[IMPACT]

At rarety.io, we have built a platform that enables multi-signature minting process for NFT projects to launch their collections on our platform easily with a smooth, hassle free minting experience for buyers and sellers both. Now we are aiming to build several solutions like whitelisting, bot-proof mechanisms, auctions, payment APIs, etc. Multi-sig will be our core technology behind all these solutions as is mentioned in our roadmap below.

Our aim is to build a one stop premium minting solution for all the requirements that a project needs. In recent days there has been a lot of talk about the prevalent minting systems and its flaws, so certainly there is a want of a new norm that can enable a smooth experience for buyers and sellers both.

Currently, the most widely used model of minting NFTs is where the Buyer sends a payment to the Seller who then proceeds to mint the said NFT and then returns it. This means that there are at least two transactions that occur in such an exchange. This method is very inefficient.

Cardano’s EUTXO model means that multiple exchanges, mints and script executions can occur inside one transaction. This project just leverages those capabilities and proves a way of minting a token without revealing the script’s private keys to the end user. This means that the buyer makes the payment and the seller mints and returns the NFT in the same transaction.

The benefits of this new model are:

✔ Maximum Efficiency
✔ Minimum Costs
✔ Less Congestion
✔ Absolute Transparency

With this mechanism sellers don’t have to worry about any refunds at all and buyers don’t have to wait long hours for their NFTs to arrive after sending their precious ADA.
You can test it yourself on https://testnet.rarety.io/
Our platform will drive adoption of a better minting experience in the community with multi-sig at its core.

Our main challenge is to make our platform secure from all ends and to make it bug free to avoid any bad user experience for our users. As, security is our foremost priority, we are planning to do a security and code audit soon.

[FEASIBILITY]

ROADMAP (2022):

January

• Researched on different minting mechanisms.
• Started conceptualizing the workflow.
• Backend and frontend development started.

February

• Multi-sig is implemented through backend.
• Frontend UI developed.
• Testnet beta version released. (testnet.rarety.io)
• Developed multiple APIs to upload and list NFT collections for sale.
• Mainnet version released. (rarety.io)
• Onboarded first project (www.godsofblock.com)
• Implemented Cardano royalty support

March

• Enhancing UI
• Developing a whitelist solution
• Ability to buy multiple NFTs with discount through multi-sig in a single transaction
• Ability to limit buying per wallet
• Ability to sell physical goods as NFTs
• Marketing to onboard more projects

April

• Expanding server capacity
• Developing more API endpoints like a payment gateway
• Developing personalized dashboards for buyers and sellers with authentication mechanisms

Human resources: 3x full-time developers ($24000)
Server, Software, and Hardware Acquisition costs- ($5000)
Community outreach and technical support: ($1000)

Advait Joglekar and Adnan Khan - Three time Catalyst winners and developers of Deqree (https://youtu.be/GazDTaRKpjQ), Rarety.io and Cardsec (https://github.com/SkryptLabs/Cardsec) on Cardano.

Sam Jeffery - Plutus Developer at Gimbalabs (Lead SC developer for unsigs marketplace)

Jason Beerman and David Sachs - Head of PR and Marketing

[AUDITABILITY]

We will measure the development of the project by:

• Completion of development milestones
• Number of projects on boarded
• Number of transactions facilitated
• Number of buyer wallets attached
• Total volume of ADA processed
• Number of visitors and members on discord (https://discord.gg/fqAmCVF29J)

Success for our project would be driving wide spread adoption of an efficient minting experience in the Cardano ecosystem through our platform. We want multi-sig minting to become the norm in the space as it beneficial for everyone (The network, Buyers and Sellers).

Yes we were funded in fund 7 under Mini/Low-Budget Dapps & Integrations (https://cardano.ideascale.com/c/idea/384881). The fund was for developing an efficient minting mechanism through smart contracts but our research showed that multi-sig is a far better option to implement so we switched to that as you can see in our development timeline of January and February. This proposal is a continuation of the same project in order to develop more features.