[1IP-21A] 1inch NFT Marketplace MVP V2 - Unlock 1IP-21 funds

2.1 General Proposals
1

1inch Improvement Proposal (1IP) Template
[1IP-21A] 1inch NFT Marketplace MVP V2 - Unlock 1IP-21 funds
Simple Summary
This proposal seeks funding of $424,029 to deliver the 1inch NFT Marketplace MVP to production stage.
This total fund requested is compiled from two parts:

  1. Approval to unlock the total remaining funds $295,022 from proposal [1IP-21] 1inch NFT Marketplace MVP, to complete the delivery of 1inch NFT Marketplace MVP.
  2. Approval for funding needed ($129,007) to complete the tests and audits to become production level ready and deliver the first POC for a revenue channel (projected ROI 4%-5%)

To date, with the initial distribution of $92K, the team completed numerous activities to support the product design, define strategy and plan the product launch

  1. Formulating The product Strategy and Vision and reviewing with 1inch Cofounders and management team

  2. Market research including:

  3. Competitive analysis and competitors’ tracking

  4. Trend Review - For defining the future strategy and roadmap

  5. Market tracking dashboard in collaboration with the Data team

  6. Participated events and conferenced to meet with possible partners and prospects, learn their view and gat feedback: Paris Blockchain Week, EATGlobal Lisbon, ETHDam

  7. Meeting with leading actors in the NFT space to explore collaboration opportunities

  8. User research procedures and feedback: Surveys and Interviews and draw conclusions and insights

  9. Product Design and Development

  10. Prototyping and conducting user testing

  11. Overlooking product development including Creating and prioritizing JIRA epics, stories, Grooming and planning with dev team (Ongoing), Performing Acceptance tests (Ongoing)

  12. Performing evaluation and negotiation

  13. Preparing launch strategies

  14. Reviewing strategies with all stakeholders

  15. Preparing Risk and Mitigation Plan and review with all stakeholders

  16. Revenue Streams Ongoing Analysis - For defining the future roadmap

  17. NFT and Community - Collaboration with community manager to define cource of action for alpha, beta and commercial launch

Development milestones status update

Milestone 2: NFT Aggregator and Analytics - Completed
Delivered UX:

  • UX/UI design for home page
  • UX/UI design for search result page
  • UX/UI design for the analytics tab of the NFT page
  • UX/UI design for the collection page
  • UX/UI design for NFT page

Delivered Functionality:

  • Search bar where the user can type keywords
  • The search bar gives suggestions/hints for user (similar to google search)
  • Parsing and storing data for each aggregated collection
  • Sorting filters for NFT collection from the drop-down menu

Acceptance Criteria:

  • As a user, I will be able to browse and search for NFTs on the marketplace
  • As a user, I will be able to search for NFTs by keywords and phrases, so that I can quickly and easily find the specific NFTs I am looking for

Associated unlock: $88K

Milestone 3: WalletConnect Integration - Completed
Delivered Functionality:

  • Integration with WalletConnect (can be used with 1inchWallet as well)

Acceptance Criteria:

  • As a user, I will be able to securely connect my 1inch or MetaMask wallet to the marketplace to make transactions and manage my NFTs and cryptocurrency holdings.

Associated unlock: $80K

Milestone 4: Launchpad – POC done, UI and integration ongoing
Delivered Functionality:

  • Create a Collectible
  • Create a Collection

Acceptance Criteria:

  • As a user, I will be able to choose which network I want to create my NFT and Once I submit all needed details and my wallet is confirmed the NFT details will be stored on the smart contracts.
  • As a user, I will be able to create a collection, by entering the following details:
  • Title of the collection
  • Description
  • Logo
  • Featured Image
  • Banner Image
  • URL
  • Description
  • Category
  • Royalty percentage
  • Payout Wallet address
  • Total Supply
  • Choose Blockchain

Associated unlock: $70K
Milestone 5: Drop Management - POC done, UI and integration ongoing
Delivered Functionality:

  • Launch your NFT projects with our optimized drop mechanisms

Acceptance Criteria:

  • As a NFT collection owner, I will be able to use NFT drops to promote my project and reward the community
  • As a NFT collection owner, I will be able to create timed drops, airdrops, and loot boxes

Associated unlock: $57,022

Abstract
NFTs have evolved from being simple registries on blockchains to various types based on the case. The NFT market is expected to reach more than $232 billion by 2031.
We are looking to provide the community with an intuitive user experience for creating, collecting, and selling NFTs while empowering the user with the best-in-class power tools to make the best decision in every step of the journey.
The Marketplace will be unique from competitors by designing a cutting-edge NFT aggregator marketplace with optimized UI/UX to attract NFT/crypto traders to onboard to the platform and take action.
Moreover, the 1inch community will benefit as the Marketplace will provide users with empowering analytics & browsing tools and educational content, for guiding and educating users.

Motivation
See original proposal [1IP-21] 1inch NFT Marketplace MVP

Specification
See original proposal [1IP-21] 1inch NFT Marketplace MVP

Rationale
The rationale for this proposal is in two folds. First, creating a new revenue channel for 1inch by joining the NFT market which presents a market cap of $11.3 billion and with predicted compound annual growth rate of 33.7% in the following eight years NFT space will see its total market cap climb to $231 billion by 2030.
Second, with 1inch protocols and network we can offer the users the best UX for trading NFTs at the lowest transaction cost which will position 1inch at the top tier for NFT trading.
This proposal aims to develop a leading NFT aggregator marketplace with the best-in-class power tools and analytical and educational features. Competitors and business analysis have been performed to define key features of the proposed 1inch NFT marketplace

Demo
See latest development walkthrough demo of the NFT Marketplace

Considerations
Vendor support:
Dev services will be outsourced to Boosty and Blockchain App Factory (BAF). Blockchain App Factory (BAF) will continue leading the current development execution of the proposed NFT marketplace and Boosty will take the development of the NFT Marketplace indexer with alignment with 1inch architecture and BE team.

2 Likes
2

hey @Shai Sand, in the original proposal, you mentioned that milestone 2 would be

Milestone 2: NFT Aggregator and Analytics
Delivered UX:
UX/UI design for home page
UX/UI design for search result page
UX/UI design for the analytics tab of the NFT page
UX/UI design for the collection page
UX/UI design for NFT page
Delivered Functionality:
Search bar where the user can type keywords
The search bar gives suggestions/hints for user (similar to google search)
Parsing and storing data for each aggregated collection
Sorting filters for NFT collection from the drop-down menu
Acceptance Criteria:
As a user, I will be able to browse and search for NFTs on the marketplace
As a user, I will be able to search for NFTs by keywords and phrases, so that I can quickly and easily find the specific NFTs I am looking for
Associated unlock: $88K

Can you provide us with more details on these milestones?
the Acceptance criteria is the ability for users to browse and search through NFTs.

it will be great if we could independently verify these rather than from a youtube video.
we prefer looking into the code base to confirm the functionality other option is to open us the host under http://nftmarketplace.herokuapp.com/# where you have previously hosted this

3

Hi Bear,

Totally understood.

In the video you can see the functionality listed in the proposal and I will provide access to the platform under the same host for the delegates.

If needed please ping me on TG: @shaisand

4

Thank you for the update! I have collected some feedback from the core contributors. The general consensus is that modifications should be made to this proposal before it is ready to be voted on, specifically:

  1. To facilitate NFT sales, the 1inch Limit Protocol should be implemented.
  2. It is essential to determine where the data of limit orders will be stored and shared.
  3. An API specification is required, and the documentation should include details on how the data storage will be handled. It is important to clarify if it will be a separate microservice and outline the implementation plan.
  4. Upon the creation of a new collection, it needs to be specified how and where the new NFTs will be stored. Additionally, the process of pinning them, such as utilizing Piñata on IPFS, should be clarified.
  5. A technical specification for the launchpad is necessary.
  6. The maintenance and up-to-dateness of NFT collections need to be addressed. Will an admin portal be used for this purpose? If so, any selection criteria for administrators and where the collections will be stored should be defined. The full functionality of the admin portal should be described, including the process for obtaining admin rights.
  7. Detailed descriptions of all user flows should be provided. For example, how a user arrives at the site, selects a collection, and clicks “buy NFT.” It is important to specify which cryptocurrencies are supported, explain the swapping process, and provide information on how 1inch Fusion is utilized under the hood.
  8. To establish a smart contract architecture for NFT aggregation, careful consideration must be given to buying multiple NFTs. Should a user have a sort of an account/cart? This functionality enables users to add desired NFTs to their cart and subsequently purchase them in a single transaction. The specific implementation details of this feature should be thoroughly described.
  9. Another notable use case involves the scenario where a single token is used to purchase multiple NFTs. One potential approach to facilitate this process is by leveraging 1inch Fusion. In this case, users would grant permission to sell N tokens in exchange for acquiring A, B, C, D NFTs. It is crucial to outline the flow of this process if they plan anything like that.
  10. Prior to voting, the GitHub repo should be made public. All code should be under the MIT open-source license.
1 Like
5

Thank you for the update!

We are primarily concerned with verifying the status of completing milestone 2.

The best way to do this would be to make the Github Repo public; this way, we can verify the completion of these milestones independently before moving forward with voting.

6

hey @Shai Sand my DMs are Open, and waiting for the access.

7

Hi,
I’ve sent you the details on TG

Thanks
Shai

8

Thanks @RoundElephant

We will update the proposal to include the requested information and data

9

Hi @Kene_StableLab

You can review the functionality here:
Marketplace: https://1inch-nftmarketplace.netlify.app

10

All request modification added to the Specification section

GitHub repo has been made public and MIT open-source license added.
Marketplace: dao.1inchnft.io
GitHub:[ https://github.com/sandshai/1inch_nft](https://github.com/mryabov/1inch_nftmarketplace)

11

Thanks for these updates, @Shai Sand . Some feedback regarding Milestone 3:

  • There is no MetaMask integration

  • The Wallet Connect integration does not seem to work

12

Initially, we used the WalletConnect V1.0 protocol, which was shut down on June 28, 2023. We will integrate WalletConnect V2.0 with MetaMask and 1inch wallets support for the next app version. Please find more information here: https://docs.walletconnect.com/2.0/advanced/migration-from-v1.x/overview

See list of V2 supported wallets: https://walletconnect.com/explorer
MetaMask and 1inch Wallet are supported in WalletConnect V2.0

13

Hi Kene,

Did you have a chance to review the GitHub and the status of milestone 2 & 3?

Thanks,
Shai

14

Hi Bear,

Did you have a chance to review the GitHub and the status of milestone 2 & 3?

Thanks
Shai

15

Dear delegates,

This discussion have been posted for 4 weeks now.

This path was suggested by the DAO as a way to showcase the milestone deliverables for proposal [1IP-21] 1inch NFT Marketplace MVP which was approved earlier this year.

Please review the deliveries and provide feedback so we can move forward.

Many thanks,
Shai

16

We are representations of a 1inch core dev team were happy to review the progress on the grant and are concluding the following:
“Milestone 2: NFT Aggregator and Analytics - Completed
Delivered UX:
UX/UI design for home page
UX/UI design for search result page
UX/UI design for the analytics tab of the NFT page
UX/UI design for the collection page
UX/UI design for NFT page”

— we can’t say much about design, a lot was copied from the 1inch.io website.

“Delivered Functionality:
Search bar where the user can type keywords
The search bar gives suggestions/hints for user (similar to google search)”

— when the search bar gives hints, some collections don’t have a picture in the search hints. For example vcbxcvbxcvb collection.

“Parsing and storing data for each aggregated collection”

— As we can see, their backend doesn’t store any information about NFT. We assume, that maybe backend stores information for hints in the search form. All another information is loaded from api https://reservoir.tools/

“Sorting filters for NFT collection from the drop-down menu”

— If you click on an option in the filter area, page scrolls up. After selecting an option in the filter area, we cannot cleat that filter by using X button next to the selected option.

“Acceptance Criteria:
As a user, I will be able to browse and search for NFTs on the marketplace
As a user, I will be able to search for NFTs by keywords and phrases, so that I can quickly and easily find the specific NFTs I am looking for
Associated unlock: $88K”

General feedback:
We believe that the cost of the work is significantly inflated. The website design could be estimated at $2,000 - $3,000 since the main elements are copied from 1inch.io. The freelance fullstack developer’s work could be estimated at $12,000 - $18,000 for 2-3 months. Expenses for management and market research could be estimated at $21,000 - $28,000 for 3-4 months, handled by one person. Additionally, there are extra expenses for infrastructure, etc., amounting to $5,000.

In total, according to the highest estimate, milestone 1 and milestone 2 should have cost $54,000. As far as I understand, the total cost for milestone 1 & 2 under the grant agreement is $190,000?

The proposal is highly focused on frontend development, neglecting product-market fit. Reliance on the Reservoir API could limit their market differentiation if they don’t develop a custom backend. But developing their own NFT indexer can be challenging. The planned $430k investment for frontend development seems high.

17

Dear 1inch core dev team,

Thank you so much for the review of milestone 2 deliveries.

I would like to address each of the items you listed.

  • Delivered UX - we are delighted that you found our current UI aligned with 1inch design guidelines
  • The UI design follows 1inch guidelines according to the instructions of the 1inch core design team with the goal of maintaining brand continuity, enhancing user familiarity, and streamlining onboarding. In addition to the UI elements developed by the team, we also worked on building the correct user experience, which included user research, prototyping, and online and in-person usability tests.
  • Search bar missing icons - as we are aggregating collections data, some collections do not have profile image (the collection creator did not define one). Following your feedback we decided to add a default placeholder image so it will be self explanatory that the collection does not have a profile picture. We have already implemented the change, you can see it in in the website.
  • Parsing and storing data - for milestone 2 the data is stored on Reservoir data lake and accessible via Reservoir API, Indexer, and DB. Reservoir also uses different services for scraping 3rd party orders and fetching NFT metadata that feeds into their Indexer. Further API design and architecture, including a native marketplace orderbook and indexer will be developed in following milestones by Boosty Labs. I’ve added to the proposal the full outline of the BE development work planned by the team. We would love to get your input on the planned work, as well as while we design the architecture it will be in full alignment with 1inch core dev team
  • Thanks for the feedback on the filter area, page scrolls up. We have fixed the bug.

General feedback section.
The acceptance criteria for the proposal are focused on Frontend deliverables, but the team did perform product-market-fit activities related to defining long term strategy such as, Revenue streams analysis, Competitor landscape analysis, Risk and Mitigations Mapping and more. The team presented the business updated to 1inch leadership once a month starting Dec 2022 with a final milestone 2 update and next steps in Jun 2022 strategy session

As mentioned before, I will add the BE SOW to this proposal as well for easier review and I recommend you also review the full summary in the original proposal [1IP-21] 1inch NFT Marketplace MVP to receive a full picture of the planned work for building the 1inch NFT Marketplace.

Last, the total cost for delivering milestone 1&2 under the grant agreement is $92K, and not $190K as you mentioned. The funds were already distributed by the DAO and were used to get the NFT Marketplace to milestone 2. The rest of the will be used to achieve milestone 3&4&5 and bring the NFT Marketplace to production (This includes all the needed components for the NFT Marketplace - Storefront, Launchpad, Indexer, Order-book, FE work, BE work, security audits, and etc)

Please let us know if you have any other questions.

Thanks,
Shai

18

Dear DAO,

As requested, I have added the full SOW for the indexer under “Indexer Development SOW & Milestones” section.

Please review and comment

Thanks
Shai

19

The approach currently showcased by the 1Inch NFT marketplace seems to us like it won’t be successful for several reasons.
In a blockchain project that aggregates data, the most crucial aspect is data handling. This should be a primary skill within the team. If the team outsources its backend development, the resulting product may face significant challenges. For example:

  1. I understand that an NFT marketplace is a startup. A startup typically comprises a small team of passionate individuals. People working in an outsourcing company will treat this as just another project. They won’t work late nights when the funds run out, etc.

  2. Developing the backend for a marketplace can take between 4 to 6 months and require 3-4 backend developers. In an outsourced team, members might change, resign or leave. New members will need time to immerse themselves in the project.

  3. A core team should have a CTO who understands the entire project’s architecture. From what I understand, the marketplace team currently lacks such a person. It’s unclear who will lead the entire project.

  4. Code maintenance after its development is crucial. For instance, if a bug is identified at night and the developer is part of the team and familiar with the code, a fix could be available in 1-2 hours. How much time would it take for an outsourced fix? Likely much longer.

Another question that arises is, was backend development budgeted for in the project’s finances? If not, how will they fund its development?

20

Great points! It sounds like the 1Inch NFT marketplace is walking a tightrope without a safety net. Relying on an outsourced team can be like trusting a cat to babysit a bowl of goldfish—it’s probably not going to end well!

A passionate in-house team is crucial, especially in the fast-paced world of blockchain where every second counts. And you’re spot on about the need for a knowledgeable CTO. It’s one thing to have a great idea, but without strong leadership to guide the project through the inevitable ups and downs, it could easily veer off course.

I’m also curious about their budget for backend development. If they’re counting on a secret stash of funds from a hidden treasure chest, they might want to rethink that strategy! In the end, a robust and cohesive team is like a good cup of coffee—essential for staying awake and energized through the hiccups. Here’s hoping they find the right mix! :hot_beverage::rocket: