of assets on Cardano also increased.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

The first month

Build NFT 2.0 platform
Build DAO platform for NFT 2.0

The second month

Release NFT 2.0
Find partners to list their digital assets on DAO
Marketing NFT 2.0 to communities

The third month

Selling NFT 2.0 for the first time
Making the first voting round for 5 assets on NFT 2.0 (top 5 assets that were voted the most on platform will be updated to NFT 2.0)

We have proposed 4 proposals in this fund:

Game Play To Earn from EVM Network: <https://cardano.ideascale.com/c/idea/420887>

NFT Game Marketplace from EVM Chain: <https://cardano.ideascale.com/c/idea/420897>

Dynamic NFT Platform (Next Gen NFT): <https://cardano.ideascale.com/c/idea/420904>

DAO for multi-asset NFT

We are 3 companies

DareNFT: https://darenft.com/

Paditech: https://www.paditech.com/

Trustkey: https://trustkeys.network/

implementing these 4 proposals with more than 200 developers, so we have enough resources to implement all 4 proposals separately.

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

The first month

Build NFT 2.0 platform
Build DAO platform for NFT 2.0

The second month

Release NFT 2.0
Find partners to list their digital assets on DAO
Marketing NFT 2.0 to communities

The third month

Selling NFT 2.0 for the first time
Making the first voting round for 5 assets on NFT 2.0 (top 5 assets that were voted the most on platform will be updated to NFT 2.0)

We have proposed 4 proposals in this fund:

Game Play To Earn from EVM Network: <https://cardano.ideascale.com/c/idea/420887>

NFT Game Marketplace from EVM Chain: <https://cardano.ideascale.com/c/idea/420897>

Dynamic NFT Platform (Next Gen NFT): <https://cardano.ideascale.com/c/idea/420904>

DAO for multi-asset NFT

We are 3 companies

DareNFT: https://darenft.com/

Paditech: https://www.paditech.com/

Trustkey: https://trustkeys.network/

implementing these 4 proposals with more than 200 developers, so we have enough resources to implement all 4 proposals separately.

[FEASIBILITY] Please provide a detailed budget breakdown.

5 developers: 3,000$ x 10 people x 3 months = 45,000$

1 partner manager: 1,000$ x 1 person x 3 months = 3,000$

2 community managers: 1,000$ x 2 people x 3 months = 6,000$

1 marketing manager: 2,000$ x 1 person x 3 months = 6,000$

[FEASIBILITY] Please provide details of the people who will work on the project.

DareNFT team: https://darenft.com/

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More information about our team: <https://docsend.com/view/7w92chxvaun7d6yt>

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

If we are funded, we won’t return to Catalyst in a later round for further funding

Because we have a plan to generate cash flow and revenue for the project. So we have enough resources to develop this project after funded

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

We will publicize the project implementation process on our communities

We will also announce partnerships with games on our community when our game partners have NFT 2.0 integrated.

Vietnam group: https://t.me/DareNFT_Vietnamese
Global group: https://t.me/darenft_official_group
Chinese group: https://t.me/darenft_chinese_community
Indonesia group: https://t.me/darenftindonesia
Japan group: https://t.me/darenft_japan

To measure the success of the project. We will measure results such as: Number of wallets participating in voting in the DAO, number of NFT 2.0 sold, number of digital assets listed on our platform

[AUDITABILITY] What does success for this project look like?

Successfully deploying DAO on NFT 2.0 platform so that NFT 2.0 holders have the right to decide what assets they want.

100 types of digital assets will be listed on our platform (select the top 5 in the first voting round)

1,000 NFT 2.0 will be sold

70% of NFT 2.0 holders will participate in voting.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new proposal

bookmarked!