Please describe your proposed solution.
I want to create a cNFT that grows the Cardano community by empowering investors to use the technology in real world use cases. There would be steps to this process as this is a startup. We would start with rental cars and move up to franchises and properties. The end goal is to create a chain of health and fitness clubs where ownership of an NFT grants you access to the clubs. There would also be a tracking software that allows the members of the club to earn $ADA rewards for positive progress such as # of monthly visits, miles walked/ran on treadmills etc. Memberships would be lifetime and can be bought and sold on secondary markets. Classes and personal training sessions could be paid for in crypto. This is assuming the feds pass the new goods and services laws that treat crypto as a currency for smaller transactions as opposed to a commodity which triggers the taxable event for the user. I believe this will pass as many are on board with this idea.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
Properties and cars for rental can be purchased all over the world growing the community awareness in places such as east Asia as well as in North America and other places where adoptions is targeted. The owners of the NFTs that will be getting involved might not be involved with crypto to start but with an idea like this, it may attract more users to the space. With my experience in marketing I believe I can target demographics in areas that will attract new users to the Cardano blockchain.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
The tax and legal implications of this business are going to be the most important things to navigate to make sure we are set up correctly. I have already been in contact with accountants and legal and we believe there are a few ways this can be accomplished to be in compliance. Some of the funding from the grant money that I am seeking will go towards making sure the legal and tax implications are going to be sustainable to move this project forward long term.