Digirack: Next Gen CNFT Marketplace

[IMPACT] Please describe your proposed solution.

Current Problem

Cardano's NFT ecosystem has been growing at an amazing rate and as the total number of Non-fungible tokens minted on the Cardano network keeps soaring, there is an inherent problem, most NFTs lack sufficient liquidity to facilitate fast and easy swaps.

The Cardano ecosystem is also flooded with Fake and NFT copycats making it hard to locate high-quality art.

This if not checkmated is not just going to affect the image of the ecosystem in the long run but will discourage further adoption.

Proposed Solution

Digirack is out to solve two problems on Cardano, The Problem of NFT Liquidity and authenticity of the NFTs

We would be curbing the issue of low-quality NFTs by allowing users to Apply for verification of their already minted NFTs, an AI image scanner scours the web to ensure that the art is original after which the NFT is verified.

DigiRack would also have lower fees compared to the top existing marketplaces on Cardano while giving further Discounts to holders of DigiRack token.

We will also be introducing an NFT Liquidity insurance that will represent a crucial step forward for NFT traders as projects launching on DigiRack NFT Launchpad will be required to lock a portion of the raised amount in a smart contract as a form of liquidity insurance.

In doing so would match the standard of big brands that are looking to venture into the multi-billion Art & Rare collectibles industry on Cardano Blockchain.

The need to dissipate the very high entry barrier to NFTs for end-users, creators, artists, and brands.

[IMPACT] Please describe how your proposed solution will address the Challenge that you have submitted it in.

Digirack will feature a simple and easy-to-understand user interface will make the onboarding, minting, and secondary market selling off the NFTs seamless.

We are also bringing a whole new way of making NFTs Liquid into the cardano ecosystem.

We will decentralize the curation of the DigiRack platform and facilitate enhanced levels of promotional support for artists.

We will create a team that will focus on promoting verified arts this will help bring more users to the Cardano NFT marketplace space.

[IMPACT] What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?

Lack of adequate funding to carry on with both development of the products and market sensitization and onboarding of creators and traders. 

Low staff strength because of a low budget to be able to hire. This is because we have spent a great deal on development of Digirack since late 2021

[FEASIBILITY] Please provide a detailed plan, including timeline and key milestones for delivering your proposal.

Labor Budget:

500 Hours (Backend/Smart Contract/SDK Developer)

300 Hours (Frontend Developer)

Negotiated Rates:

Backend Developer - $55/hr USD

Frontend Developer - $40/hr USD

Total: $39,500

[FEASIBILITY] Please provide a detailed budget breakdown.

Smart contract Developer ($55 per hour 180 hours - $9,900)

Front End Development ($40 per hour 300hours - $12,000)

Back End Development ( $55 per hour 280 hours -$15,400)

Mobile UI Development ($55 per hour 40 hours - $2,200)

Hours involved: 800

Total: $39500

Breakdown:

Feature                                              Total Time: 800

Development Team Hourly Rate: 150$ per hour for the whole team

Work Hours: 6 hours Daily

[FEASIBILITY] Please provide details of the people who will work on the project.

OUR TEAM

CEO: Shirajuddeen: https://twitter.com/shirajuddin_m

Mr Shirajuddeen has vast experience working for top organizations like FinTech Programmers as a software developer, a Mobile Developer at PWC and a host of other experiences gathered at other jobs.

Lead Developer: Qodrohn Team Technology https://www.linkedin.com/in/abdulqodri-abdulwahab-7b0117231/

Qodrohn Team is a Blockchain development firm that specialize in developing NFT marketplaces across different Solidity EVM blockchains and Haskell.

*We would be hiring more qualified hands after development to bring our product to market

[FEASIBILITY] If you are funded, will you return to Catalyst in a later round for further funding? Please explain why / why not.

It is possible that we will return to Catalyst in the future as we will need further funding to bring Digirack to market.

[FEASIBILITY] Are you or any member of your team working on any other proposals in this Fund9?

[FEASIBILITY] Are you or your team working on any other proposals from previous Funds?

[AUDITABILITY] Please describe what you will measure to track your project's progress, and how will you measure these?

Digirack’s progress can be easily tracked and audited by the Cardano community as we will also be providing updates through our social media and also releasing video demonstrations and developer updates as we meet our milestones.

[AUDITABILITY] What does success for this project look like?

A Successful launch on Cardano main net for a reduced fee NFT marketplace with hundreds of NFTs being traded daily.

In the future users can also be able to put up their NFTs as collaterals to borrow ADA and also users can bid on NFTs in continuous or times auctions.

Definition of Success After 3 and 6 Months (Milestones)

3 Months: At least five thousand active community members and successfully concluding the Public Testnet. 

6 Months: Launch on the Mainnet, bug bounty, and at least 4 thousand active users. Gaining traction on the Cardano space

We intend to be one of the top three NFT marketplace on Cardano after 12 months of launch.

[AUDITABILITY] Please provide information on whether this proposal is a continuation of a previously funded project in Catalyst or an entirely new one.

This is an entirely new project