This project aims to build a modular framework for Non-Fungible Tokens (NFTs) on Cardano that’s open-source and accessible to the masses. The team seeks an organized community effort that will fully define comprehensive requirements for the ultimate NFT platform of any blockchain. It will be built as a Cardano asset that can be used by anyone to build specialized marketplaces or NFT solutions upon.
This project plans to build off all of the current NFT proposals in Cardano’s Project Catalyst, citing that though many of them might have great potential, it is unlikely that they will all get funding from the limited pool. Therefore, an amalgamation of Catalyst’s NFT community is proposed, such that the skillsets of the community can be leveraged to deliver a more robust NFT framework for Cardano, with the purpose of supporting an NFT economy.
The project takes into consideration the present 42 proposals relating to NFTs and the ever growing number of related proposals on the platform. By collaborating with these project founders, the proposers believe they will mobilize the community to stimulate NFT development. The proposing teams, therefore, are believed to have all skill sets and experience required to build the best possible solution to dominate the NFT space.
The project is being described as a WAX Killer on Cardano. It will be an open-source NFT dApp development framework that anyone can build a marketplace or NFT business on. It will have the potential to benefit the community by marketing with many different specialized NFT solutions faster.
The NFT DAO framework will save precious community resources by building standard frameworks once, instead of unnecessarily for many projects. This will allow teams to focus on their core business logic and UI/UX instead of the complete system
The Team
The original team is composed of four people; Rich Kopcho, Finley Mcllwaine, Troy Egan and Tyler Wales.
Rich Kopcho is a life-long entrepreneur and the executive producer of the Wyoming Blockchain Stampede, an annual conference by UWYO that is sponsored by IOHK/Cardano/Emurgo to educate the blockchain community.
Finley Mcllwaine is a computer science PhD candidate and a developer at the University of Wyoming Advanced Blockchain Lab. He was the 2020 winner of the IOHK Marlowe Challenge at WyoHackathon and Plutus Extension Challenge at WyoJHackathon 2019.
Troy Egan is a PhD candidate whose interest lies in how NFTs can be used to tokenize emergent creative projects.
Tyler wales on the other hand is an entrepreneur with product management and management expertise, and currently a mentor at Portland Incubator Experiment.
The project seeks to involve more people passionate about NFTs and have aligned themselves to previous proposals seeking funding for a NFT point solution. The goal of the team is to work with at least 55 team members and 774 supporters of the 42 NFT focused proposals presented at Project Catalyst. This will create a phenomenal group of talented and skilled people to build an unmatched infrastructure in the industry.
Funding
The team has requested funds amounting to $48,965 to be paid in ADA tokens. These funds will be allocated to 3 deliverables outlined in the proposal.
Of this amount, $5,340 will be allocated to the community to cover costs such as NFT DAO website, marketing and outreach, establish NFT collaboration culture and identifying the most impactful use cases.
A total of $19,893 will be allocated to governance and will be used to fund the DAO structure framework, its on-boarding flow maps and the token distribution model. These funds will also be used to ensure that the incentive framework is sustainable and aligned with the proposal’s interests.
The biggest share worth $23,732 will be allocated to the proposal’s development and execution. This will cover costs such as project research, finding decentralised storage solutions, establishing the NFT metadata standard and identifying the best use cases among others.
The team has also disclosed that part of the funds will be allocated to community members that join their efforts and contribute towards realization of their vision.
Unique Selling Points
The NFT DAO proposed project takes into consideration all the other proposals and tries to create a unified solution. The lack of an overarching dApp strategy that dominates as the de facto NFT platform of choice means that no matter how many projects are created or funded under Project Catalyst, they may not meet the needs of the market.
By coordinating an NFT DAO that implements all NFT dApp requirements, it will be possible to build a conclusive composable NFT framework that will serve both technical and non-technical users and allow them to easily deploy industry specific tokenized asset market places.
The project also seeks to include more players interested in the NFT space in the process, creating a diverse team that is more likely to meet and surpass all requirements of the development and implementation phases. By not locking other developers out, the project attracts more support and increases its chances of success, not only in the funding stage, but also in the crypto space.
If you’d like to know more information or have questions/comments regarding The NFT Framework proposal, check out the link provided: https://cardano.ideascale.com/a/dtd/Comprehensive-NFT-Framework-Collab/334521-48088
Has anyone on NFT team thought about approaching The Economist mag about creating an NFT of the 1988 Bitcoin Phoenix Rising on Cardano blockchain …the publicity would be priceless
Hey Danny, this is an intriguing idea. I’d love to explore this further. Would you be interested in being part of making such concept happen? As a DAO, we’re keen on seeing how contributors can be rewarded for their input into a project/outcome, especially if it is successful.
I could see how this would work if it was more of a plug and play kind of plug-in sort of like how Yoroi is on the chrome browser. But if every user who wants to get set up on the marketplace has to go through the team first, then i wouldn’t see how decentralized this is in nature.
How does the file system work for NFTs on Cardano? Ethereum has IPFS and an NFT is tied to that address (hash). Does anyone know the Cardano equivalent?