NFTLott | NFT Lottery gives lottery transparency to users and experiences NFTs in a unique way

[GENERAL] Name and surname of main applicant

Duc Le - Snowball Crypto

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

Individual

[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)

We build a fair and transparent lottery platform using Cardano's technology, making it possible for users to participate as lottery ticket buyers or creators of custom lotteries through NFTs

[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

While open-source projects are crucial for collaborative growth, our product aims to bring in new users to the ecosystem and help drive awareness of the community. We believe that finding a balance between collaboration and commercialization is key to ensuring sustained success for the Cardano ecosystem. Our project is not open sourced, however, we remain open to collaborate with other projects that can benefit from our solution.

[METADATA] Horizons

Gaming (GameFi)

[SOLUTION] Please describe your proposed solution

The Cadarno ecosystem has continuously developed strongly in recent times.

Here is a look at Cardano’s ecosystem back in 2021:

Image via IOG

And here is the development of the Cardano’s ecosystem in 2024:

Image via Cardanocube.com

The largest sector fueling Cardano’s rapid growth are NFTs at 47.9%.

 Image via IOG

And IOG's CEO Charles Hoskinson himself had this to say in an interview with Yahoo Finance in June 2022:

“One surprising area of growth on Cardano is in the NFT space. About 40% of all the applications that are being deployed are NFT-related… About $270 million a month in NFT volume. So, $3 billion a year, and there’s tons of incredible work in the metaverse space, like Cornucopias and others, and it’s really impressive to see how fast it’s grown in just the last year.”

The growth in NFT volume demonstrates the potential for the use and exchange of NFTs within the Cardano ecosystem as a strong trend of the future.

Contribute to innovation, exploring the potential of the NFT sector of the Cardano ecosystem. We choose to solve the problem of transparency and fairness in lotteries through a combination of: Cardano's blockchain algorithm, NFT collectibles, the fun of Lottery games, and Ada coins to creates an NFT lottery, this app is called NFTLott.

The lottery NFT system consists of 4 operating parts:

• Create lottery:

Starting with the user choosing the NFT that will participate in the Lottery from their wallet, NFTs with high liquidity will more easily attract users, followed by choosing the number of tickets sold, price per ticket, number Maximum number of tickets per person can be purchased, ticket sale time. After the user has filled in all parameters and selected start. The NFT selected as a prize will be sent to the NFTLott smart contract along with a fee of 2 ADA. And locked until the lottery ends

• Buy tickets:

Once the lottery creation transaction is confirmed and the prize NFT is locked in the NFTLott smart contract, the Raffle corresponding to that NFT will be displayed on the NFTLott website with information about the maximum number of tickets sold out, ticket price, maximum number of tickets to buy per person, lottery ending time, NFT information is linked to pages pool.pm, jpg.store to help participants buy tickets Lottery verifies the origin of NFTs easily. Now the lottery ticket is ready so other users can buy tickets.

For users to buy lottery tickets, they must have enough ADA balance in their wallet and send the ADA number corresponding to the number of tickets they want to buy to the NFTLott smart contract. For example, if each lottery ticket costs 10 ADA and a user wants to purchase a quantity of 5 tickets to participate in the lottery, they will have to send 50 ADA to the NFTLOTT smart contract. All 50 of those ADAs will then be locked up with the NFT prize and added to the rest of the proceeds from the lottery.

The NFT prize will always be locked in a single UTxO along with the total lottery proceeds. This process facilitates the receipt of prizes at the end of the lottery and ensures that the lottery owner or lottery winner will be able to claim their prize in just one transaction.

When a user purchases a lottery ticket, other users will have to wait for the previous transaction to be confirmed before they can buy new tickets. This is due to the Cardano UTxO format. We have to wait until a new UTxO is created with the new total ticket amount and another user can buy the ticket and generate the new total amount.

• Draw the winner:

Once the lottery countdown runs out, users will not be able to purchase additional tickets for that lottery. Next our API then automatically finds the winner among the tickets that have been sold. The more lottery tickets a user owns, the higher the probability that one of the lottery tickets that user purchases will be drawn, however the only way you can be sure you will win the lottery is if you have all the lottery tickets. tickets (100% chance) for that lottery. Although it is very unlikely, even if you have a 99% chance of winning the lottery, you can still lose. The algorithm used to select the winner ensures that no candidate will ever be given priority.

• Reward payment

Once we determine the winner for the raffle, he or she will be able to claim the prize NFT in the rewards page. NFT owners who create a lottery can also receive 98% of the total proceeds for the lottery. Only one claim transaction must be made, so if the winner claims the prize before the lottery creator, the lottery creator will automatically receive the prize into his/her wallet without having to do anything (and vice versa). The NFTLott platform will receive 2% of the total proceeds, this amount will be used to reinvest in user experience, prizes and feature upgrades to make the application more user-friendly and convenient for users.

The difference and unique feature of NFTLott is that it allows users to perform two roles. It is the choice to become a user when purchasing lottery tickets and participating in NFT raffles created by others. At the same time, you can become the creator of the NFT lottery from the NFT you own. That allows transparency and fairness to be re-established in lotteries and given back to users through NFTLott.

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

Below are the positive impacts our project brings:

• Create a transparent and trustworthy environment: Using the power of blockchain technology and smart contracts helps ensure transparency and fairness in the process of organizing NFT lottery, thereby strengthening trust and loyalty to users to the Cardano ecosystem.

• Unique NFT experience: The project provides a new NFT experience not only for NFT holders but also for those who wish to own NFTs when participating in NFT lotteries, thereby expanding the scope of NFT experiences and attract new users to the NFT ecosystem. At the same time, this is also a new approach for those who want to launch or introduce their NFT collections to the public.

• Provide liquidity and own valuable NFTs: Users not only have the opportunity to win prizes and receive valuable NFTs, but can also actively seek to trade their NFT collections through Organize your own lotteries and expand channels to promote the collection to the community

• Fostering Community Growth: The project creates an environment that stimulates participation and interaction within the Cardano community, promoting the growth of the NFT ecosystem and creating new collaboration opportunities.

• Increase awareness of NFTs and Cardano: Participating in NFT raffles can help users not only better understand NFTs and the Cardano ecosystem, but also expand their awareness of blockchain's applications in life.

[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?

Our project is being managed by the Sowball Crypto team, our vision is to build the team as a reputable and trustworthy brand for the Cardano community, by continuously finding new solutions to solve problems. Existing problems for the Cardano ecosystem not only in the present but also in the future. It demonstrates our strong commitment to continuously add value and contribute to the Cardano community.

With experience in building the fastest franchised pharmacy chain in Vietnam, reaching more than 1,000 stores in 3 years. Mr. Duc Le, as the project manager, will make an important contribution to help coordinate and use resources appropriately, so that the project is completed on schedule and successfully in attracting users.

Main Goals:

• Building an NFT lottery platform for Cardano's NFT ecosystem

• Serve 10.000+ regular users after successfully launching the platform within 1 year

• Increase awareness and transaction volume of NFTs in the Cardano community

In order to accomplish these objectives, we have assembled a highly skilled team of project managers, marketing professionals, and blockchain developers. Our approach encompasses a meticulous development process such as requirements gathering, design, development, testing, and deployment. With this experienced team and careful approach, we firmly believe that the project's goals can be achieved within the appropriate timeline

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

1 month - UX Design:

User stories: Identify the user's journey and interactions on the website.

Website prototype: Create a prototype that showcases key pages, features, and user flows.

Acceptance Criteria: Prototype that showcases key pages, features, and user flows are completed in figma

Budget: 15,000 ADA

2 month - UI Design:

Responsive design: Develop designs for both widescreen and mobile devices.

Visual branding: Establish a color palette and visual elements to reflect the project's identity.

Style Guide: Create guidelines to maintain design consistency.

Set up a repository: Github

Acceptance Criteria: All front end designs for both widescreen and mobile devices are completed in Figma

Our graphic designer and front-end developer will work to complete the UI and begin coding the logic required to bring the platform to life

Budget: 15,000 ADA

3 month - Frontend Development:

UI Implementation: Transform designs into interactive UI, meeting standards and design principles such as accessibility and responsive design.

Acceptance Criteria: MVP version for PC has the following features:

• Create account
• Create lottery
• Buy lottery tickets
• Draw the winner
• Pay rewards

Budget: 20,000 ADA

4 month - Backend Development :

Backend infrastructure: Set up and deploy database, encrypt data, implement application logic. Helps the system to be secure and powerful, supporting functional interfaces for users to operate effectively and reliably

Cardano Wallet Integration: Allows users to connect their Cardano wallet to participate in the lottery.

Smart contract development: Generate on-chain and off-chain code for the lottery's smart contract.

Acceptance Criteria:

All code of backend logic is completed 

Our front-end and back-end developer will work to bring both parts of the platform together. We will ensure that our logic is compatible with both both widescreen and mobile devices

Budget: 20,000 ADA

5 month - Smart Contract:

Cardano Wallet Integration: Allows users to connect their Cardano wallet to participate in the lottery.

Smart contract development: Generate on-chain and off-chain code for the lottery's smart contract.

Acceptance Criteria: APIs for Blockfrost and wallet connection are configured

Our front-end and back-end developer will work with our blockchain developer to add feature improvements, and wallet connections to the platform. Blockfrost API connection to access user wallet data. 

Budget: 15,000 ADA

6 month - Testing, official version launching

Testing and debugging: Conduct comprehensive testing to identify and resolve any issues.

Load Testing: Evaluates platform performance under varying user loads.

Compliance testing: Ensures compliance with service rules and regulations

Acceptance Criteria: The finished product passes the tests and a close out report and video will be provided along with the acceptance criteria for this milestone

Budget: 13,000 ADA

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

Duc Le - Snowball Crypto (Project Manager)

Responsibilities:

• Leading and managing project teams to ensure efficient execution and successful project completion.
• Conducting in-depth market research to gain insights into market trends, identify opportunities, and develop effective strategies.
• Performing user experience (UX) research to understand user needs, behaviors, and preferences, ensuring that products and services are user-centric and aligned with user expectations.
• Preparing comprehensive progress reports for Catalyst, detailing project milestones, achievements, and any challenges encountered, ensuring transparency and accountability.

Experience:

• Over 10 years of real-world business experience in various industries, including co-founding Big Family Pharmacy, a pharmaceutical franchise system with over 1,000 pharmacies in Vietnam established within 3 years.
• Over 7 years of experience in the crypto market, demonstrating a keen understanding of blockchain technology and its applications.
• Founding member of the Snowball Crypto team, a reputable brand and always looking for practical solutions that contribute to the Cardano ecosystem.
• Have a Cardano Blockchain Certified Associate (CBCA) certificate. And achieved Master level 7 certification, in the top 5 with the best achievements on the Cardano Academy rankings.

Contact Information:

Facebook: Duc Le

Telegram: Duc Le

Luu Nguyen - Development Manager

Responsibilities:

• Lead and manage NFTLott's tech team, ensuring alignment with project goals and fostering innovation.
• Spearhead research & design of tech solutions, enhancing platform functionality, security, and scalability.

Education:

• Master of Business Administration (MBA)
• Software Engineer - Ho Chi Minh City University of Technology

Skills:

• Proficient in VB, Microsoft Visual Studio .Net, Java, PL/SQL
• Experience with C/C++, XML, HTML, Fox/Visual Fox, Java
• Power Designer, Ms Visual Source Safe, TortoiseSVN
• Crystal Reports, Oracle BI
• Oracle, Ms SQL Server, Access
• ERP systems, ATM Switch, iSwitch Application, SmartVista, Novus
• Banking operations, accounting, statistics

Experience:

• Co-developed and co-owned Optimal9 Core Banking System
• Successfully implemented projects for local and international banks
• Led and managed teams in the FinTech industry

Contact Information:

Telegram: Nguyen Mau Luu

LinkedIn: Nguyen Mau Luu

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

The funding requested is needed to pay for the development budget of building the platform. We also need to cover the costs of marketing, educational materials, onboarding content, and platform maintenance. 

Proposed Budget For Team Salary:

• Front End Developer - 25,000 ADA / 6 months

• Back End Developer - 25,000 ADA / 6 months

• Blockchain Developer - 25,000 ADA / 6 months

• Graphic Designer - 10,000 ADA / 3 months

One Time Expenses:

• Platform Maintenance - 2,500 ADA

• Server Hosting - 2,500 ADA

Proposed Budget For Education and Marketing:

• Educational Videos - 1,500 ADA

• Marketing - 2,500 ADA

Miscellaneous:

ADA Valuation Contingency (Savings) - 4,000 ADA

Total Cost: 98,000 ADA

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

The cost of this project represents value for money for the Cardano ecosystem due to our team's commitment to ecosystem growth and ability to deliver innovative products to the community.

Besides, there are special values that the project brings that are worthy of the investment amount:

User growth and liquidity: By expanding the applicability and experience of NFTs, the project helps reach new users interested in lotteries, while NFT holders have more options to create liquidity and promote their NFTs alongside exchanges, thereby promoting trading volume and the growth of the NFT community in the Cardano ecosystem.

Image Enhancement: By directly addressing the community's need for transparency and fairness in the lottery sector, the project fosters a sense of trust and user loyalty towards the Cardano community. Cardano's reputation as a user-centric platform drives investment participation and user expansion.

Scalable model: The approach and resources developed through the NFTLott lottery project, providing a new perspective on how Cardano's blockchain technology can be used to lottery other assets Helps the applicability of the Cardano blockchain algorithm increase in daily life.