Detailed Plan
Abstract
We have developed a centralized solution on Cardano which offers creation and trading of NFTs - both fixed price and auction based. Also, we have our own revenue share token that’s supposed to help finance further development of the platform, while giving the backers 50% of the platform’s revenue. We intend to convert the heart of our application to smart contracts and further develop the platform according to our users’ needs.
Current functionality
Our app is already live on testnet (https://testnet.cardano.blue/), where we are performing some final tests, while preparing the infrastructure for the mainnet. Currently, it is possible to mint NFTs containing images (jpg, png, gif, etc.) and choose whether you want to receive the NFT to your wallet, put it on sale for a fixed price or start an auction on our platform. All NFTs are created according to the following metadata standard: https://github.com/cardano-foundation/CIPs/blob/8b1f2f0900d81d6233e9805442c2b42aa1779d2d/CIP-NFTMetadataStandard.md. It is also possible to trade NFTs created elsewhere, even those which aren’t following the standard or containing files other than images.
Beside minting and trading of NFTs, we offer our users the opportunity to support the platform by purchasing CBLU tokens and get revenue share in return. For each token that is purchased, we mint one to our address which always keeps the profits shared 50/50 between the platform and the investors and sets the maximum supply to 352,800 CBLU tokens. Starting price of CBLU token is 1₳ and increases by one for each 420 sold, up to the maximum price of 420₳. Revenue is distributed among token holders on a daily basis.
Technical info
Our backend is comprised of multiple services written in NodeJS with TypeScript, which are using multiple Cardano services to interact with the blockchain. For the client app, we opted for NextJS in order to provide better user experience and search engine optimization. Communication between the frontend and the backend is happening through GraphQL and websockets and the infrastructure is a mix of dedicated servers and AWS services.
The team
Current team consists of two Plutus Pioneers from the first cohort and one front-end developer, but we also have experienced engineers at our company that are already familiar with the project and could join in no time if there’s a need to expand the team.
Definition of Success
The main goal for the coming months is to convert present logic to smart contracts. Beside which, we intend to support creation and better UX for NFTs containing files other that images, such as various documents, audio, video, etc. Long-term goals include introduction of governance, which would give the users an opportunity to decide in which direction further development should go, as well as creation of mobile app(s) and constant improvement of the platform’s functionality.
After 3 months:
- The core of the application logic is ported to smart contracts
- The platform supports creation of NFTs containing files other than images - documents, audio, video, etc.
- Cardano Blue is number one choice for minting and trading of NFTs on Cardano
After 6 months:
- Introduction of governance to the platform
- Stable growth of users
- Expansion of the development and business team
After 12 months:
- Becoming one of the most important NFT platforms
- Further development and improvement of the platform according to the community’s needs, based on previously developed mechanisms which enable community governance
- Developed native mobile applications for Android and iOS
Use of Funding
- Infrastructure: $3,000
- Partial coverage of development cost: $2,000 * 3 developers * 3 months = $18,000
- Marketing: $7,000
- Legal and technical consultancy: $12,000