AIP-494: Gamified NFT Marketplace on Apechain

PROPOSAL NAME:

Gamified NFT Marketplace on Apechain

TEAM DESCRIPTION:

Penguinpecker

Role- Founder/ CEO

Background- Bachelors in Computer Science from IIIT.

5y Experience in International Ecommerce and Digital Marketing. 2y Experience in Native Web3 Project Management, Marketing, Bot etc.

Twitter-x.com

Lazydev

Role- Co-Founder/ CTO

Background- Self Taught College Dropout.

2y Experience as CTO for IOT Startup.

Full Stack Developer. Expertise in Smart Contract Development in Solidity and Rust. Master of Integrating web3 Applications and Databases.

Linkedin- https://www.linkedin.com/in/varishali/ 9

PROPOSAL DESCRIPTION

The initiative aims to support the Apecoin & Apechain ecosystem by facilitating the trading of non-fungible tokens (NFTs), thereby enhancing the utility and adoption of $Ape as a token & Apechain as ecosystem. Puffles, the project introduces a user-friendly, Rewarding and collector friendly user interface & Platform for NFT Collectors to trade their NFTs. With an emphasis on Collector Friendly and support Native to Apechain, Puffles empowers creativity and accessibility in the NFT space. The primary objective is to establish an NFT Marketplace utilizing $Ape as currency to Trade NFTs, providing creators with a seamless platform for both minting, showcasing, and trading their NFTs.

Puffles as NFT Launchpad & Marketplace will have its own token that will be Rewarded to people for interacting with NFT Launchpad & Marketplace. The Token will be Called $Puf, $Puf will serve as token for Puffles Launchpad & Marketplace. The token will be deployed on Apechain and will serve as Utility token for Puffles eco system. None of Funds raised from the DAO are meant for liquidity; we will be raising funds in order to facilitate liquidity.

BENEFIT TO APECOIN ECOSYSTEM:

$Ape stands as a trailblazer in the NFT ecosystem, representing the very essence of NFTs at the forefront. Its journey has been fueled by the passionate Ape and NFT community. Consequently, it holds immense significance for $Ape to lead the way in the NFT realm on Apechain.

Apechain has it’s own native token $ape already which makes it harder for the chain to attract airdrop farmers as the most important incentive provided by blockchain Company is gone and therefore, it becomes extremely important for apechain to boost projects like Puffles that will have their own utility tokens on apechain. The Token Farming Campaign will attract airdrop farmers and creators from across different blockchains and bring overall attention, Utility and Volume to Apechain.

Features of Marketplace

Homepage

Puffles Marketplace will be having a NFT Collection friendly user interface with more visibility to Collections of Gaming Category since we believe Apechain is going to be focused more on Gaming Narrative

Image showing Homepage

Quests & Leaderboard

Puffles Marketplace will have Quests and Season Based Leaderboard updated every 24h

Image showing Quests & Leaderboard)

Collection Booster

Token Farming Campaigns will be designed in a way to provide extra benefits to All Yuga Collections if any on apechain and also Provide a incentive to Mocaverse ecosystem NFT collections on Apechain if any as strategic partner for Apecoin and Apechain growth. This Boost will be provided with 1.5x Boost in XP Collection, which is a point system taking in account different activities of NFT Users and rewarding them.

Image showing boosters to NFT Collections

$Ape Booster

Users Can Buy 24h Points Booster Using $Ape to gain more XPs. The Feature had been Used in HV-MTL Game and has been integral part of yuga ecosystem since then. This will Bring in another Revenue Stream for Puffles to Make money and Sustain the Market.

Image showing XP Collection

[Image showing Sale of $Ape Booster]

Image showing Sale of $Ape Booster

Holder Points

Unlike other NFT Marketplaces, Where people Hated to be reward users for trading nfts and therefore, destroying NFT Floor prices. For the 1st Time Users will be rewarded for Holding the NFTs with conditions of the NFTs being bought from the Puffles Marketplace. Holder points will be points rewarded to users who would buy nfts from Puffles marketplace and hold it, but in order to prevent any misuse of this feature since the system can be manipulated by buying and holding dead or fake collections. There will be a system in place taking in account the 24h Volume of NFT collections to determine the XP awarded to the user.

Collector Profile

Unlike Other new Marketplaces that aim to have trader focused interface and therefore, undermining the NFT Collection Culture. Puffles will have Personal Profile Page Made in a way that will Boost the Narrative of Holding and Collecting NFTs. Collector profile will have badges that will display their achievements from Quests completion and Holder Profile.

These Badges Data will be Available via our APIs. Projects Launching on Apechain will have access to this Data and can be used to Reward Users with Certain Badges.

Image showing User Profile Page with Badges

Enforced Royalties

All the contracts will have their royalties enforced making sure all creators get paid.

Business Model

The Marketplace will earn revenue in two ways.

  1. Flat Platform fee of 2%
  2. Revenue From the Farming Booster

$Puf Token Equity Offer to Apecoin Dao

Puffles Team do Believe that Any Dao shouldn’t pay for Marketing cost of Any proposals. however, if it does. It should be Compensated in form of Equity to give it back to the community and replenish treasury. Therefore, Puffles request a additional $100k in addition to development cost which will act as Seed Fund for $puf token.

A Standard Valuation of any NFT marketplace comes around $10M. We are evaluating Puffles NFT Marketplace at $10m, With $100k which is being taken for marketing purposes from Dao is being Taken as Seed Capital in Exchange of 1% of $puf token. The Terms for this Token will be unlock at token generation event (TGE) and Linear Monthly Vesting for 24months.

Please note- The Numbers around Valuations are subjected to change looking at market conditions and value of $PUF token around the time of tge. However, the offer to dao in % and terms will remain same.

How does Equity Structure will be implemented and Executed?

Every 1st of every Month Puffles Token Ticker $puf will be swapped to $ape on chain and will be sent to wallet address provided by Apecoin dao treasury.

DEFINITIONS:

  • Ec2- It is Backed Server service that makes sure all users are able to Send API requests to Backend at same time offered by AWS.

  • S3 - It is Storage Service for Images/Videos/Assets offered by AWS.

  • Vercel- It is Service allowing companies to host the Frontend of their Websites to handle increasing high Traffic.

  • Wallet Aggregator- Rainbow Wallet extension DApp that allow people to login/sign in using different Kind of web3 wallets.

  • Web3storage- It is A Service that stores images/Videos uploaded by users for their NFT Collections.

  • IPFS- It is Service that allow users to Storage images/videos on Decentralised Storage Nodes.

  • Proxy Contract- Proxy contract is a design pattern in Ethereum smart contracts, allowing for the modification of contract code without changing the contract address or the state. This is crucial for fixing bugs, updating logic, or adding new features after deployment.

  • Deployer Contract- It is type of Contract that Uses functions from Proxy Contracts, Fills in the Custom Values entered by Users and Deploy it on blockchain.

PLATFORMS & TECHNOLOGIES:

  • A Service called EC2 will be Used from Platform AWS will be Used to keep the Platform Live on backend.

  • A Service Called S3 will be used from platform AWS which will be used to store Few of the Images Like Placeholder image for Better User Experience.

  • A Service Called Vercel will be used to host the Frontend of the Platform.

  • A web3 Wallet Aggregator service Called Rainbow will be used for Wallet signature verification.

  • A Service Called Web3storage will be Used that offers APIs for IPFS Service.

  • Smart Contract Setup of Proxy Contract and Deployer contract will be Used to Deploy custom smart contracts on mainnet.

STEPS TO IMPLEMENT:

  • Design and Planning of UI/UX of the Frontend platform. ETA- 1 Month. Cost- $20k
    • Designing and Planning on how to Implement UI/UX Will be done for the whole platform
  • Development of Frontend, Backend, Smart Contracts. ETA- 1 Months. Cost- $40k
    • Development of Frontend, Backend, Smart Contracts will be done.
  • Alpha & Beta Testing of Platform with Team and associated Partners. ETA- 1 Month. Cost- $20k
    • Deployment of Smart contracts will be done on testnet and finally the mainnet. Testers will be hired as Team and from Community and incentivised for Testing of Contracts and Features.
  • Audit. ETA- 1 Month. Cost- $20k
    • An Audit firm will be Hired to Make sure the Smart Contracts are safe to use and efficient.
  • Maintenance Cost of Servers and hosting services for 1 year: $40k
  • Legal Cost: $10k
  • Marketing. Cost- $100k
    • A Top Tier Web3 Marketing Firm will be Hired to Facilitate the onboard of Partners, Artists, Web3 Companies to Apechain.
    • Marketing Firm will help us Activation of KOLs, Paid partnerships with Artists
    • Firm will also help us Raise Funding Rounds for Token and Execution of Go to Market Strategies.

REPORTING EXPECTATIONS:

  • Development of whole platform Including Design, Frontend, Backend, Smart Contract- 3 Months
  • Alpha/Beta Testing & Feedback Loops- 1 Month
  • Audit & Launch - 1 Month

OVERALL COST:

Total amount requested from the ApeCoin Ecosystem Fund = $250,000 USD

Cost Breakdown:

  • Designing of the Whole Platform: $20k
  • Development Cost for 3 Months: $40k
  • Deployment and Testing Cost: $20k
  • Maintenance Cost of Servers and hosting services for 1 year: $40k
  • Legal Cost: $10k
  • Audit: $20k
  • Marketing cost: $100k (Equity Equivalent)
FUNDING TRANCHES

Q4 2024: 100k, upon successful Aip Passing
Q4 2024(1month after the aip passing): 100k
Q4 24/Q1 25(2months after the aip passing): 50k

Expectation from Apecoin Dao?

  • Apecoin Dao Needs to provide with a EVM-based Decentralised Wallet that will be sent all the Swapped $ape Tokens every month for next 2 Years.

Thank you for considering our grant application. We welcome the opportunity to discuss our proposal in further detail and provide any additional information you may require.

2 Likes

FYI: This proposal is Different from my past proposal about NFT Launchpad tool. Regarding that proposal, The launchpad is 90% ready and was about to be out this week but since we got update of curtis testnet, we would need to migrate but it would be finished by early next week itself. i wanted to wait but looking at how close the mainnet is, this couldnt have been waited for longer.

1 Like

I really Like this one !
Just dont “BLUR” the lines … (tehe)
between Incentives, and Extraction.
I had to say it… also semi joke.

Love the tech focus and existing cloud solutions.
Much Love
-MonkeyMike

:monkey: :banana: :earth_asia: :fist:

2 Likes

The Testnet world, pilled TF outta me in 2022.
Im forever changed after Goerli,
anywho…
Down to pitch on some tinkering around, hit me up.
Much Love,
MonkeyMike

Hi @penguinpecker,

The community feedback period for your proposal would be ending in less than 24 hours.

  • If you’re content with the feedback received, your next steps are to finalize your proposal using the AIP Draft Template.

  • A moderator will reach out to the author to finalize the AIP Draft. Upon receipt of the final Draft, we will review and provide instructions on the next steps.

  • Are you ready to proceed to the next phase or do you wish to extend community discussion for another 7 days?

We look forward to hearing from you.

-@Facilitators

1 Like

This topic was automatically closed after 7 days. New replies are no longer allowed.

Hi ApeCoin DAO Community,

@penguinpecker has completed editing their AIP Idea to be their AIP Draft.

This proposal has been assigned the AIP ID Number 494.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like

Puffles NFT marketplace on Apechain is an exciting idea, especially with features like enforced royalties and $Puf token rewards to boost $Ape token utility. It’s cool that they’ve thought about user experience and have a detailed development plan and I love the idea of more marketplace options on ApeChain. On the flip side, the $300k funding request and equity offer seem a bit hefty, and I’d like to see more on how they plan to sustain the project long-term. I’d also like to question the valuation of $10m prior to the platform being built as execution risk would likely lower the valuation.Overall, it’s a solid proposal with some areas needing more clarity.

1 Like

Yea, we just took reference from other marketplaces for valuation but as said in proposal, depending upon how apechain goes and market sentiment. We can adjust the valuation and the dao allocation would be adjusted accordingly.

Hi ApeCoin DAO Community,

Our team has reviewed and discussed @penguinpecker’s AIP Draft and have sent a list of initial questions. The author has responded, and the AIP is under our review once again.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like

Hi ApeCoin DAO Community,

@penguinpecker has responded to our questions and has provided consent to share them in this forum for the community.

Click to expand Q&A with @penguinpecker

1. AIP-397, your previous proposal, was accepted at DAO vote and received $15,000 USD to create an NFT launchpad. How would this proposal’s launchpad differ from the one you previously proposed, and would it not render the previous Launchpad duplicative? Please elaborate.

Aip 494 Is NFT Marketplace and not Launchpad! Previously Created Launchpad from AIP 397 will be Different Part of Puffles which will be additional to the marketplace we are creating.

2. Your Steps to Implement section includes associated costs totalling $190,000; your proposal requests $300,000 and outlines that $300,000 in the Overall Cost section. Please revise your Steps to Implement to account for this discrepancy (we are happy to help update your proposal with this information).

[Updated]

3. You’ve mentioned that Token Farming Campaigns would “provide extra benefits to All Yuga Collections if any on Apechain and also provide a incentive to Mocaverse ecosystem NFT collections on Apechain.” Please provide more details regarding these “extra benefits” and “incentives.”

The Extra Benefits is referred to Boost provided to any upcoming NFT Collection from Yuga & Mocaverse ecosystem on Apechain. This Boost will be provided with 1.5x Boost in XP Collection, which is a point system taking in account different activities of NFT Users and rewarding them.

4. With regards to Holder Points, you’ve stated that users “will be rewarded for holding the NFTs with conditions of the NFTs being bought from the Puffles Marketplace and some other conditions.” Please provide more details regarding these reward conditions, and what these rewards would be.

Holder points will be points rewarded to users who would buy nfts from Puffles marketplace and hold it, but in order to prevent any misuse of this feature since the system can be manipulated by buying and holding dead or fake collections. There will be a system in place taking in account the 24h Volume of NFT collections to determine the XP awarded to the user.

5. Your Steps to Implement states that “Testers would be hired as a team from the community and incentivised for testing of contracts and features.” How would these Testers be “incentivized?”

The Testers would be hired from Apechain Telegram and will be outsourced to organizations like thankApe. They will be incentivized by $ape tokens in return of feedbacks.

6. Regarding your $PUF token equity offer of 1% of your stated 10m valuation (or $100,000), you’ve said that “1% of tokens would unlock on a monthly basis for up to 24 months until the entire 1% is unlocked. The figure in $APE would differ every month.”

a.) How did you calculate this $10m valuation figure?

We Have taken in account of valuation from other marketplaces from other chains like elements, dew. check here about element Element Funding Rounds, Token Sale Review & Tokenomics Analysis | CryptoRank.io

Valuation of documents for dew cant be disclosed since it was realised from private funding documentations.

b.) If 24 months passes and the 1% ($100,000) figure has not yet been reached, would the returns continue past 24 months until the $100,000 is repaid?

No, Since the offer is in exchange of equity not loan!

c.) Given that the $APE payouts would differ each month, what factors determine the amount of each monthly payout?

Market Conditions and Value of $puf Token.

d.) Is the individual/team/business entity prepared to facilitate the distribution of gross revenue back to the Foundation in a way which is compliant with both the relevant local regulations and Cayman regulations?

Yes, we will have legal entity registered to facilitate the distribution.

7. Would any of your requested funding be used to provide liquidity for $PUF coin?

No, None of Funds raised from Dao are meant for liquidity. We will be raising funds in order to facilitate liquidity.

8. Do you have any estimated costs for users to use the platform’s features, or any premium features?

There aint any cost to access the platform.

9. Do you have plans to protect any collected user data? Please elaborate.

Yes, in order to keep the platform completely decentralised, We will be recording only wallet address of people and wont record any other information atleast it wont be required to access or use the platform.

10. Regarding any granted permission to use ApeCoin trademarks by the Ape Foundation, do you expect to maintain full ownership rights to the content and/or IP which may be created as a result of the approval of your proposal?

Yes

11. Would your expectation be to keep complete ownership of all content produced from this proposal?

Yes

12. To potentially maximize resources and budget, have you considered collaborating with AIP-98, The ApeCoin Marketplace?

No, I just checked that aip, It was passed 2years ago and on Eth. We are building on apechain and the author isnt active from last 1 year.

13. Your Reporting Expectations state “All the updates of AIP will be updates in the section AIP Execution and Transparency - ApeCoin DAO 1 will the Proposal is Implemented completely, Which would take up to 5 months for completion.” Do you mean to say, “All the updates of AIP will be updates in the section AIP Execution and Transparency - ApeCoin DAO until the Proposal is Implemented completely, which would take upto 5 months for completion?”

Yes, i meant.

“All the updates of AIP will be updates in the section AIP Execution and Transparency - ApeCoin DAO until the Proposal is Implemented completely, which would take upto 5 months for completion?”

14. As per the ApeCoin General Guidelines, “proposals will not be put up for vote if they involve illegal activity, hate speech, pornographic material, or are at odds with the mission or values of the APE Foundation.” Can you ensure that the content on the NFT Launchpad & Marketplace would be in keeping with these guidelines?

Yes, As Marketplace we will try our Best to keep ourself off from any illegal activity, Hate Speech and Pornographic content.

15. Do you provide consent to apply updates to the relevant areas of your proposal based on your responses to the questions above?

Yes

16. Do you provide consent to share these questions and answers with the community in this forum?

Yes

Edits have been made to this Topic, by the author, by the author’s request, or with the author’s consent. You can click the Pencil icon at the top of the post to see these edits.

A DAR package is being worked on and upon completion this AIP will move into Administrative Review. Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

Hi ApeCoin DAO Community,

Edits have been made to this Topic, by the author, by the author’s request, or with the author’s consent.

You can click the Pencil icon at the top of the post to see these edits.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators

1 Like

Hi ApeCoin DAO Community,

We have no further questions for @penguinpecker. This AIP is now under Administrative Review.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,
-@Facilitators

Hi ApeCoin DAO Community,

Edits have been made to this Topic, by the author, by the author’s request, or with the author’s consent.

You can click the Pencil icon at the top of the post to see these edits.

Follow this Topic as further updates will be posted here in the comments.

Kind Regards,

-@Facilitators