[IMPACT]
Problem Statement:
95% of NFT sales are happening in secondary markets. As with any other popular and promising concept, NFTs are now the target of fraudulent activities, scams, and fakes.
NFT enthusiasts, Creators / Projects, and Businesses struggle to make quality investment decisions with fewer risks. The main challenge is to gather the available relevant information, make sure it is up-to-date and correct, and then analyze it.
Project Overview:
CheckNFT.io is Business Intelligence and Data Visualisation service designed specifically for NTF enthusiasts. It will allow users to search NFTs, analyze their data, compare collectibles, and get notifications and alerts about potential threats.
How does it work?
The service gathers and uses on-chain, social and other metrics, enriches them to deliver unique insights ready for decisions.
The user flow comprises several steps:
- Find Collectibles or Creators.
- Analyse NFT’s or Creator’s profile.
- Get unique insights into asset performance and growth potential.
- Get intelligence on potential red flags and make safer decisions.
MVP and core service functionality will be free and will include:
- Comparison of NFTs by Collection / Creator in terms of $ performance to find gems.
- Easy-to-understand visual info on NFT transfers and transactions to facilitate asset performance analysis.
- Basic risks and red flag alerts, including authenticity.
- Sentiment analysis for projects and creators.
- Сollection assessment for sniping rare NFTs at floor price.
1. CheckNFT.io will provide NFT analytics for different chains, including side-by-side comparison. This will help to drive adoption and awareness of Ethereum NFT enthusiasts about the Cardano NFTs.
2. The solution will provide unique features to attract Etbereum NFT and CNFT enthusiasts.
3. The solution will provide a useful tool for Cardano NFT enthusiasts to analyse NFTs.
In addition to increasing adoption from the Ethereum community, the service will benefit Cardano NFT enthusiasts, projects, artists, and collectors by providing a great tool to analyze NFT to make better decisions and avoid fraud.
Challenge 1: Integration with Cardano blockchain to automatically index NFT events (we need to analyse the entire dataset) to avoid API calls for particular events.
Solution: We will index the node and build DB that suits business and technical requirements. We’ve already built a Proof-of-Concept for Ethereum.
Challenge 2: Avoid manual work and provide users with high-quality data without delay.
Solution: We will use machine learning for risk analysis and alerts to meet business and technical requirements. We have already created a Proof-of-Concept for analyzing Collections (both metadata and images)
[FEASIBILITY]
⭐️ Please note:
All NFT Collections and NFT tokens will be available for analysis based on user requests (service indexes all NFT data and events from blockchains).
The service analyses all of the tokens available across the markets, collecting data about them from various sources the moment a user enters their query.
Detailed plan:
Phase 1: Before voting
Mid-March - MVP release.
Ethereum blockchain analysis and visualisation features for selected NFTs.
NFTs comparison.
MVP improvement and additional features release.
Browser app (Chrome) providing analytics directly in the marketplaces interface.
Please see the screenshots attached to the proposal.
🎯 Success metrics:
MVP launch (public access).
10,000 collectibles analysed (user requests) in the first month after MVP release.
Phase 2: For the voting (Proposal scope delivery)
Mid-April - Mid Aug 2022 - Cardano blockchain integration (in case of proposal approval).
Integration of Cardano GraphQL with CheckNFT.io Core Engine (back end to analyse Cardano NFTs in addition to MVP functionality).
UX/UI update to reflect Cardano NFT analysis in design.
Implementing features that will reflect the benefits of Cardano NFTs (e.g., NFT transaction cost and investment cost, marketplace listing cost, etc.).
Development of risk and alert analysis for Cardano NFTs (different from Ethereum because of the eUTXO model vs. account state).
API development for integration with third-party dApps such as Cardano marketplaces.
Machine learning for risk analysis and fraud and scam alerts on Cardano.
🎯 Success metrics:
Cardano NFTs are integrated into the service.
All Cardano NFTs Data indexed with real-time blockchain sync up.
1 month after Phase 2 completion:
- 10,000 Cardano collectibles analysed by users.
- 5,000 Cardano NFT analysed by the ETH users (initially ETH NFT analysed then Cardano NFT).
12 months after Phase 2 completion:
- 1 mln Cardano NFTs analysis requests by users per month
- 200,000 unique Cardano wallets connected
- 100,000 unique Ethereum users (wallets connected) per month
- 100,000 visits per month to Cardano marketplaces from checkNFT.io
Please note that due to the scope of work nature (works on integration, UX/UI design, and API development for checkNFT.io backend) cannot be reused on other projects (no product to be created) - IPR for the results will stay on the checkNFT.io side.
Phase 3: Further development.
Mid-August 2022 - March 2023 - New features development, premium subscription model implementation.
Portfolio assessment, advanced risks analysis and alerts functionality, NFT forecast analysis, Collection / Project / Creator analysis, Social sentiments analysis, Chrome browser app improvements, Integration with marketplaces, etc.
- Integration of Cardano GraphQL with CheckNFT.io Core Engine (back end to analyse Cardano NFTs in addition to MVP functionality).
Budgetary estimates* ~9500 USD.
-
UX/UI update to reflect Cardano NFT analysis in design. Implementing features that will reflect the benefits of Cardano NFTs. Budgetary estimates* ~4000 USD.
-
API development for integration with third-party dApps such as Cardano marketplaces. Budgetary estimates* ~5000 USD.
-
Development of risk and alert analysis for Cardano NFTs (different from Ethereum because of the eUTXO model vs. account state) ~6500 US
-
Machine learning for risk analysis and fraud and scam alerts on Cardano. ~25000
* - All costs above the budgetary estimates will be covered by the Co-Founders of CheckNFT.io. CheckNFT.io has no external investors at the moment of proposal submission.
Dedicated team switching to checkNFT.iO project as internal startup project of https://pixelplex.io
Proposal scope Team (on the top of existing Project Team):
Project manager
Business Analyst
Designer (Part Time)
Team Lead (Part Time)
2 Engineers
QA (Part Time)
Data Scientist
[AUDITABILITY]
🎯 Success metrics for Phase 1: Before voting
MVP launch (publicly available).
10,000 collectibles analysed (user requests) in the first month after MVP release.
🎯 Success metrics for Phase 2: For the voting (Proposal scope delivery)
Cardano NFTs are integrated into the service.
All Cardano NFTs Data indexed with real-time blockchain sync up.
1 month after Phase 2 delivery:
10,000 Cardano collectibles analysed by users.
5,000 Cardano NFTs analysed by the ETH users (initially ETH NFT analysed then Cardano NFT).
12 months after Phase 2 delivery:
1 mln. Cardano NFTs analysis requests by users per month
200,000 unique Cardano wallets connected
100,000 unique Ethereum users (wallets connected)
100,000 visits per month to Cardano marketplaces from checkNFT.io per month
The above metrics and KPIs are met and fulfilled.
Ethereum users (wallets connected) analyze Cardano NFTs and invest in Cardano NFT projects.
Cardano community uses CheckNFT.io to make better decisions, earn more, and avoid scams and frauds on Cardano.
Cardano NFTs market is growing faster than other blockchains NFTs.
New project (not funded before). Voted Number 15 by the community from 84 projects in cFund7. The proposal is not funded due to limited funds vs. the number of proposals (highest quantity of proposals vs. funds available) for dApps and Integrations in Fund 7.