🇻🇳 Building an Artist Auction Platform Cardano

[GENERAL] Name and surname of main applicant

Khuat Dinh Thanh

[GENERAL] Email address of main applicant

khuatthanh456@gmail.com

Additional applicants

Son Nguyen

Email: Sonlearn155@gmail.com

Tien Tung

Email: tientung03.nttvn@gmail.com

Tien Dung

Email: tiendung0325@gmail.com

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

8

[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.” .

No dependencies.

[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.

[METADATA] Category of Proposal

dApp

[IMPACT] Please describe your proposed solution.

Currently, a lot of NFT markets have emerged dizzyingly, including many NFTs. Instead of selling NFTs at regular prices for NFTs at regular prices, with competition among buyers will cause the product to increase in price, surpassing the original value of that NFT… Therefore, creating a common playing field between buyers and sellers brings balance to everyone, the opportunity to acquire high-value NFTs will be divided equally among everyone, buyers will be competing fairly to determine the true value of an NFT. It is also considered a highly appreciated piece from buyers of digital assets on Cardano.

When users join the platform, there will be binding features:

• Each participant can track how many bidders and the total bids they've made.
• The final value of an NFT will depend on competition among buyers.
• This type of auction is often used to sell NFTs and attract a large number of interested people.

The final highest bid during the auction period will determine the auction winner who then buys the NFT at a price equal to their bid. There are a few principles about the auction platform:

• For customers who are auction participants:

+ Customers will start bidding at a base price but the product will be sold to the highest bidder. They must bet according to the multiples that were tied up when participating in that auction.

+ When users raise 1 satisfactory price, they need to deposit their money to ensure the transparency and fairness of that auction.

• For bidders:

+ People who want to sell their hot products need to go through a vote of users to ensure that the products they are about to put on the auction floor will be supported by many people and buy it.

+ After the vote is approved, the bidder will have the right to create an auction room to put the products up for auction. At this point, they will have to bind the initialization of values: the starting price of the asset, the regulation of multiples when raising a new price, how long the auction lasts.

This project is also extremely important to Cardano, it will provide a huge opportunity to accelerate the development and use of the Cardano platform. The creation of an NFT auction playground not only receives attention and participation from the community, but also creates a new decentralized platform of Blockchain technology in trading and owning digital assets. This playground attracts artists, artists or user developers and users, is a premise for the strong development of the Cardano ecosystem.

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

Our solution will solve the following challenges:

• Provide an intermediary auction platform: Provide a decentralized auction platform for Cardano to help users put their special NFTs on the platform and conduct public auctions transparently, safely and securely, providing a variety of products for hobbyists to collect special NFTs. The auction process will be done automatically, users only need to make price suggestions for the NFT they want to auction from which our system will work automatically. This will solve disputed issues, incidents during the auction process.
• Enhance the value of NFTs that the community has not yet discovered: When users upload their NFTs on the platform, the contractor will perform reviews in conjunction with the community of users participating in the platform to vote on the uniqueness of NFTs, from there, the contractor will filter out NFTs to make products of the auction. This way NFTs will be found.
• Develop community: When NFTs are auctioned, holders will receive a sum of money from their auction product, thereby stimulating many other users to participate in creativity, creating NFTs. Many people have a hobby of collecting NFTs. When there are many NFTs on the platform that will attract users with this need. That will boost the growth of the Cardano community.

Benefit for Cardano:

• Contributing to the Cardano community, a decentralized, trustworthy, and transparent auction platform
• Increasing the number of transactions for the community
• Increasing the number of users participating in the Cardano network
• Increasing the number of positive feedback of users about platform
• Disseminate of knowledge about Cardano

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

We will base on criteria: 

• User integration: Increase the average number of transactions per user and time spent in the market.
• Develop community: Growth in the number of new users joining the Cardano ecosystem. 
• Users feedback: Survey and user feedback on new gamification features.
• Economic impact: Increase the total value of transactions in the market.

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

We already have plans:

• Implement the marketing campaign, product advertising. 
• Implement promotional events, discounts on services provided to users in order to attract users to the project.
• The impact on bidders and NFT collectors provides them with a business environment.
• At the same time, this platform will attract users to use the platform based on bidders.

Next development direction:

If this project is successful, it will serve as a foundation for the team to develop and expand its scope, toward the people in Vietnam. This is also a topic that people in Vietnam are interested in and expect products that can solve their life issues.

• Expand Service: Integrate platform to the NFT Marketplace by providing additional services and new features. For example, you can create a tool that allows users to create their own NFTs from various types of assets like images, videos, music, and even open-source code, increase the quality of NFT inputs, and diversify auction products on the floor.
• Develop community: We are constantly attracting users to join the platform to increase the number of people involved in developing the platform.

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

Here are some pieces of evidence showcasing our capabilities to execute the project:

• Expertise and Experience: Our team members include one professional as an instructor, with several years of experience in the Blockchain field and success in funding calls in fund phases 6, 7, and 8. Additionally, There are 3 students who have experience working on and developing the Cardano blockchain. They have programming experience with languages such as Haskell, Plutus, Python, PHP, Java, etc. They also have experience participating in research projects to build applications on the Cardano blockchain platform
• Transparent Governance and Communication: We believe in maintaining transparency throughout the project lifecycle. We will establish clear communication channels to keep stakeholders informed about project updates, progress, and challenges. Regular reports and updates will be shared to ensure transparency and accountability.
• Financial management: Effective fund management is extremely important. To demonstrate responsible fund management for a project, we will follow the following steps and procedures: 

+ Budget planning: We will develop a detailed budget plan outlining the allocation of funds for each milestone and activity of the project. This plan will be shared with stakeholders for review and approval.

+ Financial control: We will establish strong financial control measures to ensure that funds are used in accordance with the approved budget. This includes maintaining accurate records, implementing cost monitoring mechanisms, and conducting regular audits.

+ Escrow services: To enhance trust and accountability, we may engage the services of a reliable third-party escrow provider. This will ensure that funds are released based on achieving predetermined milestones and defined outcomes.

+ Transparent reporting: Regular financial reports will be prepared and shared with stakeholders, providing visibility into the project's financial status. These reports will include details on costs, income, and any deviations from the budget.

+ Compliance and legal considerations: We will adhere to all legal requirements and regulations pertaining to financial management, ensuring proper governance and compliance throughout the project.

By combining our expertise, transparent management practices, financial control, and a commitment to open communication, we are confident in our ability to deliver the project with a high level of reliability and accountability.

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

The main goals of the project are as follows:

Goal 1: Develop an Auction platform easy-to access and friendly for people on Cardano.

Evaluation:

• User Testing: Conduct user testing with a diverse group of users to ensure an easy-to-use platform, intuitive interface, and accessibility for non-technical individuals. 
• Feedback Analysis: Gather user feedback and opinions to assess their satisfaction level with the platform and identify areas for improvement. 
• Acceptance Rate: Measure the number of users actively participating in activities through the platform to validate its true appeal and acceptance.

Goal 2: Promote community engagement and collaboration in the Cardano ecosystem.

Evaluation:

• Community Engagement: Monitor the level of participation, positive discussions, and collaboration among community members supported by the platform. 
• Feedback from Stakeholders: Gather feedback and opinions from community members, token owners, and project owners regarding their experience with the platform and its impact on their participation in the ecosystem.

Goal 3: Promote decentralization and inclusivity in auction activities on Cardano. 

Evaluation: 

• Accessibility Metrics: Measure the number of non-technical users who have utilized the platform to verify its accessibility. 
• Engagement of Diverse Stakeholders: NFT traders holding high-value and rare NFTs, attracting NFT markets to participate in buying and selling through auctions on the Cardano platform.

The goals of the project involve both quantitative and qualitative measurements. Although some goals can be quantified, such as acceptance rate or auction property volume, but others, such as user experience and community engagement, qualitative analysis may be required through feedback, surveys, and discussions. The combination of user feedback, acceptance rate, community involvement and market activity will be used to assess how successful the project is in achieving its objectives.

[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.

Fund 10: ( Since the funding was granted ) 

Total time: 8 months 

1 - Platform Development and Testing

• Task:
• Develop a voting system to censor the list of assets before putting assets up for auction. 
• Create and manage auctions 
• User registration and authentication
• Success criteria: Build an auction system based on agreed rules. Track your asset's bet metrics on testnet
• Deliver date: 26/1/2024

2 - User Testing and Feedback

• Task:
• Test user experience in different areas of the platform
• Collect comments from the community, suggestions to improve the platform.
• Success criteria: Completion of user testing phase, documented feedback, and identified areas for improvement
• Deliver date: 29/2/2024

3 - Iterative Development

• Task:
• Installation documentation and user manual. 
• Survey different customer files about MVP auction platform. 
• Draft marketing strategy, brochures
• Test and develop sub features.
• Success criteria: The platform runs smoothly on the mainnet. Completed documentation and marketing strategy, user manual and installation guide.
• Deliver date: 29/3/2024

4 - Market Analysis and Validation

• Task:
• Installation documentation and user manual. 
• Survey different customer files about MVP auction platform. 
• Draft marketing strategy, brochures
• Test and develop sub features.
• Success criteria: The platform runs smoothly on the mainnet. Completed documentation and marketing strategy, user manual and installation guide.
• Deliver date: 26/4/2024

5 -  Finalize Product and Launch

• Task:
• Deploy an auction platform into a production environment 
• Interact with the community through social media, forums, and events to promote the platform.
• Collect user feedback and monitor platform usage. 
• Success criteria: Collect user feedback and improve the platform with feedback, opinions and user satisfaction.
• Deliver date: 1/5/2024

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

Milestone 1: Platform Development Costs

Deliverables:

• The minimum viable product ( MVP ) that has been fully tested on the platform includes: deployed smart contracts on the Cardano blockchain, design and develop user interface and develop backend.
• Test and deploy on testnet network 

Outputs:

• Users can already use the platform ( MVP ) on the testnet.
• Test documentation

Intended Outcomes:

• An active MFP is ready for initial user feedback. 
• Test user experience in different areas of the platform

Milestone 2: User Testing and Feedback

Deliverables:

• Test user experience in different areas of the platform
• Collect comments from the community, suggestions to improve the platform.

Outputs:

• Improved platform MVP to meet user satisfaction 
• Enhance user experience

Intended Outcomes:

• Documentation of user feedback on the platform
• Develop and improve new features based on user maintenance

Milestone 3: Iterative Development

Deliverables:

• The platform is refined based on user feedback and suggestions. 
• Documentation of implemented collaboration and engagement features

Outputs:

• Complete platform version 
• Complete documentation on how to feature

Intended Outcomes:

• The platform is optimized based on user feedback and suggestions
• Document feedback from users.

Milestone 4: Market Analysis and Validation

Deliverables:

• Market research report on the platform solutions for the Cardano ecosystem.
• Evaluate competitor’s services and identify unique selling points.

Outputs:

• Market analysis report

Intended Outcomes:

• Understanding market needs and potential user base
• Identify the market and target audience.

Milestone 5: Finalize Product and Launch

Deliverables:

• Final product launch product
• Brochures
• The platform is refined based on user feedback and suggestions.
• Complete documentation, including instructions for use and specifications

Outputs:

• Complete platform version
• Complete documentation

Intended Outcomes:

• The platform is optimized based on user feedback and suggestions. 
• Comprehensive documentation for users.

To monitor the progress of the project, the following measures can be used:

• Works on github: GitHub is an environment where project code is stored, where team members can work together without working directly with each other, saves a lot of time for members, can be public for everyone to see and measure our progress written in the proposal.Each weekend, the tech lead summarizes what the team members have done and will publish it on GitHub so everyone can follow our progress. 
• Timelines: Track the completion of milestones and tasks within defined timelines to ensure timely progress.
• Deliverable Completion: Evaluate the completion of the deliverables outlined for each milestone to evaluate progress and compliance with project objectives.
• User feedback: Collect user feedback and opinions at different stages of the project to understand satisfaction, usability and areas of improvement.
• Community engagement: Monitor community engagement through social media, forums and events to gauge interest and participation in the project.

By monitoring these measures, the project team can evaluate progress, identify areas for improvement and ensure that the project is on track to achieve the intended results.

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

Milestone 1: Platform Development Costs

Development resources: $18000

This includes the cost of software engineers, blockchain advisor, project manager on the technical proof of concept.

Milestone 2: User Testing and Feedback

User testing resources: $5000

This includes expenses related to recruiting a group of users for testing and gathering feedback on the platform ( MVP )

Milestone 3: Iterative Development

Development resources: $5000

This includes feature enhancement costs based on user feedback, management, community participation, and implementation of collaboration features.

Milestone 4: Market Analysis and Validation

Market research resources: $3000 

This includes expenses related to conducting market research and analysis to validate the demand for the platform marketing solutions within the Cardano ecosystem.

Milestone 5: Finalize Product and Launch

Marketing resources: $2000

This cost includes the cost of preparing documents for the launch of the platform.

Total: $33000 ~ 110000 ADA 

Please note: Any out of budget costs allocated to the platform by Project Catalyst will be covered by our internal redundancy.

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

• Our project costs bring significant value for money to the Cardano ecosystem due to our team's expertise, operational efficiency, and our strategic approach to resource usage.
• My team includes skilled experts who have experience in large-scale platform development. This high level of expertise can increase costs but it also ensures that we provide high-quality solutions designed to stand the test of time, resulting in long-term savings for the ecosystem.
• Budget in our project has been decided and based on average for software development professionals in Vietnam, one of the countries working on extremely large overseas projects, reflecting the high level of expertise and quality assurance that we bring to this project. 

Finally, the goal of our project is to provide the Cardano community with solutions that not only solve current problems, but also open up new opportunities. By investing in our project, the community is investing in the potential for the future growth and innovation in the ecosystem.

[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