Spot Converter: Buy Cardano NFTs with Any Crypto

[GENERAL] Name and Surname of Main Applicant

Chadi Nassar (on behalf of Plutus.Art as co-founder)

[GENERAL] Email address of Main Applicant

support@plutus.art

Additional Applicants

Stale 

Fettuccine

Both are also co-founders

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

6

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

No

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

No

[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.” in this field.

No dependencies

[GENERAL] Will your project outputs 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.” in this field.

Project will be fully open source

[METADATA] Category of Proposal

dApp

[METADATA] SDG rating

SDG 8: Decent Work and Economic Growth

Our proposal will contribute to this goal by creating new opportunities for decent work and economic growth in the digital art and collectibles industry. By enabling users to buy Cardano NFTs with any crypto, we will increase the income and livelihood of artists, creators, collectors, and enthusiasts who are involved in the Cardano NFT ecosystem. We will also create new jobs and skills for our project team and for other developers who want to integrate our API with their own NFT platforms or marketplaces.

SDG 9: Industry, Innovation and Infrastructure

Our proposal will contribute to this goal by fostering innovation and infrastructure development in the Cardano blockchain. By building a web-based API that enables spot conversion and transfer of any crypto to buy Cardano NFTs, we will demonstrate the technical feasibility and usability of our solution, as well as the interoperability and scalability of the Cardano blockchain. We will also promote the adoption and awareness of Cardano as a platform for digital art and collectibles, as well as for other use cases that require cross-chain transactions.

SDG 10: Reduced Inequalities

Our proposal will contribute to this goal by reducing inequalities in access to and participation in the digital art and collectibles industry. By enabling users to buy Cardano NFTs with any crypto, we will lower the barriers to entry and increase the diversity of users who can enjoy and benefit from Cardano NFTs. We will also empower users from different backgrounds, cultures, and regions to express themselves, share their stories, and connect with others through Cardano NFTs.

[IMPACT] Please describe your proposed solution.

Our proposed solution is to integrate a web-based API that allows users to buy Cardano NFTs with any cryptocurrency, whether it is outside of the Cardano blockchain or a Cardano native token. The API will use a third-party service to perform the spot conversion of the user's crypto to ADA at the best available rate, and then transfer the ADA to the NFT seller's address. The user will receive the NFT in their Cardano wallet. The API will also provide a user interface that displays the available NFTs, their prices in different currencies, and the conversion rate. The API will be open-source and documented, so that anyone can integrate it with their own NFT platform or marketplace.

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

Our proposed solution addresses the challenge of increasing sustainability and onboarding users to the Cardano ecosystem by making Cardano NFTs more accessible and attractive to a wider audience of crypto holders. By enabling users to buy Cardano NFTs with any crypto, we will increase the demand and liquidity for Cardano NFTs, as well as the adoption and awareness of Cardano as a platform for digital art and collectibles. We will also reduce the friction and cost for users who want to buy Cardano NFTs but do not have ADA or do not want to exchange their crypto for ADA. We estimate that our solution will bring at least 1,000 new users to the Cardano ecosystem within 12 months of launching, and generate at least 100,000 transactions of buying Cardano NFTs with other cryptocurrencies.

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

• The number of users who use our API to buy Cardano NFTs with other cryptocurrencies
• The number and value of transactions of buying Cardano NFTs with other cryptocurrencies
• The number and diversity of NFT platforms or marketplaces that integrate our API
• The conversion rate and retention rate of users who buy Cardano NFTs with other cryptocurrencies
• The user feedback and satisfaction with our API and user interface
• The user testimonials and reviews on social media and other channels
• The media coverage and recognition of our project in the crypto and NFT space
• The stakeholder engagement and collaboration with other Cardano projects and community members

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

Our plans to share the outputs and results of our project are:

• To create a blog on our website that showcases our project, its features, its benefits, and its impact for the Cardano ecosystem and the NFT community
• To produce video tutorials, demos, and webinars that explain how to use the API and user interface, and how to integrate it with other NFT platforms or marketplaces
• To participate in relevant events, conferences, podcasts, and interviews that promote our project and its value proposition for Cardano NFTs
• To collaborate with other Cardano projects, community members, influencers, and ambassadors that share our vision and mission for making Cardano NFTs more accessible and attractive
• To report our progress, achievements, challenges, and learnings regularly to the Catalyst community and the Cardano Foundation

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

• Our team consists of Stale, Kieran, and Adawg who have blockchain and cardano dev experience across multiple services and projects. It also consists of Chadi and Nic who are experienced in BD, Sales, and Marketing and have been a part of many successful activations across Cardano.
• Our team's commitment and passion for making Cardano NFTs more accessible and attractive. We believe that Cardano NFTs have a huge potential to revolutionize the digital art and collectibles industry, as well as to empower artists, creators, collectors, and enthusiasts. We want to contribute to this vision by building a solution that lowers the barriers to entry and increases the demand for Cardano NFTs.
• Our team's transparency and accountability for managing funds properly. We will also use a reputable third-party service to perform the spot conversion of cryptocurrencies. We will provide detailed invoices and receipts for every expense incurred during the project.

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

• To integrate a web-based API that enables spot conversion and transfer of any crypto to buy Cardano NFTs
• To build a user interface that displays the available Cardano NFTs, their prices in different currencies, and the conversion rate
• To onboard at least 10,000 new users to the Cardano ecosystem by enabling them to buy Cardano NFTs with other cryptocurrencies
• To generate at least 100,000 transactions of buying Cardano NFTs with other cryptocurrencies

We will validate if our approach is feasible by:

• Conducting market research and user interviews to understand the needs, preferences, pain points, and expectations of potential users of our solution
• Developing a minimum viable product (MVP) that demonstrates the core functionality of the API and user interface
• Testing our MVP with a small group of beta users who are interested in buying Cardano NFTs with other cryptocurrencies
• Collecting feedback from beta users on their experience, satisfaction, and suggestions for improvement
• Iterating on our MVP based on the feedback and data collected from beta users
• Launching our MVP to the public and monitoring its performance, usage, and impact

[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.

Our project's milestones and tasks are:

Milestone 1: Market research and user interviews (2 month)

Task 1.1: Define the target market and user segments for our solution

Task 1.2: Conduct online surveys and interviews with potential users of our solution

Task 1.3: Analyze the data and insights from the surveys and interviews

Task 1.4: Create user personas, user stories, and user journeys for our solution

Milestone 2: MVP testing (1 month)

Task 2.1: Recruit a small group of beta users who are interested in buying Cardano NFTs with other cryptocurrencies

Task 2.2: Deploy our MVP to a testnet environment and invite beta users to try it out

Task 2.3: Collect feedback from beta users on their experience, satisfaction, and suggestions for improvement

Task 2.4: Iterate on our MVP based on the feedback and data collected from beta users

Milestone 3: MVP launch (3 month)

Task 3.1: Deploy our MVP to a mainnet environment and launch it to the public

Task 3.2: Promote our MVP through various channels, such as social media, blogs, podcasts, events, etc.

Task 3.3: Monitor the performance, usage, and impact of our MVP

Task 3.4: Provide customer support and troubleshooting for our MVP users

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

The deliverables, outputs and intended outcomes of each milestone are:

Milestone 1: Market research and user interviews

Deliverables: A market research report and a user interview summary that provide data and insights on the target market and user segments, their needs, preferences, pain points, and expectations for our solution

Outputs: User personas, user stories, and user journeys that define the features, functionality, and design of our solution

Intended outcomes: A clear understanding of the problem-solution fit and the value proposition of our solution for potential users

Measurement: The number of surveys and interviews conducted, the response rate, the quality of the data and insights collected, the feedback from potential users

Milestone 2: MVP testing

Deliverables: A beta testing report that provides feedback from beta users on their experience, satisfaction, and suggestions for improvement

Outputs: A refined MVP that incorporates the feedback and data collected from beta users

Intended outcomes: A validation of the product-market fit and the user acceptance of our solution

Measurement: The number of beta users recruited, the number of transactions performed by beta users, the feedback and data collected from beta users, the iteration on the MVP based on feedback and data

Milestone 3: MVP launch

Deliverables: A launch report that provides metrics on the performance, usage, and impact of our MVP

Outputs: A public launch of our MVP to the Cardano ecosystem and the NFT community

Intended outcomes: An increase in the demand and liquidity for Cardano NFTs, as well as the adoption and awareness of Cardano as a platform for digital art and collectibles

Measurement: The number of users who use our MVP to buy Cardano NFTs with other cryptocurrencies, the number and value of transactions performed by these users, the user feedback and satisfaction with our MVP, the media coverage and recognition of our project

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

Development: 75,000 ADA

API: 50,000 ADA

Backend: 12,500 ADA

Frontend: 7,500 ADA

Documentation and Marketing: 5,000 ADA

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

We have estimated the impact and benefits of our project for the Cardano ecosystem, and we believe that they outweigh the costs. Our project will increase the demand and liquidity for Cardano NFTs, as well as the adoption and awareness of Cardano as a platform for digital art and collectibles. Our project will also bring at least 10,000 new users to the Cardano ecosystem, and generate at least 100,000 transactions of buying Cardano NFTs with other cryptocurrencies.

[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