Last updated 2 years ago
Galaxy of X - NFT aggregator
Problem
NFT marketplaces are isolated and non-interoperable, making it hard to find and compare NFTs across different platforms, leading to accessibility and trading issues.
Total to date
This is the total amount allocated to Galaxy of X - NFT aggregator.
About this idea
[GENERAL] Name and surname of main applicant
Christian Schmitt[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Incorporated)[GENERAL] Co proposers and Additional applicants
Maria Papadaki
Marwan-al-Zarouni
[GENERAL] Requested funds in ada
100000[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)
3[GENERAL] Please indicate if your proposal has been auto-translated into English from another language.
No[GENERAL] Summarize your solution to the problem (200-character limit including spaces)
We will create GoX, a Cardano NFT aggregator, offering a one-stop-shop for easy access and trading of NFTs across various platforms.
[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] Please provide here more information on the open source status of your project outputs
We want to protect our IP
[SOLUTION] Please describe your proposed solution.
Our solution, the GoX NFT Aggregator Platform, will address the fragmented nature of the NFT space. Existing marketplaces are isolated and lack interoperability, posing challenges in discovering and comparing NFTs across different platforms. GoX will offer a centralized, user-friendly platform that simplifies the process of buying, selling, and trading NFTs.
Key aspects of our approach include:
First we will focus on discoverability and show the proof of concept on the Web 3.0 Site
- Search Engine: Efficiently locate NFTs across multiple platforms
- Diverse NFT Categories: Cater to various interests including art, music, fashion, books, and more.
- Revenue Streams: Primarily through NFT sales commissions, additional income from company accounts, and enhanced user experience tools.
This solution benefits a broad range of users including collectors, artists, gamers, investors, and businesses, enriching their engagement with NFTs.
Problem
Currently, the NFT market is highly fragmented, with multiple blockchains hosting their own NFT marketplaces. This fragmentation creates a significant barrier for users who wish to explore and access NFTs from different blockchains, as they would need to navigate and transact on multiple platforms.
Solution
GoX aims to solve these challenges by providing a one-stop destination for users to conveniently buy, sell, and exchange NFTs from Cardano Marketplaces. By aggregating all possible marketplaces on one application, GoX simplifies for users to navigate multiple platforms, saving them time and simplifying their NFT journey.
Market
Viability Analysis for Galaxy of X
The viability analysis aims to evaluate the feasibility and potential success of the business idea behind Galaxy of X (GoX). This analysis will consider various factors that are crucial for the success of such a platform, including market demand, competitive landscape, regulatory challenges, and financial sustainability.
Market Demand
The demand for NFTs has surged in recent years, with the total market value reaching billions of dollars. This indicates a growing interest in owning and trading digital assets. GoX's focus on providing a comprehensive platform for buying, selling, and exchanging NFTs from all blockchains not only caters to this demand but also targets a niche market of users who seek a seamless and user-friendly experience.
Features:
For the purposes and scope of this proposal, which aims at bootstrapping the project, the main feature will be the ability to visualize in a central website NFT from multiple platforms, aiming for a better discoverability experience.
Ultimately, we intend for the features set of GoX to be as follows:
1. Speed and Real-Time Functionality: GoX is renowned for its ability to provide real-time updates without the need for manual refreshing. This feature is crucial in a market where timing can significantly impact the success of a trade.
2. Multi-Marketplace Integration: GoX allows users to browse NFTs across over all Cardano marketplaces. This integration means users can compare prices and find the best deals without having to visit each marketplace individually.
3. Bulk Purchases and Trend Tracking: Users can make bulk purchases, which is not only convenient but also cost-effective.
4. Future Plans for Expansion: GoXs intention to add multi-blockchain support suggests an ambition to broaden its reach and functionality beyond the Cardano ecosystem.
5. Comprehensive NFT listings: GoX aggregates listings from numerous Cardano-based marketplaces (with plans to expand to other blockchains), offering a vast and diverse range of NFTs like Art, Music, Comics, Books etc.
6. Advanced search and filter options: The platform enables users to efficiently search and filter NFTs based on various criteria, facilitating the discovery of specific NFT types.
7. Wallet Integration: The platform supports digital wallet connectivity for seamless transactions.
8. User-friendly interface: The interface is tailored to navigate the complexities of the NFT market with ease.
9. Cost-efficiency and bulk purchases: GoX offers reduced fees for bulk purchases, providing cost-effective solutions for users. Additionally, GoX tracks trending NFTs and provides insights into the market, aiding users in making informed decisions.
Related work
For the purposes and scope of this proposal, the main task will be to have a blockchain indexer that can query the blockchain looking for NFTs living in addresses belonging to different NFT marketplaces. The reader will work as a source of events, returning all the new events since the last time it was consulted, such as new tokens listed for sale (This event should return all relevant information: token name, token image, price, fees, etc.), sold tokens, withdrawn tokens, etc. Events should be as generic as possible, so they can be reused across marketplaces.
For scalability and user experience purposes, the blockchain indexer should parse the event and update a database from where the frontend can get the information to display to the users.
The chain indexer will be used to track at least 2 different NFT marketplaces, with the aim of getting a proof of concept where a user can navigate the NFTs from different marketplaces without having to leave the central website.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community.
Alignment with Charles Hoskinson's Vision for Cardano:
- Web3 Applications: Charles Hoskinson's vision for Cardano includes powering true Web3 applications and supporting multiple chains to foster a collaborative ecosystem. GoX's mission resonates with this by offering a NFT aggregator that enables users to access NFTs across different marketplaces, enhancing accessibility. GoX will now start to aggregate the NFTs on the Cardano Marketplaces and will integrate on a later stage different other blockchains. The end game in the future will allow a crosschain approache to move NFTs from one blockchain to an other blockchain.
- Enhancing User Experience: GoX aims to revolutionize how people experience, own, and interact with digital assets, offering a user-friendly interface and a spectrum of features and services. This complements Cardano's goal to grow and strengthen its blockchain ecosystem by improving user engagement and experience.
[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?
Besides our internal development team, if needed we intend to subcontract specific experts to complement our existing skills and accelerate the implementation of the project.
Foresee Digital LLC
As a frontrunner in the UAE tech sphere, Foresee Digital is your partner in pioneering software development solutions. Our expertise is grounded in:
Blockchain Technology: Developing secure and transparent systems to streamline business operations and nurture trust.
Artificial Intelligence (AI): Harnessing AI to create intelligent, adaptive solutions that enhance efficiency through data-driven insights and automation.
Cyber Security: Building robust security frameworks to shield your enterprise from cyber threats, ensuring data safety and fostering trust.
Our dedication lies in crafting solutions that address local business needs with a global vision of excellence and innovation.
Website: http://blockchaincenter.ae/
[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?
Selection of NFT marketplaces
- The purpose of this milestone is to dive deep into the different Cardano NFT marketplaces, getting familiar with the technology used and the requirements to integrate them into the aggregator. The outputs of this milestone will be a document listing the selected NFT marketplaces we intend to integrate into the aggregator and the rationale behind the decision. The publication of this document will serve as evidence of completion.
Chain indexer development to index a single NFT marketplace
- The purpose of this milestone is to develop the main component of the architecture of the NFT aggregator: a chain indexer that queries the blockchain looking for events related to an NFT marketplace, parses them and makes them readily available to be displayed. In this milestone we will focus on developing the functionality to target a single marketplace, which can then be reused and extended to cover multiple ones. The outputs of this milestone will be a video demonstrating the working of the chain indexer, and the acceptance criteria will be the correct reading and parsing of events happening in the selected marketplace.
Expansion of chain indexer to index multiple NFT marketplaces
- The purpose of this milestone is to expand the chain indexer to read and parse events from more than one marketplace. The functionality developed in the previous milestone will serve as the basis to do so. The outputs of this milestone will be a video demonstrating the working of the chain indexer, and the acceptance criteria will be the correct reading and parsing of events happening in multiple (i.e. more than 1) marketplaces.
Integration with front-end
- The purpose of this milestone is to integrate the events parsed by the chain indexer into a front-end, so they can be visualized from a central place. The outputs of this milestone will be a video showcasing the NFTs from different marketplaces being displayed by the front-end, and the acceptance criteria will be the correct display of events happening in multiple (i.e. more than 1) marketplaces.
[RESOURCES] Who is in the project team and what are their roles?
Core team
- Dr. Maria Papadaki CEO & Co-Founder is an Associate Professor at the British University in Dubai (BUiD) and a Managing Director for the BUiD_Centre for Risk and Innovation (DCRI). She has over ten years of experience in Risk Management from both Academia and Industry, with numerous years in the implementation, development, improvement, and management of risk frameworks, tools, and software’s in the Aerospace Industry. Maria worked previously in Rolls-Royce plc and the University of Manchester, leading different Enterprise Risk Management, Project Management, and Supply chain risk roles. In 2015, She initiated the idea and led the development of the first innovation Hub (H2B) for start-ups in Crete, Greece, on behalf of the Heraklion Chamber of Commerce. In addition, Maria led the development of blockchain digital certificates for BUiD's graduates, making the university 1st in the Middle East and 3rd in the world implementing Blockchain technology in education. Maria is a TEDEX speaker, with a vision to promote accessible education and knowledge transfer through developing a global university fully operated by Blockchain. Finally, Maria is appointed as a Board of Directors for the Institute of Risk Management (IRM) in London since 2018 and holds a position as a visiting lecturer at The University of Manchester. LinkedIn
- Dr. Marwan Alzarouni CSO & Co-Founder: is an internationally recognized advisor on blockchain use cases. Dr. Marwan Alzarouni is a member of the World Economic Forum’s Global Future Council on Cryptocurrencies. He is the CEO of Dubai Blockchain Center and the Director of information Services at Digital Dubai and a member of Dubai Future Council for Blockchain and is the lead for the Digital Asset Task Force (DATF). Dr. Alzarouni is also the Managing Partner at Accelliance Consultancy which regularly conducts research and studies into the applicable use cases for blockchain technology and aids in creating toolkits that can be tested and implemented by various businesses and government entities worldwide. Dr. Alzarouni is also the Co-founder and Advisor to the Galaxy of Arts, a newly established NFT Art Marketplace and social platform based in Dubai and specializing in NFT based Art. He is recently ranked as 84th out of 100 contributors to blockchain (https://cointelegraph.com/top-people-in-crypto-and-blockchain-2022/marwan-alzarouni). LinkedIn
- Christian Schmitt CTO & Founder is an entrepreneur from Germany. He studied Industrial Engineering and worked in different fields in IT consulting and project management for companies like Liebherr Aerospace. His obsession with blockchain began in the early years of Bitcoin. Easy to use processes drive him to get the most out of the technologies and he thinks two steps ahead to bring an excellent product to the blockchain community. He enjoys doing new things, loves to innovate. LinkedIn
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.
Milestone 1: Selection of NFT marketplaces - 10,000 ADA
- Collaboration between different stakeholders to study, identify and try to close a partnership with the most suitable marketplaces.
Milestone 2: Chain indexer development to index a single NFT marketplace - 40,000 ADA
- Approximately 4 weeks of work from the blockchain development team.
Milestone 3: Expansion of chain indexer to index multiple NFT marketplaces - 30,000 ADA
- Approximately 3 weeks of work from the blockchain development team.
Final milestone: Integration with front-end - 20,000 ADA
- Approximately 2 weeks of collaboration between the front-end team and the blockchain development team.
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
- Market Potential: The NFT market is expected to grow significantly, indicating a promising future for platforms like GoX. Offering services in this growing market represents a sound investment.
- Innovative Solutions: GoX's unique features, user-friendly interface offers a competitive edge in the NFT marketplace.
- Cost-Efficiency: GoX's strategy to reduce fees by allow bulk purchases provides cost-effective solutions for users, making it a valuable addition to the Cardano ecosystem.
GoX's alignment with Cardano's overarching vision and its innovative features make it a valuable investment, promising both technological advancement and community growth within the Cardano ecosystem.
