Proposal Name: ApeCoin DAO Marketplace via NFT Embed, a Graviton product.
Proposal Category: TBD
ApeCoin DAO earns significant revenue and enables a self-sustaining ecosystem by deploying a marketplace via NFT Embed, a Graviton product. The forgone benefits to date exceed $110 million[FN1], with $50 million of direct benefits and $60 million of indirect benefits.
ApeCoin DAO acquires a competitive advantage with NFT Embed. The custom referral fee drives immediate revenue to ApeCoin DAO. And the industry leading 0.30% marketplace fee drives significant savings to the community. NFT embed empowers ApeCoin DAO to support other creators on its marketplace powered by $ape, generating brand awareness and driving user acquisition.
NFT Embed is a free, no code, resource-light solution that takes minutes to deploy; cost-recovery is nearly instantaneous. The compounding economic benefits outweigh the risks and provide a viable alternative to other marketplace proposals to date.
ApeCoin DAO earns fees from each sale on its marketplace powered by NFT Embed. Within the ecosystem and using 1% as the custom referral fee, the forgone revenue to date is $50 million. The most recent sale would have generated $1,800 in referral fees to ApeCoin DAO (BAYC #7232).
ApeCoin DAO indirectly benefits from community marketplace savings, which drives demand and users to their platform rather than a third-party site. Excess spend to date exceeds $60 million and grows with each sale. Continuing, the most recent sale would have saved the seller $2,200 in marketplace fees.
We must be persistent in our pursuit of marketplace options: there is risk in status quo. NFT Embed can be deployed by anyone within 5-minutes. ApeCoin DAO should be that anyone. Capture this value or risk continued leakage to competing marketplaces.
With NFT Embed, ApeCoin DAO ensures economic activity is additive rather than extractive. The last sale alone would have added $4,000 to the ecosystem, with $1,800 in direct revenue and $2,200 in indirect benefits.
Comparatively, revenue to ApeCoin DAO is greater than other proposals. AIP-93 and AIP-98. Marketplace fees are lower. Id. Functionality is similar and ease of use greater. Risk is objectively lower. And NFT Embed is deployable and actually in-use now.
Table I – AIP Marketplace Comparative
NFT Embed is a significant step-forward in delivering on our collective responsibility to leave everything better than we found it. ApeCoin DAO and the community both stand to benefit from this proposal, a core tenant of web3 ethos.
Further, ApeCoin DAO can utilize NFT Embed to support other collections and earn referral fees therefrom. There are many examples. This includes projects building on improbable.io, who are legally required to build to their interoperable standards.
ApeCoin DAO should strategically support projects building on improbable. Early adopters will awareness of Otherside, the project anchor. We can capture this attention to drive web traffic to our website, driving user acquisition and conversion, and obtaining first-mover advantage as the marketplace of choice for projects building on improbable. Users prefer a trusted, native solution, and may be unaware of or too risk averse to use other third-party marketplaces.
Not only can ApeCoin DAO spin up an instance, but community members, affiliated artists, news publications, or even an independent blogger can start supporting web3 and $ape powered projects with ease.
In fact, NFT Embed was built by an ApeCoin DAO member. Community is everything and we can further empower members of ApeCoin DAO. For example, ApeCoin DAO can support Jenkins the Valet: The Writer’s Room by embedding the collection into our marketplace and directing the referral fee on to Jenkins. The opportunities are endless.
ApeCoin DAO’s revenue opportunities are vast and NFT Embed is deployable now.
IV. Key terms
“Graviton” means graviton.xyz, creator of web3 / NFT tools, services, and platforms for creators and fans to thrive together.
“Universe” means universe.xyz, a community driven and royalty enabled NFT protocol.
“NFT Embed” means the product as described on nftembed.org.
“Website” includes any website that supports iFrame embeds.
NFT Embed provides free, no code, marketplace functionality and wallet connection out of the box.
NFT Embed is a fully customizable widget that allows you to display and sell NFTs on any website. NFT Embed code is compatible with web builders that support iFrame embeds, such as Webflow, Shopify, Squarespace, and Wordpress.
VI. Steps to Implement
A. Build a website or build a page within apecoin.com.
B. For each collection:
Set-up collection royalties at http://royalties.nftembed.org/
Set-up preferred NFT Embed options, including the finder’s fee.
a. BAYC example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces
Images 1 and 2 – Example, NFT Embed: BAYC, 1% finders fee
b. MAYC example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces
c. Serum Example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces
d. BAKC Example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces
e. Otherside Example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces
f. Jenkins the Valet Example: NFTEmbed: Create Embeddable White-Label NFT Marketplaces (e.g., include collection on ApeCoin DAO website, send referral fees to source project wallet)
Place your widgets into the website of choice in Step 1 by copy and pasting the generated iFrame code.
Refer to Section IX: References for video demonstrations and Medium posts regarding NFT Embed functionality.
NFT Embed will be working towards expanding even more compatibility, through URL auto embeds and a React SDK framework.
NFT Embed is free to use. The cost to implement is nominal: a basic website will suffice. For a fully-fledged website with branding, the cost to implement likely ranges from $5,000 to $10,000. Referral fees on the last 24-hours of OpenSea volume is greater than this implementation cost.
Utilizing NFT Embed itself takes minutes. The major decision points should be discussed as part of the proposal process: NFT Embed options and website selection.
Implementation begins immediately after approval. Utilizing the apecoin.com domain (as also suggested in AIP-93 and AIP-98), the marketplace can be functional within one-to-two weeks following approval. ApeCoin DAO can be earning revenue by October.
VIII. Overall Cost
NFT Embed is free to use. The deployment cost is nominal, assuming ApeCoin DAO is amenable to launching on marketplace on apecoin.com. Otherwise, the cost to outsource website development is not to exceed $10,000.
A. Step 2, Video: Sell NFTs From Your Website in 5 Minutes (Free & No Code NFT Embed Solution) (July 24, 2022): Sell NFTs From Your Website in 5 Minutes (Free & No Code NFT Embed Solution) - YouTube
B. Step 2, Article: How to Sell NFTs From Your Website in 5 Minutes (Free Embed Code) (August 3, 2022): How to Sell NFTs From Your Website in 5 Minutes (Free Embed Code) | by Troy Murray | Graviton.xyz | Aug, 2022 | Medium
C. Step 2, Article: The Universe Expands: Embed NFT Collections Today (August 15, 2022): How to Sell NFTs From Your Website in 5 Minutes (Free Embed Code) | by Troy Murray | Graviton.xyz | Aug, 2022 | Medium
D. Step 4, Community Built Marketplace Demonstration: https://twitter.com/QTRichieRich/status/1560230890474590208
E. Universe Documentation: Universe.xyz · GitHub
F. Universe Marketplace Audit (Feb-Mar 2022): xyzDAO-PM/PerfectAbstractions-Marketplace-Audit.pdf at master · UniverseXYZ/xyzDAO-PM · GitHub
G. Projects building with resevoir0x: Building with Reservoir
@nftembed, @Graviton_XYZ, @universe_xyz, @universexyz.lens
FN1. With an example 1% referral fee and a marketplace fee of 0.3%, the DAO earns 1% and the community saves 1.2% on every sale as compared to OpenSea. The $amounts used in the body are derived by applying these percentages to sales volume found here: Yuga Labs vs Proof Volume/Royalties (rounded; as of September 9, 2022).
Disclosure: the author of this AIP holds $xyz and is a member of the Universe DAO, but otherwise has no other financial affiliation with any parties mentioned and is not being compensated in any manner for proposing this idea.