ADAuctions - Run Cardano NFT auctions on your own WordPress website.

[GENERAL] Name and surname of main applicant

Jeshua Vega - ( Mr. Intangble )

[GENERAL] Email address of main applicant

mrintangble@gmail.com

Additional applicants

n/a

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

5

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.

Yes

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

Yes

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

The dependency refers to the NMKR Dev API and Pay feature, which is essential for the successful delivery of the project for the following reasons:

Core functionality

The NMKR API provides the necessary endpoints to implement NFT auctions on the Cardano network. It serves as the fundamental basis for interacting with the Cardano blockchain and facilitates the creation, management, and tracking of auctions.

Data access

The API allows us to obtain up-to-date information about ongoing auctions, NFT details, placed bids, and other relevant data. This information is crucial for ensuring transparency and reliability in the auction process.

Seamless integration

By basing our auction system on the NMKR, we can guarantee smooth integration with the existing infrastructure on Cardano. This enables efficient interoperability and a better user experience for individuals who want to participate in NFT auctions.

Security and validation

NMKR provides necessary security and validation mechanisms to ensure that auction transactions are authentic and conducted securely. By depending on this API, we can leverage these functionalities and maintain the integrity of the auction process.

Integrated payments

With the additional functionality of NMKR Pay, we can offer user-friendly integration through "on-page" payments with integrated pop-ups. This may vary in the future by incorporating transaction libraries like Lucid or integrating with other WordPress plugins by user settings if necessary (e.g., CardanoPress).

In summary, the dependency on the NMKR API is essential for project delivery as it provides necessary functionalities, access to relevant data, required security and validation, seamless integration with the Cardano network, and integrated payment capabilities. Its usage is fundamental to ensuring the success and effectiveness of the proposed NFT auction system / plugin.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] If NO, please describe which outputs are not going to be open source. If YES, please write “Project will be fully open source.”

Project will be fully open source. Agreements will not be open sourced.

[METADATA] Category of proposal

NFTs

[IMPACT] Please describe your proposed solution.

The proposal addresses the existing problem of the lack of an accessible, autonomous, and flexible tool to conduct NFT auctions on projects' own websites. The issue is internalized as a limitation in the opportunities for exchange, sell, and transaction of Cardano native tokens by the artists/creators perspective.

Which hinders the monetization of works and restricts the participation of collectors, thereby limiting the potential growth and reach of the NFT community.

To address this concern, it has been decided to develop an auction system leveraged on the NMKR API and its native additional tools. This choice is based on the central functionality that NMKR provides for auctions and its API, which includes useful endpoints and smart contracts necessary for the implementation of auctions on the Cardano blockchain. The NMKR API offers security, validation, and access to up-to-date data on auctions, NFT details, and bids made, ensuring the transparency and reliability of the auction process.

The project focuses on creators who wish to run auctions on their own websites. Its integration into WordPress and its ease of use allows these actors to list their NMKR auctions, establish bid increments, and manage payments efficiently and natively at the very beginning with NMKR pay. In addition, auction participants and NFT collectors will benefit from access to up-to-date and transparent information on the ongoing auction.

The impact of the proposed solution will be demonstrated through several indicators. The increase in the number of auctions conducted by NMKR Auctions and the participation of projects/artists using the plugin with installation statistics will be measured. User satisfaction will be evaluated through feedback and positive comments on different social media platforms and subsequent surveys.

Additionally, the growth of the NFT community in terms of participants will be studied. These data will support the effectiveness and positive impact of the solution in facilitating the sell of digital assets through NFT auctions on the Cardano network.

It should be noted that this solution, since it is mainly focused on creators/artists, is not limited to that target audience. It can also be used by large, already established projects and even independent collectors who wish to use the tool.

In summary, the proposed solution aims to overcome current limitations by providing a flexible auction tool for NFTs on creators, projects, and artists' websites. That it's based on the NMKR API and its native additional features to ensure the necessary functionality, security, and access to data. The solution will involve relevant actors and demonstrate its impact through key participation indicators, user satisfaction, and growth of the NFT community.

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

By a system/plugin for WordPress auctions is developed, a comprehensive solution is provided that allows users to easily and reliably list, bid, and participate in NMKR NFT auctions.

By addressing this challenge, a series of benefits are brought to the Cardano ecosystem:

Expanded opportunities

The solution allows creators to conduct auctions directly on their own websites, thereby expanding monetization opportunities for their works and strengthening community participation. This incentivizes economic activity in the market of independent projects, enabling creators and artists to generate income through auctions. Consequently, this fosters the production and sale of NFTs, creating a dynamic and thriving ecosystem on Cardano.

Increased accessibility

By offering an easily integrable NFT auction system/plugin for WordPress, auctions become more accessible and easy to implement for a wide range of users. This encourages the participation of collectors and NFT enthusiasts, providing them with an intuitive and hassle-free experience.

Transparency and reliability

Leveraging the NMKR API, the solution ensures transparency and security in auctions. Users can access up-to-date and verifiable information about ongoing auctions, NFT details, and bids placed, fostering trust and participation in the Cardano ecosystem.

Intuitive and attractive interface

The solution provides a user interface (UI) designed intuitively and attractively for NMKR auctions. This significantly enhances the user experience when participating in auctions, making it easier to view auctioned asset details, track bids, and place new offers. A pleasant user interface improves the usability of the auction tool, thereby increasing participation and overall appeal.

Boosting Cardano adoption

By providing a complete and secure solution for NFT auctions on Cardano, the adoption of this blockchain is promoted. Facilitating the interaction and integrated sale of native tokens on websites through NMKR auctions attracts more creators and artists, thereby strengthening the ecosystem and its relevance in the digital asset landscape.

Stimulating innovation

The solution's solid infrastructure and user-friendly interface incentivize innovation in the development of WordPress-related applications and tools focused on Cardano NFTs. This creates an environment conducive to the creation and exploration of new opportunities and use cases, potentially leading to new features, improvements, and functionalities that enrich the NFT auction experience and open up new business opportunities. Competition and collaboration among ecosystem participants stimulate continuous improvement and technological evolution.

Interoperability

By utilizing the NMKR API and developing a WordPress plugin, the solution fosters interoperability between different platforms, systems, or web applications. This allows users to leverage a wide range of tools and services while benefiting from the capabilities of the Cardano network. This interoperability encourages widespread adoption of Cardano and facilitates integration with other WordPress-based NFT solutions in the future.

Community empowerment

The solution aims to create a collaborative and participatory environment around Cardano NFT auctions/sales. This strengthens the community of creators, projects, artists, developers, and collectors, fostering the exchange of ideas, collaboration, and mutual support. As the community grows, a network effect is generated, further driving acceptance and the overall growth of the ecosystem.

Scalability and replicability in the future

The ability to scale and replicate the main features and functionalities of the auction plugin in different contexts and for different types of users or projects is considered. Post-launch, a web app will be developed to offer the benefits of the plugin without the need for a website, allowing users to obtain the solution even faster and with less entry friction. This depends on future features and new endpoints related to the NMKR API that expand flexibility and usability, as well as the demand from the community and the market.

In summary, the proposed solution not only addresses the existing challenge of a lack of an accessible and secure tool for NFT auctions on Cardano but also generates a series of benefits for the ecosystem. It drives the NFT economy, promotes interoperability and adoption, strengthens the community, fosters technological innovation, and contributes to the growth and relevance of Cardano in the realm of digital assets.

[IMPACT] How do you intend to measure the success of your project?

Regarding the qualitative aspects:

User feedback

Collecting comments and testimonials from plugin users about their experience and satisfaction. This can include reviews on the plugin page, comments on forums or social media, and direct feedback through contact forms. This information will help us understand the perception and quality of the user experience.

Ease of use

Evaluating the user-friendliness and intuitiveness of the plugin. This includes assessing the user interface, the clarity of instructions, and the efficiency in setting up auctions and managing bids. An easy-to-use and understand plugin will contribute to a better user satisfaction.

Impact on the NFT community

Evaluating the impact of the plugin on the NFT community in terms of recognition, adoption, and perceived value. This includes analyzing whether the plugin becomes popular among creators, projects, and artists, as well as the level of conversation and enthusiasm generated in the Cardano NFT community.

Regarding the quantitative aspects:

Plugin installations and activations

Measuring the number of plugin installations. This will help evaluate the adoption and spread of the plugin in the WordPress ecosystem.

Transaction volume

Evaluating the total value of transactions made through the plugin, including the quantity and monetary value of bids placed in the auctions. This will give us an idea of the economic impact generated by the plugin in terms of NFT transactions.

Community growth

Measuring the growth of the community around the project. This includes tracking the number of followers on social media, newsletter subscribers, forum members, and discussion group participants, as well as the level of interaction and participation of the community in project-related activities.

By focusing on these metrics related to the WordPress plugin, we will be able to more accurately evaluate the success of our solution. We will also be able to understand how it is being adopted and used by users on their websites to conduct NMKR auctions.

[IMPACT] Please describe your plans to share the outputs and results of your project?

Documentation and resources

We will create detailed documentation that includes installation, configuration, and usage instructions for the Cardano NFT auction plugin on WordPress. This documentation will be available online, along with complementary resources such as video tutorials and step-by-step guides.

Website and potential blog

We will establish a dedicated website for our project, where we will provide up-to-date information about the auction plugin, its features, and benefits. We will also maintain a blog where we share news, updates, and relevant use cases related to our Cardano NFT auction system.

Online community

We will create and maintain an online community where users of the plugin can interact, share experiences, ask questions, and receive support. This community will serve as a space to foster collaboration and idea exchange among users and the team.

Social media and digital marketing

We will utilize social media and digital marketing strategies to promote and spread awareness of our auction plugin. This will include regular posts on platforms such as Twitter, Discord, and forums.

Contribution to the open-source community

Whenever possible, we will contribute to open-source development and share our enhancements and modifications to the Cardano and WordPress ecosystem. This will allow other projects and developers to benefit and encourage collaboration within the Cardano community.

Collaboration with influencers and thought leaders

We will establish strategic collaborations with influencers and thought leaders in the blockchain and NFT space within the Cardano ecosystem. These collaborators will promote our auction plugin through their channels and audiences, helping to increase visibility and project reach.

Collaboration with existing NFT platforms

We will establish strategic collaborations with existing platforms and tools in Cardano to encourage the use of our solution. This will expand the reach of our project and allow users of those platforms to leverage the functionalities and advantages our project offers.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Since the beginning of 2021, I have been part of this exciting ecosystem and community. As a result, I have had the privilege of collaborating with various projects and artists in the ecosystem, bringing my experience in visual arts and creating unique artistic collaborations. These collaborations have broadened my perspective and allowed me to explore different creative and technological styles and approaches.

In mid-2021, I participated in the largest artistic collaboration event in the ecosystem, CollaBits, achieving one of the three highest-value auctions. By the end of that same year, I was the designer and WordPress developer of the pilot version of the AngelBabyHitSquad project website.

Due to my collaboration with other artists and projects, I am able to understand the specific needs and challenges of the artistic community in this ecosystem. Thus, I have been able to firsthand perceive this problem. 

When making various inquiries to developers in the community, the only recommendation I received was a very inflexible discord bot, without perhaps offering a more adaptable alternative for specific cases, not only for large projects but also for independent artists.

Upon entering the web3 environment, I was already working on projects that involved graphic/visual and technical work. From a technological perspective, my primary focus is on WordPress web development, utilizing it as a framework. I have been using it since 2014 to improve the SEO of a personal creative project I was working on at that time.

I would like to add that I have also been working on a prototype since last year, which has evolved into a more advanced version starting from the second quarter of this year. Currently, I host it privately on my personal GitHub account, but it will be made public in the near future.

My ability to organize, adapt, and problem-solve allows me to efficiently face the challenges that may arise during the project development. I am also committed to transparency, collaboration, and promoting innovation. Therefore, in this project, my main role will be as a project manager and UI designer. This will be done in conjunction with a team that will be thoroughly analyzed, evaluated, and subsequently hired.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The main objectives of ADAuctions are:

• Develop a functional auction system for NFTs on the Cardano network, initially as a WordPress plugin, which will serve as the immediate MVP.
• Provide an accessible and user-friendly interface for creators to organize Cardano NFT auctions on their own websites.
• Ensure flexible and scalable integration with the NMKR API to leverage its endpoints and smart contracts for auction implementation.
• Foster participation and engagement from the Cardano ecosystem community through the implementation and use of our solution.
• Enable secure and transparent transaction through auctions by leveraging the security and validation mechanisms offered by NMKR.

To validate the viability, we will employ the following strategies:

1. Technical evaluation: We will conduct analyses to ensure compatibility and feasibility of integrating the NMKR API with our WordPress plugin. This evaluation will help us identify any technical challenges and determine if our approach can be effectively implemented.
2. Prototyping and testing: We will develop prototypes of the plugin and perform rigorous testing to ensure its functionality, performance, and user experience. This iterative process allows to identify and address any potential issues or limitations from the outset.
3. Collaboration and feedback: We will seek collaboration with developers, creators, influencers, and artists within the Cardano communities to gather their insights and feedback on our approach. This collaboration will help validate the viability of our solution and ensure its alignment with the needs of the targeted users.
4. Pilot implementation: We will carry out a pilot implementation of the plugin on selected websites to validate its performance, scalability, and user acceptance. These real-world tests will provide valuable insights and feedback for further improvements and adjustments.
5. Continuous monitoring and iteration: We will establish continuous monitoring that allows us to track key metrics, gather user feedback, and make necessary adjustments to achieve project viability and adoption.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

1- Research and Planning (2 weeks)

• Investigate the NMKR API and understand its functionalities.
• Perform a detailed analysis of the system requirements and define development goals.
• Establish a work plan and allocate necessary resources.

2- Plugin Development and API Integration (10 weeks)

• Design the architecture of the plugin and its user interface.
• Develop the plugin while studying and consuming the NMKR API.
• Implement the core functionalities of the plugin, such as importing/creating NMKR auctions, bid management, and integrated payments.
• Perform integration testing with the API to ensure proper interaction between the plugin and auction smart contracts.

3- Testing and Quality Control (2 weeks)

• Conduct plugin testing in different environments and configurations within the WordPress ecosystem.
• Identify and address any potential errors, performance issues, and vulnerabilities.

4- Marketing and Promotion Strategy (5 weeks)

• Define the marketing strategy for the auction plugin launch.
• Develop marketing materials, such as social media content, presentations, and promotional documentation.
• Conduct online promotional campaigns and establish collaborations with influencers and thought leaders in the blockchain and NFT space.

5- Launch and Deployment (1 week)

• Prepare necessary resources for the launch.
• Publish the plugin on the official WordPress repository and promote it through various communication channels.
• Conduct post-launch monitoring and support activities.

This schedule is an estimation and subject to change based on specific project circumstances. Any changes will be publicly communicated.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

1- Research and Planning

• Expected outcomes: Thorough understanding of NMKR API functionalities, identification of key requirements for auction plugin development, and a clear plan for project development.
• Expected deliverables: Technology decisions based on requirements' analysis, documentation of NMKR API highlighting necessary endpoints, and development action plan.

2- Plugin Development and API Integration

• Expected outcomes: A functional plugin that allows users to create and manage NFT auctions on their websites, leveraging the NMKR API for interaction with the Cardano blockchain.
• Expected deliverables: WordPress plugin for running Cardano NFT auctions, with successful integration with the NMKR API.

3- Testing and Quality Control

• Expected outcomes: Ensuring that the auction system is secure, reliable, and scalable through thorough testing and resolution of identified issues.
• Expected deliverables: A functional WordPress plugin after a process of bug fixing and implemented improvements.

4- Marketing and Promotion Strategy

• Expected outcomes: Generating awareness and promoting adoption of the auction plugin, increasing user participation, and attracting new creators, artists, and collectors to the Cardano ecosystem.
• Expected deliverables: Minimum viable marketing plan, developed promotional materials, and executed promotional campaigns.

5- Launch and Deployment

• Expected outcomes: Making the plugin available for download and use on users' websites, offering support to ensure a satisfactory and useful experience.
• Expected deliverables: Auction plugin published on the official WordPress repository, established post-launch support.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

The budget will be based on the average fiat prices according to the current ADA exchange rate, which is $0.31.

• Project Management and Operations (15%): 7,140 ADA ~$2,213

Coordination, supervision, and operations of the solution's development.

• Finance Consultant (10%): 4,760 ADA ~$1,475

Strategic guidance in financial resource allocation and economic management.

• Plugin/Product Development (40%): 19,040 ADA ~$5,902

Hiring specialized developers to effectively create the auction plugin.

• Project Website Creation (15%): 7,140 ADA ~$2,213

Design and development of a dedicated project website and blog.

• Marketing and Content (20%): 9,520 ADA ~$2,951

Promotion strategies, content generation, and active community engagement.

Total: 47,600 ADA ~$14,700

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The proposed solution, which includes an auction plugin for NFTs on Cardano, offers key benefits. This solution provides additional opportunities for creators, projects, artists and even collectors, fostering innovation and growth of the ecosystem in general, as well as expanding its usability.

In addition, this approach is committed to the accessibility and ease of use and implementation of NFT auctions on WordPress websites, promoting a positive user experience and increasing participation in the community.

Another benefit is the generation of economic value by facilitating the exchange and monetization of digital assets, which drives economic growth and prosperity within the market. So this contributes to the adoption of Cardano as the preferred platform for the exchange of digital assets, attracting more users, investors, and projects towards Cardano.

The cost of the project represents solid value to the Cardano ecosystem and NMKR Studio by offering an innovative, affordable and flexible solution to non-fungible tokens auctions. This solution provides opportunities, generates economic value and contributes to the adoption of Cardano as a leading platform in the field of digital assets.

[IMPORTANT NOTE] The Applicant agreed to Fund10 rules and also that data in the Submission Form and other data provided by the project team during the course of the project will be publicly available.

I Accept