FYI.clothing - Translating NFT IP into Tangible Fashion Statements

[GENERAL] Name and surname of main applicant

Phani Deepak Chodisetti

[GENERAL] Email address of main applicant

phanideepakch@gmail.com

Additional applicants

Priyanka Julakanti

Vaishnavi Chandra methari

Kamal Kamineni

Roshan Mandalapu

Nucast Labs(Tech Team)

[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.” .

No dependencies

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

No

[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 the early stages of the project, resources such as time, manpower, and funding are often limited. Open-sourcing a project requires additional effort in terms of managing the community, addressing issues, and integrating external contributions. It may be more efficient to focus on developing a robust and functional product before considering open-sourcing. We do have plans to eventually opensource the protocol.

[METADATA] Category of Proposal

RealFi

[METADATA] SDG rating

SDG rating:

SDG Goals

8 - Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

9 - Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation

17 - Strengthen the means of implementation and revitalize the Global Partnership for Sustainable Development

SDG Subgoals

17.19 - By 2030, build on existing initiatives to develop measurements of progress on sustainable development that complement gross domestic product, and support statistical capacity-building in developing countries

17.3 - Mobilize additional financial resources for developing countries from multiple sources

9.1 - Develop quality, reliable, sustainable and resilient infrastructure, including regional and transborder infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

9.3 - Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to financial services, including affordable credit, and their integration into value chains and markets

9.b - Support domestic technology development, research and innovation in developing countries, including by ensuring a conducive policy environment for, inter alia, industrial diversification and value addition to commodities

[IMPACT] Please describe your proposed solution.

FYI.Clothing is an innovative blockchain-based platform that aims to revolutionize the way NFT (Non-Fungible Token) art and its intellectual property (IP) is monetized by integrating it directly into the fashion industry. The platform leverages the immutability and transparency of blockchain technology, along with the versatility of smart contracts, to enable a seamless, secure, and fair transaction process between NFT holders, clothing designers/brands, and customers.

FYI.Clothing is comprised of two main components. First, the IP Monetization Platform where NFT holders and NFT creators can monetize their NFT art IP to clothing designers/brands. Second, the IP Licensing Marketplace where these designers/brands can browse and select NFT art for integration into their clothing lines. 

This transformative solution will dynamically change the NFT landscape in several ways:

• Expanding Monetization Opportunities for NFT Artists: By providing a platform where NFT creators can monetize their artwork to fashion brands, we are opening up a new way for artists to generate revenue from their digital art.

• Promoting Cross-Industry Collaboration: This solution acts as a bridge between the blockchain and fashion industries, enabling creative collaboration that can generate unique, valuable products and expand the horizons of both sectors.

• Enhancing Transparency and Fair Revenue Distribution: Using smart contracts, this solution ensures transparent, automated, and fair distribution of revenues generated from the monetization of NFTs. Artists are guaranteed their royalties from clothing sales, which fosters trust and encourages more creators to participate.

• Creating Unique Fashion Products: Clothing brands will benefit from a new form of creative input, integrating unique digital art into their designs. This could offer a competitive edge and appeal to customers looking for innovative and exclusive fashion items.

1. Features:

• User Registration and Wallet Integration: Users can create an account on FYI.Clothing and connect their Cardano wallet to the platform.
• IP Monetization Platform: NFT holders can deposit their NFTs into the platform's pool, allowing FYI.Clothing to utilize the intellectual property (IP) of the NFTs for fashion designs.
• IP Licensing Marketplace: Clothing designers/brands can browse and select NFT artwork from the platform for integration into their clothing lines.
• Smart Contract Integration: Smart contracts will be implemented to automate the transaction process, ensure transparent revenue distribution, and enable royalty payments to NFT artists.
• Revenue Distribution: Artists and NFT Holders will receive a commission or royalty on each sale of IP products that incorporate their NFT artwork.
• NFT Project Support: FYI.Clothing can support NFT projects by allowing them to earn revenue in collaboration with users who still hold the IP rights of the NFTs.

2. User Flow:

• Users create an account on FYI.Clothing.
• Users connect their cardano wallet to the platform.
• NFT holders deposit their NFTs into the platform's IP Monetization Platform.
• FYI.Clothing design and marketing team utilize the NFT artwork for fashion designs.
• Clothing designers/brands browse and select NFT artwork from the IP Licensing Marketplace.
• Selected NFT artwork is integrated into clothing designs and manufactured.
• Customers purchase the IP products through FYI.Clothing.
• Revenue from IP product sales is distributed to NFT artists as royalties.

3. Technical Architecture:

• User Interface: Develop a user-friendly web interface for registration, wallet integration, browsing NFT artwork, and purchasing IP products.
• Blockchain Integration: Integrate with Cardano Blockchain to store NFTs, execute smart contracts, and facilitate transparent transactions.
• Smart Contracts: Develop and deploy smart contracts for NFT deposits and revenue distribution.
• Wallet Integration: Cardano wallet integration to securely connect users' wallets to the platform.
• NFT Handling: Implement mechanisms to securely store and manage NFTs within the platform.
• Payment Gateway Integration: Integrate a secure payment gateway to facilitate transactions for purchasing IP products.

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

FYI.Clothing brings several benefits to the Cardano ecosystem and addresses challenges in the NFT and fashion industries. Here's how it impacts the Cardano ecosystem:

1. Creation or Improvement of Different Products:

• FYI.Clothing introduces a new product by integrating NFT art into the fashion industry, creating unique IP products that merge digital art and clothing.
• The platform enhances the value proposition of NFTs by expanding their utility beyond collectibles, allowing creators and NFT owners to monetize their content by allowing fashion brands to use it in exchange for payment. The platform also expands the reach of NFTs and opens a new market to be tapped into.

2. Integrations with Other Existing Services, Products, and Protocols:

• By integrating with the Cardano blockchain, FYI.Clothing leverages the robustness, security, and scalability of the Cardano network.
• The platform utilizes smart contracts to automate the transaction process, ensuring transparency and trust between NFT holders, designers/brands, and customers.
• FYI.Clothing integrates popular Cardano wallets, such as Eternl, Yoroi, Vespr, Nami, etc to provide seamless connectivity and facilitate secure transactions.

3. Solving a Key Problem or Issue:

• FYI.Clothing addresses the challenge of monetization for NFT artists by providing a direct avenue to generate revenue from their digital artwork. It opens up a new market within the fashion industry, expanding opportunities for artists to showcase and profit from their creations.
• The platform promotes cross-industry collaboration, bridging the blockchain and fashion industries. This collaboration leads to the creation of unique fashion products that appeal to customers seeking innovative and exclusive items.
• Through smart contracts, FYI.Clothing ensures transparent revenue distribution and fair royalty payments to NFT artists. This solves the problem of trust and accountability in revenue sharing, fostering a supportive ecosystem that encourages more artists to participate.

Impact:

The total addressable market for this solution is extensive and multi-faceted. 

The NFT market, valued at approximately $40 billion in 2022, has an ever-growing pool of creators and collectors that are prospective users of the FYI.Clothing platform.

The global fashion market is expected to reach $672.71 billion by 2023, with a significant shift towards online sales. By offering a unique product – clothing integrated with NFT art – to this market, FYI.Clothing will capture a portion of these revenues.

With over 100 million cryptocurrency users worldwide, this community represents a significant potential customer base interested in novel applications of blockchain technology.

The rising trend of art-inspired clothing, the millions of art enthusiasts worldwide represent a considerable addressable market.

By intersecting these markets, FYI.Clothing has the potential to carve out a unique niche and create a new revenue stream within the booming NFT and fashion industries

The integration of FYI.Clothing with the Cardano ecosystem not only provides a practical use case for NFTs but also demonstrates the versatility and potential of Cardano blockchain in revolutionizing various industries. It expands the reach of Cardano beyond financial applications and showcases its ability to facilitate secure and transparent transactions in sectors like fashion. This integration strengthens the overall Cardano ecosystem and attracts more users and developers to explore its capabilities.

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

The success of the FYI.Clothing project will be determined by a combination of quantitative and qualitative metrics. These metrics will be tracked over time to assess the impact of the platform on the NFT and fashion markets and make data-informed decisions for future growth and development.

User Acquisition: The number of users on the platform, segmented by NFT holders and clothing designers/brands. Growth in user acquisition over time will indicate increased interest and use of the platform.

Transaction Volume: The number and value of transactions completed on the platform. This includes the number of signed contracts between NFT holders and clothing designers/brands, the number of clothing items sold featuring NFT art, and the total revenue generated through these transactions.

Royalty Payments: The total amount of royalties paid out to NFT holders. This will serve as a direct indicator of the financial success of the NFT artists using the platform.

Customer Satisfaction: This can be assessed through user surveys and feedback forms. High levels of user satisfaction will indicate that the platform is meeting the needs of its users and offering value to both NFT holders and clothing designers/brands

Brand Partnerships: The number of collaborations with popular NFT marketplaces, platforms, and fashion brands. This indicates the platform's recognition and acceptance in the respective industries.

Community Engagement: Engagement on the platform’s social media channels, webinars, AMAs, contests, etc. Higher engagement levels are an indicator of a strong, active community and widespread interest in the platform.

Media Coverage: The amount and nature of coverage in media outlets and industry publications. Positive coverage and reviews would indicate recognition and acceptance in the wider business and tech community.

Innovative Design Releases: Tracking the number of unique NFT-integrated clothing designs released by brands on the platform can indicate the level of innovation and new product development spurred by FYI.Clothing.

By consistently monitoring these metrics, FYI.Clothing can measure its success and make informed strategic decisions for the future. Each metric corresponds to different project aspects, ensuring a holistic view of the platform's performance and impact on the NFT art monetization and fashion industries.

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

Establishing communication channels such as our website, blog, and social media accounts dedicated to the project. These channels will be used to share updates, milestones, and important project outcomes with the community.

Creating detailed documentation and reports that summarize the project's objectives, methodologies, findings, and impact. These documents can be made available to the public, including the Cardano community, through the project website and other relevant channels.

Actively engaging with the Cardano community through forums, meetups, and events to present the project's outputs and impact. This can include participating in conferences, webinars, and workshops where the project team can showcase the results and interact with stakeholders.

Seeking partnerships and collaborations with relevant organizations, content creators, and industry influencers. This can help amplify the project's reach and ensure that the outputs and opportunities are shared with a wider audience.

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

Our team is an assembly of industry professionals with a diverse set of skills and deep knowledge in fields such as blockchain, NFTs, fashion, and e-commerce. Each member brings in years of experience and a unique area of expertise, all driven by a genuine passion for their work. This collective knowledge and individual proficiency form the backbone of our project, providing a robust assurance for the successful delivery of our platform and ensuring high-quality results:

Phani Deepak Chodisetti - With an extensive background in Marketing Management, Brand Development, and Growth Strategy, Phani brings a wealth of knowledge to manage the project, ensuring that it aligns with the brand's overall vision and business goals. He is known for his leadership skills, creativity, and data-driven approach, which will play a significant role in the strategic direction of the project.

Founding Entity:

THC(@thehighclothing.in)

is a distinctive clothing brand that emphasizes the individuality of wearers through its handcrafted, superior quality garments. Guided by the principles of life, purpose, and nature, THC offers designs that are both visually pleasing and meaningful. The brand is deeply committed to environmental sustainability, focusing on sourcing eco-friendly materials and advocating for ethical manufacturing practices. Partnered with prominent brands like IKEA and Coca-Cola, THC has participated in successful collaborations that further showcase its creative prowess. The brand's clothing range serves as a platform for individuals to express their unique personality and style. In essence, THC goes beyond fashion, embodying a lifestyle that celebrates the world's beauty and diversity through conscious clothing choices. https://wearthc.com/

Priyanka Julakanti - As a co-founder of THC and Fashion Designer, Priyanka's keen eye for design and detail ensures that the project aesthetics are on point. Her experience in styling and designing for multiple projects will add a creative edge to the project.

Kamal Kamineni- Kamal, as a co-founder of THC and Fashion Merchandiser, has a keen understanding of sourcing and sustainability, crucial factors in today's environmentally-conscious world. His vision of a Circular Economy and his emphasis on responsible sourcing will play a significant role in the sustainable execution of the project.

Roshan Mandalapu- Roshan, a co-founder of THC, Fashion Model, Designer, and Digital Marketer, brings a unique perspective to the team. His experience with concept development and design will help in refining project ideas while his background in digital marketing will help to effectively promote the project.

Vaishnavi Chandra Methari - brings her expertise as an Illustrator, Graphic Designer, Creative Director, and Stylist to the table. With her experience working with over 30 artists and brands, she has a deep understanding of design principles and how to create visually stunning projects. Portfolio- https://hoellyware656.myportfolio.com/

Nucast Labs:(http://nucastlabs.com/)

We have partnered with Nucast Labs for technology, who have successfully built various scalable Cardano dapps. Nucast is proud to host a highly skilled and experienced development team of 15+ members with over 30 years of combined industry experience.

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

FYI.Clothing aims to revolutionize the monetization of NFT art and its integration into the fashion industry. To validate the feasibility of this approach, several key goals need to be addressed:

• Developing a User-Friendly Platform: The platform should have an intuitive and user-friendly interface that allows easy registration, wallet integration, browsing of NFT artwork, and purchasing of IP products. User testing and feedback can validate the usability and effectiveness of the platform.

• Establishing Partnerships with Clothing Brands: The success of FYI.Clothing relies on partnerships with clothing brands interested in integrating NFT art into their designs. The feasibility can be validated by securing partnerships with reputable and influential fashion brands, demonstrating their willingness to collaborate.

• Attracting a Wide Range of NFT Artists: To provide a variety of styles and designs for clothing brands to choose from, attracting a diverse range of NFT artists is crucial. The feasibility can be assessed by monitoring the number and quality of NFT artists joining the platform and the diversity of their artwork.

• Ensuring Secure and Fair Transactions: Smart contracts will be employed to ensure secure transactions and fair revenue distribution. The feasibility can be validated by conducting rigorous testing and audits.

• Generating Awareness and Interest: Effective marketing strategies should be implemented to generate awareness and interest among potential users, including NFT artists, clothing brands, and customers. The feasibility can be assessed by monitoring the growth of user registrations, brand partnerships, and customer engagement metrics.

By monitoring the progress and outcomes of these goals, the feasibility of the FYI.Clothing platform can be assessed and adjusted accordingly to ensure its successful implementation.

[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.

Project Kickoff (Week 1):

• Begin technical design and architecture, focusing on blockchain integration and smart contract development.
• Projected cost: 8400 ADA

Development Sprint I: Core Platform (Week 2-10):

• Blockchain integration and smart contract development for IP leasing and monetization.
• User profile creation and management system.
• NFT IP Monetization feature.
• Begin development of IP Licensing Marketplace.
• Projected cost: 84000 ADA

Development Sprint II: Marketplace and Features (Week 11-14):

• Complete IP Licensing Marketplace with great user experience and toolings like search and filtering.
• Develop a secure payment gateway and integrate it into the platform.
• Implement a notification system for users.
• Projected cost: 13300 ADA

Testing and Quality Assurance (Week 15):

• Perform thorough testing of all platform features and functionalities, including smart contracts, transactions, user experience, etc.
• Correct any bugs and improve performance as needed.
• Projected cost: 13300 ADA

Official Launch (Week 16):

• Officially launch the FYI.Clothing platform to the public.
• Monitor the platform's performance and user feedback to make any necessary improvements.
• Projected cost: 3200 ADA

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

Project Kickoff (Week 1):

Deliverables: Finalized project plan.

Outputs: Completed project plan document, assembled project team.

Intended Outcomes: Initiate the technical design process. This milestone sets the foundation for the development phases.

Development Sprint I: Core Platform (Week 2-10):

Deliverables: Blockchain integration and smart contract development for IP leasing and monetization, user profile creation and management system, NFT IP Monetization Feature.

Outputs: Implemented blockchain integration, developed smart contracts for IP leasing, created a user profile system, enabled NFT IP Monetization functionality.

Intended Outcomes: Create the core infrastructure of the FYI.Clothing platform, allowing NFT holders to Monetize their IP and clothing designers/brands to access and integrate NFT art into their designs. Lay the groundwork for subsequent development phases.

Development Sprint II: Marketplace and Features (Week 11-14):

Deliverables: Completed IP Licensing Marketplace with search and filtering capabilities, secure payment gateway integration, notification system.

Outputs: Fully functional IP Licensing Marketplace, integrated secure payment gateway, implemented notification system.

Intended Outcomes: Enable clothing designers/brands to browse, search, and select NFT art for integration into their clothing lines through the IP Licensing Marketplace. Ensure a secure and seamless transaction process for users. Enhance user experience with notifications for important updates and actions.

Testing and Quality Assurance (Week 15):

Deliverables: Thorough testing of all platform features and functionalities, bug fixes and performance improvements as necessary.

Outputs: Comprehensive testing report, resolved bugs, optimized platform performance.

Intended Outcomes: Validate the functionality and reliability of the FYI.Clothing platform through rigorous testing. Identify and fix any issues or bugs to ensure a smooth user experience. Enhance overall platform performance and stability.

Official Launch (Week 16):

Deliverables: Official launch of the FYI.Clothing platform to the public.

Outputs: Public availability of the FYI.Clothing platform.

Intended Outcomes: Make the FYI.Clothing platform accessible to users, including NFT holders, clothing designers/brands, and customers. Enable users to start leasing NFT art IP, integrating NFT art into clothing lines, and participating in the innovative ecosystem created by FYI.Clothing. Gather user feedback and monitor platform performance to make continuous improvements.

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

Phase 1

Senior Solution Architect 166.67 ADA x 30 Hours = 5000 ADA

Setting up Tech Infrastructure: 3400 ADA

Phase 2

Smart contract Developer 133.33 ADA x 300 Hours = 40000 ADA

Full stack Developer with Cardano experienced 133.33 ADA x 300 Hours = 40000 ADA

UI/UX Developer 80 ADA x 50 hrs = 4000 ADA

Phase 3 -

Full stack Developer with Cardano experienced 133 ADA x 100 Hours = 13300 ADA

Phase 4 -

Full stack Developer with Cardano experienced 133 ADA x 100 Hours = 13300 ADA

Phase 5 -

Marketing Budget - 3200 ADA

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

Our proposed solution addresses several challenges and brings significant benefits to the Cardano ecosystem. Here's how:

• The FYI.Clothing project brings innovation by integrating NFT art and fashion through a blockchain-based platform. This unique approach differentiates it from traditional fashion industry models and opens up new possibilities for collaboration and creativity. By pushing the boundaries of how NFTs are monetized and integrated into real-world products, FYI.Clothing adds value to the Cardano ecosystem by showcasing the versatility and applicability of blockchain technology in various industries.

• The integration of FYI.Clothing with the Cardano ecosystem can contribute to increased adoption of the platform. By attracting artists, designers, clothing brands, and customers to the Cardano network, the project expands the user base and drives engagement with the platform. As more users interact with the Cardano blockchain through FYI.Clothing, it raises awareness and interest in Cardano's capabilities, potentially leading to a broader adoption of the technology.

• FYI.Clothing aims to generate revenue through commission fees and royalties from transactions facilitated on the platform. This revenue generation not only sustains the operations of FYI.Clothing but also contributes to the overall Cardano ecosystem. As revenue is generated within the ecosystem, it creates economic activity and value that can further fuel the development and growth of Cardano and its associated projects.

• The integration of FYI.Clothing expands the Cardano ecosystem by bringing together stakeholders from the fashion industry and the blockchain world. This collaboration creates new opportunities for cross-industry partnerships, innovative product offerings, and creative collaborations. By fostering an ecosystem where different industries converge, Cardano becomes more versatile, adaptable, and attractive to a wider range of users and businesses.

Overall, FYI.Clothing contributes to the Cardano ecosystem by driving innovation, increasing adoption, generating revenue, and expanding the ecosystem's reach into the fashion industry. These factors collectively strengthen Cardano's position as a leading blockchain platform and create a positive feedback loop where the ecosystem's growth attracts more users, projects, and opportunities.

[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