Cardano Marketplace Listing Contract

[GENERAL] Name and surname of main applicant

Brock Cruess

[GENERAL] Email address of main applicant

brockcruess@gmail.com

Additional applicants

Additional contributors to be determined.

[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?

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.” .

Dependent on marketplace participation. When this idea originated in a Twitter space, 3 active marketplaces expressed interest in participating, so I'm quite confident we'll achieve enough commitment to get the project going.

[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

NFTs

[IMPACT] Please describe your proposed solution.

A solution to this is a single, open-sourced listing contract that is developed in cooperation with all marketplace developer teams. Each marketplace will be able to add their own fee structure onto each transaction that was initiated from their front-end, so they can maintain their current fee structures. Each front-end would also be able to stake user funds (ADA) that were contributed from their front-end, such as "Offer" holdings, to maintain this common marketplace practice.

The smart contract will be accessible to anyone who wants to connect their front-end to it, but will be managed and developed by a DAO formed of any currently active marketplace development teams who agree to participate in the early development of the smart contract. Each team will receive a governance token allocation based on their level of contribution to the genesis smart contract, agreed upon by the participants. Teams will be able to trade any amount of their governance tokens to another party, which allows for new teams to enter the project in the future, and for teams to acquire more governance at any time. Development teams will likely hold their governance tokens in a multi-sig wallet, managed within their own organizations.

The smart contract would collect a small fee of its own - paid by users on each sale transaction - which would go to the DAO's multi-sig developer wallet. The developer wallet will be used to pay development rewards to teams who continue developing new features for the smart contract. When the development of a new feature is completed, DAO stakeholders will multi-sign a payout transaction to reward the developer(s) behind the new feature. The approval of new features and the payout transaction will require a determined amount of governance-token-weighed votes to be approved. Governance token requirements for approving new developments and development payouts will be determined by the genesis participants in an effort to prevent 51% attacks in the future.

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

This project will have high impact and drive more adoption due to the improved user experience when purchasing NFTs from marketplaces - not having to hop between multiple marketplaces to find where the asset of interest is listed.

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

Success will be measured by increased activity on many of Cardano's marketplaces.

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

The project's GitHub will display the progress of development. All development will be open-sourced for transparency and auditability.

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

I have established relationships with many Cardano marketplace development teams so I will be able to serve as a trusted figure to connect the dots on this project.

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

The main goals are to create synchronized listings between marketplaces, ensure that bad actors can't launch marketplace front-ends that dodge royalties, and create a better user experience when shopping for Cardano NFTs. My drafted approach can be revised any number of times until the (to by determined) team of developers feels it is feasible. Each developer who contributes will provide their unique perspective on the best ways to achieve our goals.

[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 - Assemble Genesis Team

2 - Development Framework

3 - DAO Framework

4 - Genesis Development

5 - Marketplace Implementation

6 - Continued Autonomous Development

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

1 - Assemble Genesis Team:

Outreach to marketplace development teams, acquiring commitment from them to participate in the initial development of CMLC.

2 - Development Framework:

Structure the project's GitHub repository and set up standards for development proposals.

3 - DAO Framework:

Develop the multi-sig tools for the DAO, allowing for token-weighed approval processes and multi-sig transactions from the developer wallet.

4 - Genesis Development:

Develop the first version of the smart contract and reward DAO governance tokens to participating dev teams based on the weight of their contributions.

5 - Marketplace Implementation:

Connect all participating marketplaces to the CMLC and allow users to relist their previously listed assets to the new smart contract in a single transaction.

6 - Continued Autonomous Development:

The DAO continues the development of CMLC. New developments are proposed and approved/declined. Approved and completed developments are rewarded with ADA. New development teams can join the DAO by acquiring governance tokens.

All asset listings are synchronized between all participating marketplaces.

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

I'm requesting a one-time funding of just 50k ADA to be the lead organizer and initiate the development of this project. I will be the only participant of the project who is not financially compensated by the project itself.

For those who don't know, I've been advising for Cardano marketplaces for over a year now and have played a part in some pretty major quality of life features that have been added to marketplaces as well as advising the entire startup of a brand new art-focused marketplace, hand-crafting it to be the most ideal place for artists to sell their works and interact with collectors. I've never accepted financial compensation for my advisory services. I've always done it for the love of Cardano and I've wanted to avoid becoming financially bound to any one single marketplace. My goal is marketplace interoperability and to make collecting digital assets on Cardano smoother than on any other blockchain.

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

The cost of the project is very low for the value it will produce. I'm sure anyone who collects NFTs on Cardano will be able to appreciate this project and will benefit from it greatly. This project will also allow new marketplaces to come to Cardano without the overhead cost of developing a listing smart contract from scratch, and without having to compete with a single marketplace that owns 99% of the market share for listings.

[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