[IMPACT]
Fractionalized NFT exchange will include, but are not limited to:
- Home page
- Product page
- Search and filters
- User profiles
- Buyer panel
- Seller panel
- Administrator panel
- Fractionalization support
- Fractionalized token exchange
- Reviews and ratings
- Wallet connection and payment integration
- Authorization and Ratings
- Notifications
According to statista.com, the number of unique NFT owners has increased 10-25x from 2020 to 2021. However, when comparing NFT all-time sales across blockchains (cryptoslam.io and cnftanalytics.io), Cardano’s are roughly 6x fewer than Solana and 100x fewer than Ethereum.
These statistics indicate that Cardano’s current NFT infrastructure acts as a barrier to entry for users. A state-of-the-art fractionalized NFT exchange will serve as a utility to 1) enhance and increase the participation of current Cardano NFT users, 2) create adoption for Cardano holders that are non-NFT holders, 3) open the doors to non-Cardano blockchain NFT holders that wish to participate in the Cardano NFT ecosystem and 4) create excitement for new and existing cryptocurrency users to own a piece of their first NFTs.
*KPIs:*
Unique users/address per month
Transactions per user per month
Average dollars spent per transaction
Fee revenue @ 2% per month
*Overall NFT Ecosystem Impact*
Great applications attract users. With the launch of fractionalized NFT exchanges on other blockchains, it is imperative to create a solution on Cardano. It is evident that existing fractionalized NFT applications on other chains are increasing volume.
According to cnftanalytics, 1 to 2 million of ADA has been spent among 4 to 6 thousand daily sales on Cardano’s NFTs in 2022. Over the course of 30 days in January, that is roughly a 45million ADA on 150,000 sales. Over the same period, Solana had 195M USD on 290,000 sales (Cryptoslam.io/solana).
*Marketing*
ADAmint will communicate weekly through Discord, Twitter, and Medium. Our current discord outlines our completed tasks since founding the company in December 2021. After completing the exchange, ADAmint will maintain a community DAO and NFT collection-specific DAOs within Discord to enhance the communication of like-minded Cardano NFT users and creators. We aim to be the go-to place where users discuss NFTs on Cardano.
*Problems*
The main challenge ADAmint faces is a lack of technical experience around Cardano blockchain development. Additionally, we are dependent upon Fracada successfully completing their open-source code audit as well as being delivered within a timeframe that is congruent with our current project roadmap.
*Solutions*
Start with the end goal in mind. We minimize our current lack of technical expertise by laying out objectives in phases and taking a step-by-step systematic approach. Besides, we have thoroughly researched the complexities and personnel required to successfully develop the fractionalized NFT exchange. Additionally, we have considered Fracada’s proposal from fund 7, which is why we waited to submit our project until they were funded via a catalyst.
[FEASIBILITY]
*Phase 1 – Catalyst Proposal (February 2022 – May 2022)*
1. Submit Proposal
2. Proposal alterations based on community feedback
3. Receive funding to hire technical expertise
Based on our current budget, the team is currently solidifying agreements with front-end developers and will begin interviewing back-end and blockchain developers in March 2022.
*Phase 2 – Front End Development (May 2022 – July 2022)*
1. UI will link the ‘Fractionalize (coming soon)’ toolbar on the existing website
2. Provide Dev with a Prototype UI framework
3. Home Page creation – 1 Week
4. NFT Product Explore page – 1 Week
5. Search and Filters – 1 Week
6. Admin Panel – 2 Weeks
7. Buyer Panel – 2 Weeks
8. Seller Panel – 2 Weeks
9. Payment/Wallet – 1 Week
10. Fractionalized Token exchange – 1 Week
11. User Profile – 1 Week
12. Notifications – 1 Week
13. Finishing Touches and integrating to a current website – 1 Week
*Phase 3 – Back End Development (July 2022 – October 2022)*
1. Integrate Payment/Wallets to Cardano chain – 4 Weeks
2. Integrate NFT management – 3 Weeks
3. Integrate Authorization/Security – 3 Weeks
4. Integrate Fractionalized Fracada Code – 13 Weeks
5. Finishing Touches – 3 Weeks
*Phase 4 – Marketing/Community DAO (July 2022 - December 2022)*
Phase 3 and Phase 4 will be happening concurrently
1. Ongoing reporting surrounding the progress of the project
2. Establish Partnerships with:
a. Blue-chip collections
b. Newly released collections
c. Upcoming collections
3. Creation of NFT collection-specific DAOs within discord for partners denoted above
4. Twitter live
a. Begin marketing and advertising the Fractionalized NFT exchange and partnership announcements
5. Medium Articles with topics including:
a. Fractionalization
b. DAOS (and discord integration)
c. Treasury Strategy
d. Future tokenomics
e. ADAmint NFT mint details
*Phase 5 – Live + Community Initiatives (2023 Q1)*
1. Exchange is live
2. Articles published by third parties
3. Smart Contract audit
4. Operational audit
5. Measuring Cardano KPI impact
6. ADAmint NFT mint
7. Token release
2 x Front End Development - 13 weeks @ 40 hours per week @ $60 per hour = $62,400
2 x Back End Development – 12 weeks @ 20 hours per week @ $100 per hour = $48,000
1 x Blockchain Developer – 15 weeks @ 40 hours per week @ $100 per hour = $60,000
Total = $170,400
Budget breakdown included in attached excel document
*To be hired with Catalyst Funds:*
Two Front End Developers
Two Back End Developers
One Blockchain developer
*Current Team members:*
ADAmint swilks and ADAmint ross – Project leaders, Prototypers, Marketing, Communicators
ADAmint swilks worked for 7 years in accounting and finance with 4 years as a senior financial analyst and project manager. He has also provided consulting services to blockchain mining companies and has been employed as a business development analyst for a Solana-based NFT company. NFT hobbyist since 2017 with the launch of cryptokitties.
ADAmint ross worked for 10 years in insurance with 9 years as a data scientist and 6 years as a project lead in data warehousing, innovations, and reinsurance. He holds a Bachelor of Science in Mathematics with 6 actuarial exams passed. He is a Tableau visualization guru. He has been a crypto and NFT hobbyist since 2017.
Website contract consultant
Discord moderators will be hired based on need throughout the duration project.
Once an exchange is operational, we will also hire a product manager to oversee new features beyond MVP.
[AUDITABILITY]
Each week progress will be measured and reported in discord. In addition, major announcements will be announced via Twitter, Discord, or Medium. The number of Discord and Twitter users throughout the proposal and the project’s duration will indicate current project awareness. Once the exchange is live, we will be measuring success utilizing the KPIS denoted in the Impact section.
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A live fractionalization exchange with prominent Cardano NFT collections regularly listing their NFTs for fractionalization. As an impact, the overall NFT sales on Cardano will increase, decrease capital requirements for new participants, and unlock liquidity for current NFT market participants.
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Additionally, integrated community discord with functioning DAOs with thousands of users onboarded.
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Articles published by third parties outside Cardano highlight what the exchange has and aims to achieve, bringing additional positive sentiment to the overall Cardano Ecosystem.
This is a new project