Request for Funding: “Deposit to Mint” NFT Project

Author: @Feddas Contact: IYamFeddas.eth@skiff.com Co-Author: @Stockscotty

Summary

This is a request for funding to design, create and deploy a new NFT Primative “Deposit to Mint”. Deposit to Mint is an innovative NFT project that allows users to deposit ETH to mint an NFT. The project features a unique treasury system that allows for pro-rata redemption by burning the NFT. There is a burn fee to discouraging repetitive minting and burning. The platform also collects burn fees and royalties from secondary sales, which are deposited into the treasury to increase the pro-rata redemption value of all NFT holders. The goal of this new primative is to align the interests of the team, holders and prospective buyers. The treasury will be converted to Liquid Staked ETH to earn yield for Yam’s Treasury.

The theme of the NFTs will be individual 1 of 1 Avatars based on the Chinese Zodiac with interchangable backgrounds that highlight feng shui elements to promote well being for the holder and the avatar. Sample NFT image:

NFT supply is projected to be 8888 NFTs, and deposit will be .1 ETH. Project can be further expanded upon with additional backgrounds that are interchangable or additional seasons.

Background

The NFT market, once a booming space, has experienced a significant slowdown in sales and trading. The reasons behind this decline can be attributed to several factors, including unfulfilled promises by project teams, mis-aligned incentives, and an oversaturated market. Deposit to Mint offers a sustainable and inclusive solution to the current issues faced by the NFT market. By aligning the interests of all stakeholders and incorporating unique features like pro-rata redemption, burn fees, and yield generation, this project has the potential to revitalize the NFT ecosystem and restore confidence in the market.

@feddas Yam contributor since 2020 who has been and still is responsible for maintaining the treasury and protecting holder’s interests around the treasury. Assisted Sushiswap in managing their treasury. Prevented malicious actors from trying to redeem the treasury and then donate the rest of the treasury to a charity that they controlled.

@chillzone Yam contributor since 2020, in charge of artistic design for all of Yam’s media and products. Long history in videography and media creation.

Project Goals

1. Develop and deploy secure smart contracts for the NFT minting and redemption processes.
2. Create a unique and engaging NFT collection based on the Chinese Zodiac with interchangeable backgrounds.
3. Develop a user-friendly Website for NFT creation, background swapping.
4. Showcase the potential of the new “Deposit to Mint” primitive for other NFT projects.
5. Generate sustainable yield for the Yam Treasury.

NFT Concept and Theme

• Collection Theme: Chinese Zodiac Avatars
• Artwork Style: Individual 1 of 1 avatars based on the Chinese Zodiac
• Unique Features: Interchangeable backgrounds highlighting feng shui elements to promote well-being
• Total Supply: 8888 NFTs
• Deposit for Minting: 0.1 ETH

Smart Contracts and Technical Specifications

• Smart Contract: Custom ERC-721 token contract for NFT creation
• Treasury System: Unique mechanism for pro-rata redemption by burning NFTs
• Burn Fee: Fee to discourage repetitive minting and burning
• Royalties: Collection of burn fees and royalties from secondary sales to increase pro-rata redemption value for NFT holders
• Yield Generation: Conversion of the treasury to Liquid Staked ETH to earn yield for Yam’s Treasury

Platform and Integration

• Primary Platform: Custom-built website for NFT minting, swapping backgrounds
• Secondary Platforms: Integration with popular NFT marketplaces for increased visibility and trading volume

Development Roadmap

1. Phase 1: Smart contract creation, design and creation of NFT artwork
2. Phase 2: Smart contract testing, scrubbing of artwork to create NFTs with metadata
3. Phase 3: Design and build front-end and back-end systems
4. Phase 4: Branding, marketing of the project
5. Phase 5: Launch project and marketing

Milestones and Deliverables

The project will be divided into several milestones, each with a set of deliverables to track progress and ensure the timely completion of the project.

Milestone 1: Smart Contract Development and NFT Artwork Creation (Month 1)

• Deliverable 1.1: Complete smart contract development for NFT minting and redemption
• Deliverable 1.2: Develop and finalize the NFT artwork for the Chinese Zodiac Avatars and interchangeable backgrounds

Milestone 2: Smart Contract Testing and Metadata Integration (Month 2)

• Deliverable 2.1: Conduct thorough internal testing and debugging of the smart contracts
• Deliverable 2.2: Integrate metadata into the NFT artwork to create the final NFT collection

Milestone 3: Platform Development (Month 2-3)

• Deliverable 3.1: Design and develop the front-end user interface for the platform
• Deliverable 3.2: Implement back-end systems for minting, background swapping, and trading

Milestone 4: Branding and Marketing Preparation (Month 4)

• Deliverable 4.1: Develop a comprehensive marketing and promotion strategy
• Deliverable 4.2: Create promotional materials, such as graphics, articles, and social media content

Milestone 5: Project Launch and Post-Launch Support (Month 4)

• Deliverable 5.1: Launch the platform and initiate the marketing campaign
• Deliverable 5.2: Provide ongoing support, maintenance, and updates for the platform and community

Marketing and Promotion

• Community Building: Engage with the target audience through social media channels and community groups and forums
• Partnerships: Collaborate with other NFT projects, artists, and influencers for cross-promotion
• Events: Host virtual events, such as AMA sessions, spaces, and contests to build hype and engagement

Budget and Funding

• Total Budget: $65,000 USD

• Approximate Breakdown:

  • 15k: Smart contract and back-end development
  • 10k: Front end design and development
  • 15k: Art and Graphic design including website design
  • 10k: Marketing and Promotion
  • 10k: Business Development
  • 5k: Infrastructure

• Payment Plan:

  • Part 1 (33% of total budget): $21,450, to be paid upon completion of Milestone 1 (Smart Contract Development and NFT Artwork Creation)
  • Part 2 (33% of total budget): $21,450, to be paid upon completion of Milestone 3 (Platform Development)
  • Part 3 (34% of total budget): $22,100, to be paid upon completion of Milestone 5 (Project Launch and Post-Launch Support)

The payment plan is divided into three parts, with each part corresponding to a significant milestone in the project’s development. This approach ensures that funds are disbursed based on the progress and completion of deliverables, aligning incentives between the development team and the funding provider.

Security and Auditing

• Code Review: Smart contracts will undergo thorough internal review and testing to ensure they are secure and function as intended.