Last updated 9 months ago
NFT Guild: Multi-Marketplace NFT Listings - A New Open-Standard for Cardano
Problem
NFTs on Cardano are confined to single marketplace listings, impeding fair competition, curbing artist visibility, limiting seller options and reducing opportunities for developers.
Total to date
This is the total amount allocated to NFT Guild: Multi-Marketplace NFT Listings - A New Open-Standard for Cardano.
About this idea
[GENERAL] Name and surname of main applicant
Rares Kövesdi (NewMindflow)[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)
Entity (Not Incorporated)[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)
Develop a standard for a neutral smart contract-based service allowing multi-marketplace listing of NFTs, enhancing exposure, preventing marketplace monopolization and increasing opportunities.
[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] Please provide here more information on the open source status of your project outputs
Project will be fully open source. All outputs of the project will be released under a Creative Commons license.
[SOLUTION] Please describe your proposed solution
Our proposed solution addresses a pressing problem in the Cardano NFT space - the inability to list NFTs on multiple marketplaces simultaneously. This lack of cross-marketplace functionality restricts visibility and opportunities for artists, developers, and sellers, while increasing the potential for market monopolization.
Our solution is a neutral smart contract-based service that allows NFTs to be listed across multiple marketplaces through reference assets.
This is our proposal of how it could work:
- The NFT is sent to a smart contract for sale.
- The smart contract proceeds to mint reference assets, one for each of the marketplaces the seller selects.
- The reference assets are listed on the selected marketplaces.
- When a sale is made, the original asset is transferred to the buyer, the payment goes to the seller, and all other listings are cancelled and the reference assets burned.
This system should also accommodate seller cancellation, ensuring the return of the original asset and termination of all listings.
We want to emphasise that our aim is to create a neutral, community smart contract, meaning one that is not owned and maintained by a single entity who ultimately gets to set its rules.
The innovation of this solution rests on its ability to level the marketplace playing field, increasing competition, enhancing exposure, and offering new possibilities. For instance, it could integrate on-chain royalties, making Cardano more attractive to creators as other ecosystems struggle with this aspect. Furthermore, it could extend to other services like native asset staking, creating a unique opportunity for assets to be offered for sale while earning rewards.
However, the effective implementation of this solution hinges on community agreement on the standards and methodology of our approach. That's why we're initially focusing on the development of a mutually agreed standard. Once this standard is established, we'll proceed with the development of the tooling itself. By this approach, we mitigate the risk of developing tooling that might not gain widespread adoption across Cardano's NFT marketplaces.
[IMPACT] Please define the positive impact your project will have on the wider Cardano community
Our solution is unique as it addresses a specific issue within the Cardano ecosystem, enhances marketplace competitiveness, and expands opportunities for all NFT stakeholders. It's important to Cardano as it furthers its mission of democratization, fosters a thriving NFT ecosystem, and presents new possibilities for NFT use cases.
By creating an open-source smart contract standard and service that allows multi-marketplace NFT listings, we enable an increase in the viability of NFTs on Cardano.
This project will contribute to Cardano’s growth in several ways:
- Open-Source Ecosystem Growth: By designing and building an open-source smart contract standard for NFT multi-marketplace listings, we are contributing a significant tool to the Cardano open-source development ecosystem. This will spur growth by providing a reusable solution that developers can build upon.
- Interoperability: Our standard will foster greater interoperability between different marketplaces and services within the Cardano ecosystem, which is crucial for a robust, interconnected blockchain ecosystem.
- Knowledge Sharing: The standard and the service will be fully open-sourced, with detailed documentation on how to use and integrate them. This helps to improve the overall understanding and capabilities of developers within the Cardano ecosystem.
- Increased Opportunities: By breaking the single marketplace limitation, we open up new possibilities for NFT sellers, artists, and developers, encouraging a more vibrant and competitive marketplace ecosystem.
- Increase Project Visibility: The multi-marketplace listing feature increases the visibility of NFTs, thereby increasing their potential for adoption and use. This increased visibility also applies to the projects themselves that choose to adopt our standard, as it enhances their offerings and user experience.
In addition the project could have a positive impact on the Cardano ecosystem in several other important ways:
- We anticipate that our project will attract more artists, developers, and sellers to Cardano because of the increased visibility and potential profits due to the multi-marketplace listing feature.
- By enabling on-chain royalties, we make Cardano a more attractive platform for creators, potentially driving more high-quality content and users to the ecosystem.
- The potential integration with other services such as staking further increases the utility and attractiveness of Cardano's NFT ecosystem.
- The open-source nature of our project contributes to Cardano's vision of a transparent, collaborative, and democratic blockchain ecosystem.
How we intend to measure impact:
Stakeholder Engagement in the Development of the Standard: Given that the development of a widely accepted standard requires consensus among stakeholders, we will measure the level of engagement from key players in the Cardano NFT marketplace. This includes the frequency and quality of their feedback during the standard development process, and their participation in discussions and meetings.
Community Feedback: We would actively solicit feedback from the community and stakeholders that engage in the standard development. This feedback, while not necessarily quantifiable, provides invaluable insights into the effectiveness of the proposed standard, its ease of use, and areas for potential improvement.
Clarity of the Proposed Standard Specifications and its Ease of Implementation: We would gather feedback from the stakeholders and the developer community on the clarity of the standard specifications and its ease of implementation. This will help us identify if our standard is well defined, easily understood, and implementable.
If successful, the standard lays the foundation for breaking the single marketplace limitation, potentially increasing competition, visibility, and opportunities for NFT stakeholders within the Cardano ecosystem. It also sets the stage for future developments like on-chain royalties and integration with other services such as staking, potentially attracting more users to Cardano.
Our project's primary output, the open-source standard for multi-marketplace listing of NFTs on Cardano, will be made accessible to all Cardano stakeholders. This includes developers, marketplace operators, artists, sellers, and the broader Cardano community.
Our plans for sharing outputs and results include:
GitHub Repository: The standard will be developed openly on GitHub, allowing anyone to follow its progress, contribute to its development, and use it once it is finalized.
Detailed Documentation: We will create comprehensive documentation for the standard, explaining its purpose, functionality, and instructions on how to implement it. The documentation will be made publicly available alongside the standard.
Community Engagement: We aim to engage the community throughout the project, not only upon completion. This includes presenting progress reports, seeking feedback, and initiating discussions in relevant forums and platforms.
Partnerships and Outreach: We will reach out to existing Cardano marketplaces, developers, and other stakeholders to co-develop the standard.
Presentation of Results: Once the project is completed, we will present our findings and the finalized standard on our GitHub page, our website and present it at a dedicated NFT Roundtable.
As for further research and development activities, the outputs from this project will serve as a foundational building block for the proposed multi-marketplace listing service. Insights gained from the development of the standard and community feedback will be invaluable in informing the design and functionality of this service. Also, the possible integration of additional features like on-chain royalties and staking services will require further exploration and development based on this standard. We envision this standard sparking a host of innovations within the Cardano NFT marketplace ecosystem.
[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?
The NFT Guild is dedicated to developing standards and building tools for the Cardano NFT community.
Founded by the Cardano Foundation in November 2021, the NFT Guild is now spearheaded by dedicated Cardano community members. Our team stands out because of its diversity, boasting a range of backgrounds and areas of expertise that include developers, stake pool operators (SPOs), artists, NFT project creators, community managers, and organizers. (Details below)
We have a proven track record of successfully organising events for the Cardano NFT community for close to two years. We started hosting the NFT Guild Open Community Weekly Calls in January 2022 and the NFT Roundtables in May 2022.
We were successfully funded for two standard setting proposals in Catalyst Fund 8, which we have successfully delivered on and closed out.
Standard for verification of NFTs:
NFT Royalty Standards:
In addition, we also successfully completed and closed-out an NFT infrastructure development project.
NFT Swap Infrastructure Templates 1:
The standard's implementation will be done through an iterative, feedback-driven approach, with consistent community and stakeholder engagement. Our team, with its experience and diversity, is well-equipped to navigate any technical or conceptual challenges that may arise during this process.
We have robust processes in place to ensure proper management and accountability of funds. We have created a dedicated system for tracking the contributions of each guild member. All fund movements are transparently tracked in dedicated channels in our Discord server: https://discord.gg/7HCxDryPHk
Our operations are transparent, and we maintain an open line of communication with the community and stakeholders at all times. This approach has earned us the trust of the Cardano community, and we remain committed to maintaining these high standards on this new project.
[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?
Milestone 1: Project Kick-off & Initial Research (Month 1)
This milestone will set the stage for the project by identifying key areas of focus and potential challenges.
Tasks & Activities:
- Conduct initial research on current marketplace mechanisms and potential challenges of multi-listing
- Outreach to key stakeholders for initial discussions and begin recruiting the domain experts and CIP editor
Outputs:
The primary deliverables for this milestone will be a comprehensive initial research report that outlines current marketplace mechanisms and potential challenges of multi-listing. The report will include feedback from initial discussions with stakeholders.
Acceptance Criteria:
Successfully formed project team and started communication channels. Initial research completed and initial stakeholder discussions held.
Evidence of Milestone Completion:
The completion of the research report and the initiation of stakeholder discussions will serve as the primary indicators of progress for this milestone.
Milestone 2: Stakeholder Engagement & Requirement Gathering (Month 2 & 3)
The intended outcome of M2 is to understand the needs and requirements of the stakeholders, which will inform the design of the standard.
Tasks & Activities:
- Finalise recruitment of domain experts and CIP editor
- Organize workshops with stakeholders
- Gather feedback and requirements from developers, marketplace operators, artists, and sellers
Deliverables & Outputs:
The deliverables for this milestone will be a comprehensive feedback and requirements report based on the workshops with stakeholders.
Acceptance Criteria:
Conducted multiple stakeholder workshops and gathered extensive feedback and requirements.
Evidence of Milestone Completion:
Recordings/transcripts of stakeholder discussions and the feedback/requirements report will serve as the primary evidence of progress for this milestone.
Milestone 3: Initial Standard Design & Documentation (Month 4)
The primary outcome of M3 will be a tangible standard draft that encapsulates stakeholder requirements and provides a blueprint for multi-marketplace NFT listings on Cardano.
Tasks & Activities:
- Develop an initial design of the standard based on the gathered requirements
- Start writing comprehensive documentation explaining the standard, its functionality, and implementation
Deliverables & Outputs:
The deliverables will include an initial draft of the standard and the start of the comprehensive documentation.
Acceptance Criteria:
Initial standard design created and documentation started.
Evidence of Milestone Completion:
The standard draft and documentation will serve as the primary indicators of progress for this milestone.
Milestone 4: Feedback Solicitation & Standard Revision (Month 5)
The intended outcome of M4 is to refine the initial standard draft into a more robust and practical standard that addresses any raised issues or concerns.
Tasks & Activities:
- Share the initial design with the community and stakeholders for feedback
- Revise the standard based on the feedback received
Deliverables & Outputs:
The main deliverables will be a revised version of the standard, based on community and stakeholder feedback.
Acceptance Criteria:
Received community feedback and made necessary revisions to the standard.
Evidence of Milestone Completion:
Proof of the feedback solicitation process and the revision of the standard will serve as the primary indicators of progress for this milestone.
Final Milestone: Finalization of Standard and Documentation & Project Close-Out (Month 6)
The primary outcome of the Final Milestone is the successful development and dissemination of the open standard for multi-marketplace NFT listings in the Cardano ecosystem.
Tasks & Activities:
- Finalize the standard and accompanying documentation
- Release the standard and documentation publicly and submit it as a new CIP
- Conduct a final round of discussions and presentations with the community
- Submit the project close-out report and video
Deliverables & Outputs:
The primary deliverables will be the final version of the standard and the comprehensive documentation. This milestone will also see the public release of these deliverables and the submission the project close-out report and video.
Acceptance Criteria:
Final standard and documentation publicly released. Final stakeholder discussions held. Project close-out report and video submitted.
Evidence of Milestone Completion:
The public release of the standard and the documentation will serve as the primary indicators of progress for this milestone along with the project close-out report and video.
[RESOURCES] Who is in the project team and what are their roles?
The NFT Guild core team is a global team comprised of individuals with a diverse set of skills and backgrounds. Our members are spread across various time zones and can offer a broad range of expertise in Cardano and NFTs, covering areas like development, stake pool operations, art, NFT project creation, community management, organization and project Catalyst.
The NFT Guild Core members are:
CENT
https://github.com/cent-development
Stake Pool operator of the pool CENT since December 2019. 20 years of experience in software development. Creator of the community tool Cardano Blockchain Intelligence. Graduate of the Plutus Pioneers Program cohort 1, 2021. Project Catalyst funded proposer since F6.
Anamaria Kövesdi (New Mindflow)
https://www.linkedin.com/in/anamaria-k%C3%B6vesdi-354649106/
Rares Kövesdi (New Mindflow)
https://www.linkedin.com/in/rares-k%C3%B6vesdi-551260106/
New Mindflow [https://www.newmindflow.com] are:
Artists and entrepreneurs, in the Cardano NFT space since Day 1. Creators of the Trybbles & Icons Cardano NFT projects. Cardano Project Catalyst funded proposers. Members in various Cardano & Catalyst projects, initiatives & communities over the past 2 and a half years.
Award-winning filmmakers, film and animation directors, app and game developers.
In January 2021 they moved into the web3 economy granting new life to one of their projects in the form of an NFT collection on Cardano.
Since then they have released multiple art NFT collections on Cardano, and have been involved in multiple NFT and Cardano related groups and organisations, most notably being core members of the NFT Guild.
Peter Wolcott
Peter Wolcott is an experienced facilitator, a human coordinator and a Project Catalyst decentralized worker. Peter’s small business and startup management insights blend revolutionary stakeholder management ethics with current and evolving virtual office administrativia toolkits. His day job currently is an IT services apprenticeship at a biotech startup.
https://www.linkedin.com/in/sirwolcott
[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources
All received funds will be fed into a project's Treasury. From there the funds will be distributed to project contributors.
The NFT Guild will coordinate all project-related activities and operations and will ensure a fair reward to participating contributors.
For the successful development of the standard the following steps are necessary:
- Expert consultancy fees - 60000 ADA
- CIP Editor Compensation - 40000 ADA
- Expert Consultant & CIP Editor recruitment - 12000 ADA
- Initial research report - 10000 ADA
- Organising workshops for standard development - 28000 ADA
- Outreach & surveys - 9000 ADA
- Standard draft & refinement- 10000 ADA
- Project Management, contribution tracking & payments - 12000 ADA
- Administrative Tasks - 15000 ADA
Total: 196000 ADA
[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?
The NFT Guild is a non-profit, community-driven organization dedicated to furthering the capabilities of the Cardano NFT ecosystem. Our team comprises volunteers who are passionately committed to the cause of improving and expanding the NFT space on Cardano.
The proposed cost of the project is primarily to cover the expenses associated with the time and effort of the domain experts and the CIP editor which we plan to employ. In addition we will compensate the time our team will put into the development of the open-standard for multi-marketplace NFT listing. This includes extensive research, stakeholder engagement, standard development, documentation creation, and management of feedback and revisions. The cost has been calculated based on the anticipated workload and the standard rates for this type of work in the blockchain industry. The funds will be allocated responsibly and transparently, ensuring maximum value for money.
As we are proposing a new standard, the indirect value that this project brings to the Cardano ecosystem is high. The multi-listing functionality enabled by our standard will significantly enhance the functionality and appeal of the Cardano NFT marketplaces, potentially leading to increased adoption of Cardano for NFT transactions. The creation of a more interconnected and versatile NFT ecosystem on Cardano could also attract more artists and sellers to the platform, further expanding its user base.
