NFT Checkout on Cardano

[GENERAL] Name and surname of main applicant

Gabriel Egyed

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Requested funds in ada

750000

[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] Summarize your solution to the problem (200-character limit including spaces)

Transak NFT Checkout addresses these challenges by providing a user-friendly, frictionless purchasing experience, allowing users to buy from anywhere with the worlds most popular payment methods.

[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

.

[SOLUTION] Please describe your proposed solution.

The NFT purchasing experience is currently complex, intimidating, and often inaccessible to new users. Traditional NFT marketplaces require users to navigate unfamiliar interfaces and contend with gas fees. This can deter new users from entering the NFT space and hinder the growth of the Cardano ecosystem. Additionally, these marketplaces often limit payment options, restricting users' ability to utilize their preferred payment methods.

We have developed a user-friendly NFT checkout product that could seamlessly integrate with Cardano wallets and marketplaces, enabling users to directly purchase NFTs using their preferred payment methods including credit cards, debit cards, and alternative payment methods like Apple Pay, Google Pay and many more. This eliminates the need to navigate multiple platforms, significantly reducing friction and enhancing the user experience.

Who will our project engage:

Our project will engage a wide range of stakeholders within the Cardano ecosystem, including:

• NFT creators: Our product will make it easier for NFT creators to sell their creations to a broader audience by providing a seamless and secure payment gateway for buyers.
• NFT enthusiasts: Our product will provide NFT enthusiasts with a convenient and user-friendly way to purchase NFTs without the hassle of navigating complex marketplaces or managing gas fees.
• Cardano ecosystem developers: Our product will integrate with existing Cardano wallets and dApps, enabling developers to easily incorporate NFT checkout functionality into their projects.
• Payment providers: Our product will collaborate with payment providers to expand the range of payment options available to NFT buyers, further enhancing the user experience.

We will measure the success of our project by tracking the following metrics:

• Increase in NFT purchases directly to Cardano wallets and marketplaces using Transak's NFT checkout
• Growth in new NFT users and engagement within the Cardano ecosystem
• Enhanced user satisfaction and positive feedback regarding the NFT purchasing experience
• Adoption of Transak's NFT checkout by NFT creators and marketplaces

We are confident that our NFT checkout product will revolutionize the NFT purchasing experience, driving adoption and fueling the growth of the Cardano ecosystem.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community.

Transak's NFT checkout product will have a profound impact on the wider Cardano community in several key ways:

1. Enhanced user experience: Our product will significantly improve the NFT purchasing experience for Cardano users, making it more seamless, frictionless, and accessible to a wider audience
2. Increased NFT adoption: By streamlining the NFT purchasing process and eliminating barriers to entry, our product will drive the adoption of NFTs within the Cardano ecosystem
3. Boosted ecosystem growth: The growth of the NFT market will have a ripple effect on the entire Cardano ecosystem, stimulating innovation, attracting new developers and projects, and further enhancing the overall value proposition of the Cardano blockchain
4. Empowered NFT creators: Our product will empower NFT creators by providing them with a direct and accessible channel to sell their creations to a global audience
5. Diversified payment options: By expanding the range of payment options available for NFT purchases, our product will cater to a wider range of users and eliminate financial barriers to entrance

In summary, Transak's NFT checkout product is poised to revolutionize the NFT landscape within the Cardano ecosystem, fostering a more inclusive, user-friendly, and vibrant community of NFT enthusiasts and creators.

[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?

Transak is committed to delivering our NFT checkout project with high levels of trust and accountability. We have a proven track record of successfully integrating payment solutions into complex blockchain ecosystems, including the development and implementation of NFT checkouts on Immutable and Decentraland. Our team of experienced developers and blockchain experts possesses the necessary expertise to execute this project effectively.

To validate our approach and ensure the feasibility of our project, we will implement a rigorous development process that includes the following steps:

1. Thorough requirements gathering and analysis: We will engage in extensive discussions with Cardano stakeholders, NFT creators, and community members to understand their needs and expectations. This will ensure that our product aligns with the specific requirements of the Cardano ecosystem and delivers a truly user-centric experience.
2. Comprehensive design and architecture: Our team will carefully design and document the architecture of our NFT checkout product, ensuring that it is scalable, secure, and compliant with Cardano's technical standards. This will lay a solid foundation for a robust and reliable product.
3. Iterative development and testing: We will adopt an iterative development methodology, continuously testing and refining our product throughout the development process. This will allow us to identify and address any issues early on and ensure that the product meets the highest standards of quality and performance.
4. Independent security audits: We will engage independent security experts to conduct thorough audits of our product's code and infrastructure. This will provide an objective assessment of our security measures and identify any potential vulnerabilities before deployment.
5. Community feedback and participation: We will actively engage with the Cardano community throughout the development process, seeking feedback and suggestions to ensure that our product aligns with the needs and expectations of users. This will foster a sense of ownership and trust within the community.

By following this rigorous approach, we are confident in our ability to deliver a high-quality, secure, and user-friendly NFT checkout product that will significantly enhance the Cardano ecosystem. We are committed to transparency and accountability throughout the project lifecycle, and we will provide regular updates and reports to the community to ensure that they are kept informed of our progress.

[Project Milestones] What are the key milestones you need to achieve in order to complete your project successfully?

Development of the Cardano-compatible NFT checkout SDK

• Description: Complete the development of a secure and scalable Cardano-compatible SDK that enables seamless integration of NFT checkout functionality into Cardano wallets and dApps.
• Acceptance criteria:
• The SDK successfully integrates with a range of Cardano wallets and dApps.
• The SDK supports a variety of payment methods, including credit cards, debit cards, and alternative payment methods.
• The SDK undergoes rigorous testing and security audits to ensure its reliability.

Integration with Cardano wallets and NFT marketplaces

• Description: Integrate the NFT checkout SDK into a selection of popular Cardano wallets and NFT marketplaces, enabling users to seamlessly purchase NFTs using their preferred payment methods.
• Acceptance criteria:
• The integrated wallets and marketplaces undergo testing to ensure compatibility and functionality.

Rigorous testing and security audits

• Description: Conduct comprehensive testing and security audits of the NFT checkout product, ensuring its robustness, security, and compliance with Cardano's technical standards.
• Acceptance criteria:
• The NFT checkout product undergoes independent security audits.
• No critical vulnerabilities or security flaws are identified during testing or audits.
• The product meets all Cardano's technical and compliance requirements.

Launch and deployment of the NFT checkout solution

• Description: Launch and deploy the fully tested and secure NFT checkout solution, making it accessible to Cardano users and NFT marketplaces.
• Acceptance criteria:
• The NFT checkout solution is successfully deployed and integrated into the Cardano ecosystem.
• The solution is readily available for use in Cardano wallets and NFT marketplaces.
• Clear documentation and tutorials are provided to guide users and developers.

Community feedback and impact assessment

• Description: Gather feedback from the Cardano community and stakeholders to assess the impact of the NFT checkout solution and identify areas for improvement.
• Acceptance criteria:
• A comprehensive feedback mechanism is established to collect user and community input.
• Feedback is analyzed and categorized to identify recurring issues or suggestions.
• Actionable insights are derived from the feedback to guide future product development and enhancements.

Description: Achieve widespread adoption and positive impact within the Cardano ecosystem.

Milestone Outputs:

1. Increased Adoption: The NFT checkout solution is extensively adopted by Cardano wallets, NFT marketplaces, and users, resulting in a significant increase in transaction volume and user engagement.
2. Positive User Experience: Users consistently report a positive and seamless experience when purchasing NFTs using the checkout solution, highlighting its ease of use, security, and reliability.
3. Enhanced Market Growth: The NFT checkout solution contributes to the growth of the Cardano NFT market, attracting new users and fostering a vibrant NFT ecosystem.
4. Community Recognition: The NFT checkout solution gains recognition and acclaim from the Cardano community, industry experts, and media outlets, establishing its reputation as a valuable addition to the Cardano ecosystem.

Acceptance criteria:

1.Adoption Metrics:

• Cardano wallets and NFT marketplaces integrate the NFT checkout solution.

2.User Feedback:

• User satisfaction surveys consistently yield positive feedback regarding the ease of use, security, and reliability of the NFT checkout solution.
• Online reviews and community discussions reflect a positive sentiment towards the NFT checkout solution.

3.Market Impact:

• The Cardano NFT market experiences significant growth, with a notable increase in NFT sales and user activity.
• The NFT checkout solution is credited with contributing to the positive growth of the Cardano NFT market.

4.Community Recognition:

• The NFT checkout solution receives positive reviews and mentions in industry publications and media outlets.
• The NFT checkout solution is recognized by Cardano community members as a valuable tool that enhances the NFT experience.

By meeting these acceptance criteria, the final milestone will demonstrate the successful and impactful implementation of the NFT checkout solution within the Cardano ecosystem.

[RESOURCES] Who is in the project team and what are their roles?

https://www.linkedin.com/in/yeshuagarwal/

https://www.linkedin.com/in/lokesh-agrawal/

https://www.linkedin.com/in/rajat-meh/

https://www.linkedin.com/in/shashankshandilya/

https://www.linkedin.com/in/thakursachin467/

https://www.linkedin.com/in/alessandro-u-m-raboni-b08028a5/

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources.

Business & Legal: 3%

Compliance: 5.5%

Product work: 21%

Engineering work: 46%

Operations & Support: 13%

Liquidity & Risk Exposure: 11.5%

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

The cost of the project represents value for money for the Cardano ecosystem in several ways:

• It will increase the accessibility of NFTs by making them easier to purchase. This will lead to a larger and more diverse group of NFT users, which will benefit the ecosystem as a whole.

• It will improve the user experience for NFT purchasers by making the process simpler and more streamlined. This will make NFTs more appealing to a wider audience, which will also benefit the ecosystem.

The costs of the project are justified by the following factors:

• The project is being developed by a team of experienced professionals with a proven track record of success.

• The project is using cutting-edge technology that will significantly improve the user experience for NFT purchasers.

• The project has a clear and well-defined roadmap that will ensure its long-term success.

In addition, the costs of the project are proportional to the average wage in our country and typical freelance rates in our industry. We have also conducted extensive research to ensure that our costs are competitive with other providers in the market.

Today there is no NFT checkout solution available on Cardano. We are confident that the cost of the project is justified by the value it will bring to the Cardano ecosystem. We are committed to delivering a high-quality product that will meet the needs of our users and help the Cardano ecosystem grow and thrive.

[IMPORTANT NOTE] The Applicant agrees to Fund 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