AIP-500: A Revolutionary Web3 IP Marketplace Powered by ApeCoin

[likkee.eth]

PROPOSAL NAME:

A Revolutionary Web3 IP Marketplace Powered by ApeCoin

TEAM DESCRIPTION:

Our team is made up of technical experts and innovators with deep experience in software development and the Web3 ecosystem. Each member brings unique strengths that are essential for the seamless implementation and success of the marketplace. Our core team includes:

1. likkee.eth @maplerichie - Project Lead/Blockend Developer

   • 9+ years in SaaS and E-commerce applications development
   • 4 years of experience in leading the development of multiple blockchain projects
   • BAYC holder since 5/2021, actively involved in NFT communities and DAO governance

2. James - Full-stack Developer

   • Experienced in building scalable web, mobile, blockchain applications in MERN stack, React Native, Flutter
   • MAYC holder since 5/2022

3. Nicholas - UX/UI Developer

   • Experienced in designing and developing user-centric interfaces for various application including e-commerce and blockchain applications
   • MAYC holder since 5/2022

PROPOSAL DESCRIPTION:

Our platform aspires to be the premier global hub for Made by Apes (MBA) products, NFT collections, and individual creators’ merchandise. We are committed to revolutionizing Web3 IP e-commerce by providing a reliable, streamlined, and intuitive marketplace. With support for multiple transaction models, such as pre-orders, auctions, and crowdfunding, our platform is designed to cater to the diverse needs of the Web3 community and beyond. — By Apes, For Apes, Beyond Apes - Powered by ApeCoin.

Key features:

1. Dedicated MBA product showcase: Highlight and promote MBA products globally
2. NFT collections official merchandise store
3. Individual creator’s IP products store
4. Token-gated access to private launch
5. Other ecommerce models
   • Pre-orders
   • Auctions
   • Crowdfunding
6. ApeCoin as the primary payment method
   • Fiat on-ramps to purchase ApeCoin
   • DEX integration to swap ApeCoin instantly
7. Referral/Affiliate marketing: Incentivize user acquisition and earn while promoting IP products
8. Wishlist: Share desired products with others
9. Chain: Including, but not limited to Ethereum, ApeChain, Abstract, Solana

E-commerce core features:

1. Unified Shopping Cart & Seamless Checkout
   Enable users to buy items from multiple stores in a single transaction.
2. Reviews and Feedback
   Transparent rating system for products and sellers
3. Store management
4. Product listing
5. Intelligent search, Filtering and Categorizing
6. Order, Shipping, Return and Refund management
7. Promotion management
   • Token-Gated Promotions: Create exclusive deals for specific collections.
8. Tax engine
9. Dispute resolution system
10. Platform administration

Revenue model:

1. Commission:
   • 2.5% fee on each transaction
     • Tiered fee structure based on seller volume
   • Waived for MBA merchants in the first year onboard
   • Waived for first $10,000 transacted in $APE
2. Advertising:
   • Sponsored banner, email, and promoted content
3. Featured Listings:
   • Premium product slots for increased visibility
   • Boosted search results
4. Premium Membership Subscriptions:
   • Early access
   • Exclusive deals and discounts
   • For example, 33 APE/month will grant access to Pre-sales of Snoop Dogg’s physical album of limited supply, behind-the-scenes insights of creators, some discount vouchers of products from partnered creators.
5. Dedicated Merchant Services:
   • Custom storefront development
   • Customize sales activity
   • Priority customer support

UI Concepts

We believe the recent improvements on MetaMask or Rabby already perform well on user layer’s security. As a dApp, we will focus on preventing common attack surfaces like Cross-Site Scripting (XSS), Malicious code, phishing injection, and will perform audit with 3rd party on application, infrastructure and smart contracts.

Just like any marketplace app, there is no starting cost for both users and creators, it’s a freemium model. Premium features can refer to the revenue models.

BENEFIT TO APECOIN ECOSYSTEM:

The ApeCoin Marketplace Platform will bring substantial benefits to the ApeCoin ecosystem:

1. Increased Utility: Creates a significant use case for ApeCoin, potentially driving up adoption and awareness.
2. Brand Enhancement: Positions ApeCoin as a pioneer in Web3 commerce.
3. Community Growth: Fosters a stronger, more engaged NFTs community through shared economic interests.
4. Expanded User Base: Attracts merchants and buyers from various sectors, introducing ApeCoin and Web3 to a wider audience.
5. Partnership Opportunities: Facilitates collaborations with other projects and traditional businesses.
6. Innovation Hub: Serves as a testing ground for various business models utilizing Web3 technologies.
7. Contribution to ApeCoin DAO: 10% from transaction’s profit and 25% from other revenues (such as advertising, featured listings, user subscriptions, and dedicated merchant services) will be given back to DAO to support the ecosystem development. We remain open to the possibility of gross revenue as well. Quarterly distribution will be the best for platform’s performance to reflect on the average Profit and Loss statement.

DEFINITIONS:

• MBA: Made by Apes, referring to products created by members of the Bored Ape Yacht Club ecosystem.
• Crowdfunding: Project-based funding campaigns with set goals, timelines and reward tiers.

STEPS TO IMPLEMENT:

Timeline and Milestones

1. Planning and Design Phase (Month 1)

   • Determining technical specifications and 3rd party providers
   • Architecture and user interface/experience design
   • Talents hiring (Backend developer, DevOps engineer)

2. MVP Development Phase (Months 2-6)

   • Build seller, buyer and admin frontend and backend systems
   • Develop smart contracts for certain marketplace functionality
   • Integration of 3rd party system/protocol
   • Talents hiring (Business development, Community manager)
   • Cost: $100,000

3. Beta Launch and Iteration (Months 7-8)

   • Launch beta version to onboard MBA and a limited user base
   • Gather feedback and implement improvements
   • Cost: $150,000

4. Testing and Auditing Phase (Months 9-10)

   • Conduct thorough testing of all platform features
   • Perform security audits and bug bounty program
   • Cost: $150,000

5. Full Launch and Marketing (Months 11-12+)

   • Official platform launch
   • Genesis membership launch
   • Execute marketing campaign to drive adoption
   • Cost: $190,000

6. Ongoing Development and Support

   • Continuous improvement of platform features
   • Provide customer support and community management
   • Pivot to decentralized governance model

Key Performance Indicators:

• Number of MBA, NFT & Creator products listed and sold
• Number of active users and merchants
• Gross Merchandise Value
• DAU, MAU, and Retention rates

REPORTING EXPECTATIONS:

We commit to providing comprehensive progress reports to the community on the following schedule:

• Monthly written updates posted on the ApeCoin DAO forum and newsletter for at least one year
• Seasonal community AMAs (Ask Me Anything) sessions
• Immediate disclosure of any significant developments or challenges

OVERALL COST:

Total amount requested from the ApeCoin Ecosystem Fund = $590,000

Detailed Budget Breakdown:

Infrastructure and tools: $30,000

• Cloud services: $15,000
  • Compute instances, Database, CDN, Security, etc
• 3rd party API/SDK integration: $10,000
  • On-ramp payment, Shipping, etc
• Code repository and CI/CD: $2,000
• Design tools: $1,500
• Project management tools: $1,500

Security audits and Bug bounties: $80,000

• Application and infrastructure audit: $30,000
• Competitive audit & Bug bounties program: $50,000

Global legal and compliance: $100,000

• Legal consultation: $50,000
• Regulatory compliance: $50,000
• Contingency reserve

Marketing and launch: $100,000

• Community events: $30,000
• MBA cashback campaign: $25,000
• Influencer partnerships: $25,000
• Social media campaigns: $10,000
• PR and media relations: $10,000

Development and Team: $280,000

• Project lead: $48,000/year
• Full-stack developer: $42,000/year
• UX/UI developer: $42,000/year
• Backend developer: $36,000/year
• DevOps engineer: $36,000/year
• Business development: $30,000/year
• Community manager: $21,600/year
• Hiring and operating expenses budget: $24,400

Proposed Tranches Schedule:

• 1st month: $100,000
• 6th month: $150,000
• 8th month: $150,000
• 10th month: $190,000

Additional Requests to APE Foundation:

• Assistance in promoting the platform on official ApeCoin channels
• Integration of marketplace updates into the ApeCoin newsletter
• Support in facilitating partnerships with key MBA/NFT projects in the ecosystem

[VonFrontin]

I love the concept of this AIP. As a builder in the space, having centralized marketplaces helps all of us gain awareness for our respective brands and break through some of the noise.

I’d love to see some potential revenue forecasts based on the business model.

Also, given the amount of the ask, is the team open to any revenue or profit sharing back to the DAO?

[likkee.eth]

For sure, TreaXure was aiming to create positive impacts on the DAO, like revenue/profit sharing, but this was not the first priority. The reason being said so is because currently the forecasted main revenue streams are advertising, dedicated merchant services, and likely to be official stores from various collections. To be honest, this revenue might only sustain the operation of the marketplace later and instead generate enough monetary value to be able to contribute back to DAO.
Furthermore, the creators in Web3 are scattered without a single channel promoting them; they had to work very hard to promote their creation/brand. Thus, core components of TreaXure, like the Made by Apes zone, the Creators zone, and the Crowdfund module, aim to promote creative works, maximise the intangible benefits of creators in the ecosystem, and later the tangible benefits.
When creativity gets rewarded, then only the ecosystem (ApeCoin, DAO) thrives.

[Olakojodan]

So is the DAO going to get compensated. I totally love your concept and technology it very nice and great. But isn’t the new MBA website by Yuga going to achieve what you claim to achieve???
Would royalties be paid back to the DAO?

[SmartAPE]

Looks cool, but I am a bit cautious because several NFT marketplaces have come through here with mixed or no tangible results…

Also, AIP-494 is active, and though I haven’t checked, it could run afoul of the guidelines regarding similar proposals. Not sure though because if that were the case, they probably wouldn’t have your proposal go up. AIP-494: NFT Marketplace on Apechain

This AIP-98 was funded and marked as implementation complete, but the proposed website is dead AIP-98: A Community-First ApeCoin DAO Marketplace Proposal and there’s no link in the implementation page Implementation Update | AIP-98: A Community-First ApeCoin DAO Marketplace Proposal, and so, no idea what happened with that one.

[penguinpecker]

Hey, Regarding AIP 494, I would like to clarify the proposal is in Admin review currently. The Treaxure marketplace is IP Marketplace. Whereas, 494 is NFT Marketplace on Apechain. The AIP 98 marketplace was on ethereum and allowed people to buy nfts using APE token but it doesnt seems to be run anymore.

[SmartAPE]

Right. Thanks for that clarification.

[likkee.eth]

About revenue/profit sharing, it already explained here
I doubt that the MBA 2.0 are just a registration system for creators. Furthermore, this will also be a platform for merchandise drops not only for Yuga’s collections but also accepted other NFT collections, can have a look on the UI Concepts part for better understanding. Thanks.

[likkee.eth]

Always welcome valuable comment from SmartAPE!
TreaXure are not yet another NFT marketplace, but a IP creation marketplace that empower creators in the Web3 ecosystem.
Would need your help to point out which part of the proposal that makes you misunderstand or confuse.

PS: I guess we already have enough NFT marketplace in the ecosystem.

[SmartAPE]

@likkee.eth

Always welcome valuable comment from SmartAPE!

TreaXure are not yet another NFT marketplace, but a IP creation marketplace that empower creators in the Web3 ecosystem.

Yes - of course I understood that. But it’s still a “marketplace”, regardless of the context and/or content within. That’s what I was going for there.

Also, I wasn’t saying anything negative about the proposal in that regard or I would have obviously written a book.

PS: I guess we already have enough NFT marketplace in the ecosystem.

Yeah, that’s that. Though I don’t think that’s a big deal when you consider that Web3 is a massive ecosystem. Just gotta find your niche and a decent PMF.

[chimperton]

As a consumer, what’s the incentive for me to pay in $APE, as opposed to using a credit card that I can earn rewards with?

[likkee.eth]

As right now, the benefit for buyer are the ApeCoin cashback campaign, but in limited period. And the transaction fee waived for merchant receive ApeCoin.
The magic of credit card might implemented in marketing or payment gateway later. The rewards doesn’t produce out of air.

[likkee.eth]

Thank you!
By the way, do you have any improvement ideas on the proposal?

[SmartAPE]

@likkee.eth

By the way, do you have any improvement ideas on the proposal?

None that immediately comes to mind. It looks pretty clean and clear to me.

I did notice that you guys were looking to also support Abstract. What the reason behind that decision, given that it’s a new L2?

[likkee.eth]

We believe that Abstract will be the core of Pudgy Penguins ecosystem, as the one of the blue chips, we doesn’t want to miss them.
Not only Abstract, any IP players in the Web3 ecosystem will be supported, none the less Solana.
We also believe that multichain are the future, doesn’t we won’t limit our self on single ecosystem.

[chimperton]

Certainly, and $APE is definitely an improvement for merchants for a variety of reasons.

I just believe that consumers are going to need a big incentive to hold something as volatile as $APE. The incentives need to be aligned (although I could argue one is incentivized to spend $APE as quickly as possible before it further devalues, but I’m not sure the market as scale would think that way) to drive the behaviors you’re hoping to drive.

Just food for thought. I’d always pick my credit card over buying and holding $APE.

[likkee.eth]

You’re right.
The intention of using ApeCoin as primary payment method is to encourage the usage, especially for who already in the ecosystem, APE hodler, airdrop receiver, increase the liquidity of ApeCoin.
Priority of TreaXure was never wanted normies to hodl ApeCoin.

[chimperton]

Yeah, and for context, I think it looks like you have a really great product and I totally get the goal.

The problem from my perspective is that crypto is a really, really good store of value. But it’s also proven to be a really, really bad medium of exchange. People buy crypto to make money. When they spend crypto, they typically spend it on other things that have a higher beta in order to try to make even more money faster (e.g. NFTs, memecoins, etc.)

Since I’d like to see your product succeed, I think there’s going to need to either be a very strong incentive to spend $APE, or alternative payment rails that people are more likely to use. Fiat is a fantastic medium of exchange, you’re actively encouraged to spend it because of inflation.

So an example that isn’t helpful for your product, but I think it’s a great showcase of a team doing things right. Chimpers (shout out Insight and Timpers) have a soft staking program where your chimps earn gems. But these gems are all server side, you can’t spend them, you don’t actually “own” them, although they are tied to your chimp which you do own. (Sorry decentralization maxis.)

This makes the gems a fantastic medium of exchange because they’ll never have direct cash value. So the only thing you can do IS spend them. So they offer raffles where you can win things with very real value, or buy merch, etc etc. In this case the incentives align, and it stops the problem with people being unwilling to spend crypto because it’s a store of value to them.

I’d just love to see some similar interesting mechanics to help convert the incentive structure for $APE from store of value (it’s honestly terrible at this anyways) and into a medium of exchange. I think that’s core to the success of $APE, but the history of human behavior in crypto is working against it. So, it’s not an easy problem to solve.

In any case, good luck. I love the idea of seeing all of the Made by Apes stuff in a single platform.

[likkee.eth]

Thank you for your valuable feedback!
The Chimpers example is really good, just that this is hard to implement within the marketplace. The exchange of value between Chimper’s soft staking to gems (raffle, merch) is a exchange of value between Chimper hodlers vs Chimpers team, there is some intangible benefit to Chimpers team themselves.
Marketplace is a bridge to connect creators to consumers, currently we just able to, try to maximize the utitlity and liquidity. The incentive structure of ApeCoin itself might need some help of DeFi mega brains. Again, a millions thanks to your idea that might extend marketplace to another level, maybe the marketplace flywheel!

[Hazel]

It’s the great concept.Likkee is the OG Ape & builders.Respect.