[IMPACT] 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.
[IMPACT] 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.
[IMPACT] 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.
[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.
UX Research: 50 days
- Researching NFT analytics platforms across various blockchains and understanding the user experience in each
- Pain & gain personas for each tool
- Creating user journeys and user flows for each tool
- User research by interviewing NFT traders across various blockchains
UI Design: 40 days
- Low Fidelity wireframes
- Hi-fidelity wireframes
- Feedback from community
- Interactive UI
Discord link: <https://discord.gg/R9QSJ5gHZC>
Features & Development timeline(backend & frontend):
1. Live Trades vs Cost in ADA (w/ color scheme differentiation across all market places): 30 days
A visual representation of trades happening from a specific collection vs price in a specific time period. Trades from different marketplaces are color-coded. A tool used to understand the price action of a specific collection in a specified time period.
Variables: NFT collection, Time range, Marketplace
2. NFT count vs listing price across all market places: 20 days
A visual representation of the number of NFTs listed from a specific collection, in a specified price range.
Variables: Price Range, NFT Collection
3. Number of Bluechip Whales holding a specific collection (Bluechip whales are wallets with 20+ bluechip CNFTs in their wallet): 15 days
This is self-explanatory and it is an important metric used to understand the sentiment of high-value wallets in regard to specific NFT collections.
Variables: NFT collection
4. Trading Volume vs Time Period: 15 days
Visual representation of trading volume (ADA) of a specific NFT collection in a specific time span.
Variables: Time span, NFT collection
5.Largest Floor Change ranking for NFT collections(ascending & descending): 20 days
This is a metric used to detect sudden crashes or peaks in the floor price. It's a predictor of FUD or FOMO.
Variables: NFT collection
6. Twenty four hour Top sales: 15 days
This is a list of NFT collections with top sales volume (ADA) in the last 24 hours.
Variables: NFT collection
7. NFT collection stats (Floor price, Salesfloor in the selected period, total sales in the selected time period, % listings, & visual representation of floor change in the selected time period ): 30 days
This is an overview table of different NFT collections.
Based on this table, users can choose to dig deeper into the collection or not.
Variables: NFT collection
8. Holders wallet bubble map w/ ranking based on number of NFT in that specific collection held: 15 days
This is a list of all wallets holding a specific NFT collection.
The wallets are ranked based on the number of NFTs from the collection held.
Variables: Number of NFTs, Rank, ascending/descending order
*Variables: These are inputs that users can set.
Some examples of variables are price range, time period, NFT collection, etc.
Total: 6 months
Please note: Some of the work will be done in parallel, hence the timeline.
[FEASIBILITY] Please provide a detailed budget breakdown.
UX Research:
50 days x 4hrs x $25 = $5000
UI Design w/ Interactive Prototypes:
40 days x 4hrs x $25 = $4000
Backend Research & Development:
120 days x 4hrs x $40 = $19,200= $20,800
Frontend Development:
40 days x 5hrs x $35 = $7000
Total = $36,800
[FEASIBILITY] Please provide details of the people who will work on the project.
Sam Jeffrey is a full-stack developer with 2 years of experience. He is the founder of Fetachain and has worked with Gimbalabs and rarely.io marketplace. He is also a graduate of the Plutus pioneer program.
Linkedin:
<https://www.linkedin.com/in/sam-jeffrey-m-2091731a7/>
Satwik Gade is a branding expert and graphic designer with 10+ years of experience. He currently works with India's most popular newspaper company, The Hindu.
Linkedin:
<https://www.linkedin.com/in/satwik-gade-b8b49311/>
Harsha Gullapalli is UI/UX and product designer with 3**+ years** of experience in the field.
Linkedin:
<https://www.linkedin.com/in/harsha-gullapalli-4b23451a/>
Srinivas Vijayakumar is a web developer with 3+ years of experience creating apps and websites.
Linkedin:
<https://www.linkedin.com/in/srinivas-vijayakumar-924152137/>
[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.
No.
This is a proposal that needs one-time funding and once all the research, development & documentation is completed, there would be no need for further funding.
[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?
Pre-launch/Development:
Monthly Report
- UX research documents will be posted bi-weekly on discord and also submitted in the Catalyst progress report
- UI designs will be shared on discord with the community and feedback loops will be used.
- Feedback will be both qualitative (comments) & quantitative (ratings & emotion mapping)
- These ratings will also be shared in the monthly progress report
- Development progress will be openly viewable on our Github repository
- Once each functionality's development is completed (front & backend), there will be feedback loops from the community along with the monthly progress report.
Discord link: <https://discord.gg/R9QSJ5gHZC>
Post-launch KPIs:
-
Number of organizational and individual adopters. This will be measured by the number of pull requests on our Github Repository.
-
Number of logins into the NFT analytics platform. This will be measured by the number of unique wallet log-ins on the platform.
[AUDITABILITY] What does success for this project look like?
Short-term success:
In the short term, we'd consider success as being able to deliver the code, UX research documentation, and UI implementation in the span of 2 months.
In terms of adoption, success would be 2 to 3 pull requests at the organizational level and 50-100 logins.
Long-term success:
In the long term, we believe success is multiple developers using our code to integrate into their projects and at least a couple of thousand individual logins.
[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.
No.
Sustainable Development Goals (SDG) Rating
SDG goals:
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation
SDG subgoals:
Promote development-oriented policies that support productive activities, decent job creation, entrepreneurship, creativity and innovation, and encourage the formalization and growth of micro-, small- and medium-sized enterprises, including through access to financial services
Key Performance Indicator (KPI):
Universal Human Rights Index (UHRI):
#proposertoolsdg
