Applicant Name: Weston Nelson, Ihsan Rahman, Elias Pederiva, SirJoey
Project Name: NFTEarth
Project Description: NFTEarth is not aiming to be just another NFT marketplace; it’s a project focused on transforming what non-fungible technology means, and what it enables for all participants in the space. At its core, NFTEarth is an L2 (Layer 2) NFT Marketplace and protocol designed to provide users with an extraordinary platform for buying, selling, and earning rewards through the exchange of digital collectibles and NFTs.
Team Members and Qualifications:
Weston Nelson (Project Lead) WΞston is involved with several DeFi protocols and DAOs. His background is in traditional finance, most notably at Fidelity Investments where he was fortunate to learn directly from some of the best asset managers in the world. He is helping to shape the strategic direction of the DAO.
Ihsan Rahman (Lead Developer) Ryuzaki01 has over a decade of experience in web application and smart contract development, specifically in the NFT domain. His strengths include React and mobile application development, and significant experiences with Progressive Web Apps (PWAs). For NFTEarth he focuses on the public website and contract interactions.
Maestro (Head of Marketing) Maestro is the marketing lead at NFTEarth, in charge of building the brand and social awareness for the protocol. Maestro has vast NFT ecosystem experience across Ethereum Mainnet NFT trading platforms.
SirJoey (Head of Business Development) SirJoey is a web3 OG with significant experience in the NFT space and a strong interest in helping NFTs gain wider adoption. He is tasked with leading the BD initiatives for NFTEarth.
Do You Acknowledge That Your Team Will Be Subject to a KYC Requirement?: Yes
Detail the requested grant size, provide an overview of the budget breakdown, specify the funding and contract addresses, and describe any matching funds if relevant.
Requested Grant Size: 195,000 ARB
Grant Matching: N/A
Grant Breakdown: The funds raised will be utilized for distribution of ARB through Arbitrum based contracts for NFT developers, builders, and creators, and contracts that allow for protocols to incentivize the trading of unique collections with ARB incentives on the new campaign we will launch aimed towards incentivizing new user growth through a brand new gamified incentive campaign on Arbitrum. We will also use the ARB incentives to increase NFT liquidity across Arbitrum - by incentivizing creating listings / making bids - (building NFT liquidity) - in addition to just trading on the NFT marketplace contracts. This is to emulate in large part the success Blur experience on Mainnet. We think Arbitrum can be home to a more well-designed and fun campaign to spark NFT activity across the ecosystem.
Funding Address: NFTEarth DAO Multisig: 0xC24223341415Bc8CaB0ffA5C2A6200d835fB1FF5
Funding Address Characteristics: This is a Safe Multisig, with a 3/7 confirmation requirement in place for executing transactions.
Contract Address: N/A at present - A potential use case that has been discussed for this would potentially include the Seaport Wrapper contract to be developed to incentivize trading on specific NFT collections with $ARB tokens, and other similar contracts like this where other partner protocols across the Arbitrum ecosystem can simply work with the NFTEarth team to incentivize whatever NFT collection they would like to, helping the entire Arbitrum ecosystem at large.
Clearly outline the primary objectives of the project and the Key Performance Indicators (KPIs) used to measure success. This helps reviewers understand what the project aims to achieve and how progress will be assessed.
Our proposal aims to implement a strategic rewards distribution approach that not only garners substantial participation in the Arbitrum ecosystem and catalyzes NFT activity, but also yields measurable and impactful outcomes that can be directly attributed to the campaigns implemented by NFTEarth, such as the very first campaign, which will be a trade-to-earn campaign where liquidity and volume is incentivized, and boosted incentives are provided to those who move from Ethereum Mainnet to Arbitrum.
Key Performance Indicators (KPIs):
Total new users interacting with marketplace contracts. As of right now, there are essentially ~0 daily active NFT traders per NFTScan and other NFT analytics platforms. Ethereum Mainnet giants like OpenSea and Blur are averaging around 10,000 and 2,000 respectively. We believe we can onboard this many users with a well targeted and designed campaign to show why users should be conducting their NFT transactions on Arbitrum.
Volume in $ USD traded on Arbitrum. Similar to unique addresses, this number in real-time is very low. By offering incentives to large traders on Mainnet, and using distribution channels to reach them that we know they are available at (onchain messaging via DeBank for instance, onchain queries made to Galxe for new campaigns, etc.) we can convince them to move to Arbitrum and finally create a sustainable non-fungible marketplace and ecosystem for all of Arbitrum to benefit from and have for many years to come.
How will receiving a grant enable you to foster growth or innovation within the Arbitrum ecosystem?: Building the infrastructure for UX similar to mainnet is lacking sorely on Arbitrum, as well as incentivized campaigns for trading and creating non-fungible collections and other use cases. By using the grant to incentivize NFT activity, many new users will join the Arbitrum ecosystem and conduct a multitude of transactions types as well such as Minting, Buying, Selling, Creating NFTs, etc.
Justification for the size of the grant: This is an appropriate size grant because it will provide enough runway for the team to demonstrate powerful and tangible results, while also within a short enough time frame to advance to the next stages of planned growth. The vision for NFTEarth is to become the largest NFT and non-fungible protocol in web3, with the aim to outperform OpenSea and Blur in both volume and users, but this will take more time than what is being presented here in this specific grant proposal, but is part of the long-term roadmap nonetheless.
Execution Strategy: 50% of the of the funds will be used to incentivize building NFT liqduitiy on Arbitrum (creating listings and making bids).
30% of the of the funds will be used to incentivize trading activity on Arbitrum specific collections, as well as bring new collection creators to Layer2.
20% of the funds will be used in direct outreach to existing collections and potentially new ones to incentivize them to come to Arbitrum to create and trade / build their communities.
Funds will be held and distributed on the following 3/7 multisig address: 0xC24223341415Bc8CaB0ffA5C2A6200d835fB1FF5
Grant Timeline: Based on the distribution schedule planned and already budgeted costs to build the necessary infrastructure to create a world-class NFT experience for users on Arbitrum, the grant will be distributed in total within 4 months of approval. Growth metrics dashboards will be submitted no later than one week after each month that passes among the various initiatives. After the grant period concludes, NFTEarth is committed to extensive evaluation of the grant’s impact in order to determine what worked well, and what could be optimized, and share this data for all protocols looking to help grow the Arbitrum ecosystem.
Do you accept the funding of your grant streamed linearly for the duration of your grant proposal, and that the multisig holds the power to halt your stream? Yes
Provide details about the Arbitrum protocol requirements relevant to the grant. This information ensures that the applicant is aligned with the technical specifications and commitments of the grant.
Is the Protocol Native to Arbitrum?: Yes - Arbitrum is the focus of NFTEarth at this point in time. The team believes in a cross-chain future, but has chosen to launch its long-term staking program on Arbitrum and focus on building NFT user traction on Arbitrum as well.
On what other networks is the protocol deployed?: Ethereum, Base, Optimism, Linea, Mantle, BNB Chain, Avalanche, Polygon
What date did you deploy on Arbitrum?: February, 2023
Protocol Performance: NFTEarth is a young protocol - with high visibility and large ambitions for growth and a targeted strategy for user acquisition to Arbitrum and transaction growth on Arbitrum. The team has already built and launched a successful gamified airdrop campaign that led to an active daily user count of 264 users as measured onchain by NFTScan. We plan to increase this by multiple times on Arbitrum.
Launch Omnichain token to serve as native protocol token for NFTEarth (Completed July 2023)
Build in-app Omnichain bridge powered by LayerZero (Completed July 2023)
Build first Chainlink VRF enabled game on Layer2 (Completed August 2023)
Enable Buying/Selling of NFTs on Arbitrum in $NFTE, and $ETH (Completed August 2023)
Build first AI-infused NFT Avatars (Completed September 2023)
Deploy xNFTE Staking Contract Deployment (Deployed September 2023)
Arbitrum Gitcoin Grants Round Participant (Present)
Staking UI Completion (End of September 2023)
Add $ARB as payment currency on NFT marketplace (End of September 2023)
Epoch DAO Accounting Reports for Revenue Sharing (Mid October 2023)
NFT Utility for Earthling + SmartNFT Avatars: Release AI infused NFTs with reinforced machine learning models that users can tailor to their preferences such that the NFT Avatar can become their very own personal assistant that grows to know the user better, over time (End of October 2023)
Additional Exchange Listings/Collaborations (CEX listing by Q1 2024)
Applications for Grants to secure DAO runway (October 2023/on-going)
Build and deploy decentralized web3 SocialFi messaging application (October 2023)
Build and deploy decentralized web3 name service to compete with ENS and UD - that provides full integration with the NFTEarth chat application - Earth Domains. (November 2023)
Applicant for Ethereum Foundation for a grant to further expand and build AI into NFT use-cases (November 2023/on-going)
Establish over $1M in onchain liquidity via the brand new and innovative LP staking mechanism xNFTE has brought to Arbitrum - staking of an LP position as the way to obtain xNFTE - to enable large buyers and institutions to get involved in NFTE ecosystem and extension, further bolster the long-term sustainability of NFTs on Arbitrum.
Complete CEX listing on Tier A exchange (Binance, Coinbase, Huobi, KuCoin, MEXC) for enhanced liquidity for all users across the world.
Complete enhancements to PWA and deploy native mobile applications for iOS and Android
Audit History: N/A - in progress. The team attempts to use audited forks wherever possible such as the case with the Fortune game that is live (the smart contract is a fork of YOLO on Ethereum Mainnet which is audited).
Provide details on how your team is equipped to provide data and reporting on grant distribution.
Is your team prepared to create Dune Dashboards for your incentive program?: Yes
Does your team agree to provide bi-weekly program updates on the Arbitrum Forum thread? Yes - we use Cloudflare Analytics, Vercel Analytics, as well as onchain tools such as The Graph to monitor dapp activity and can share updates in a timely manner or whenever requested.
Does your team acknowledge that failure to comply with any of the above requests can result in the halting of the program’s funding stream?: Y