Free TON

Contest proposal: NFT marketplace

Contest proposal: NFT marketplace

Contest dates

  • Submissions: 17.03.2021 - 17.05.2021 23:59 UTC
  • Voting: 15 days

Motivation

At first there was a word. Then came NFT. The word infected minds. The interest in NFT grew. ‘NFTs are the next big thing’ - a newsletter from Binance said early March. In a couple of days after that announcement, an NFT piece was sold on Christie’s for millions of dollars.

We, at Free TON, want that too. But before having all the goodies, we need to build the ecosystem where everybody can create, buy/sell and auction NFTs. What are we waiting for, Christmas?

Requirements

The submissions should be a working marketplace with the following features:

  • creation of NFTs (1 of 1) based on TIP-3 standart(s)
  • catalogue of available NFTs
  • user profile (created NFTs, history of transactions etc)
  • admin panel
  • buy/sell mechanics (fix price)
  • auction mechanics
  • digital assets dump storage

Buy/sell smart contract

  • User sets the price of the NFT
  • When this amount of token is received by the address, the NFT is transferred to that address
  • Option to cancel sale (before execution)
  • % of the marketplace from each sell

When the contract is deployed, the NFT is shown in the catalogue.

Auction smart contract

The user sets the following parameters:

  • starting price
  • bid delta
  • auction time frame (start/end)

When the timer runs out and max bid is bigger than the starting price, the NFT is transferred to the address with max bid. All other bids are returned to their owners.

The participants are allowed to use auction smart contract from the Decentralized Name Service (DeNS) contest.

Participants are also allowed to use the results of the following contest for their auction smart contracts On-line auctions implementation contest.

Digital assets dump storage

This function will be used to migrate from current centralized storage to TON Storage.

Communication with the marketplace

Evaluation criteria

  • Neat design
  • Easy to use

Soft criteria

DeBot full or partial support.

Rewards

Only submissions that receive average score 5 and above will get prizes for participation.

1st prize………………………………………………150 000 TON

2nd prize…………………………………………….120 000 TON

3rd prize………………………………………………100 000 TON

4th prize………………………………………………30 000 TON

5th prize………………………………………………30 000 TON

Note: If the number of winning submissions is less than the number of rewards available, any remaining rewards are not subject to distribution and are considered void.

Prize payout and vesting

  • Winners receive no more than 30 000 TON of their rewards after contest results are finalized;
  • The remaining amount will be distributed within six months in equal parts monthly;
  • The contestant should support the solution for six months to receive all vesting distributions:
    • Major reported issues should be resolved within a reasonable timeframe - one month maximum.

Voting

  • The juror must have a solid understanding of the described subject in order to provide a score and feedback. If not, the juror should choose to “Abstain”.
  • Jurors or whose team(s) intend to participate in this contest by providing submissions lose their right to vote in this contest.
  • Each juror will vote by rating each submission on a scale of 1 to 10 or can choose to reject it if it does not meet requirements or vote “Abstain” if they feel unqualified to judge.
  • Jurors must provide feedback on submissions or lose their reward.
  • The Jury will reject duplicate, sub-par, incomplete, or inappropriate submissions.

Jury rewards

An amount equal to 10% of the total of all total tokens awarded to contest winners will be distributed among jurors who vote and provide feedback. This percentage will be awarded on the following basis:

  • The percentage of tokens awarded to the jury will be distributed based on the number of votes each juror casts. For example, if one juror votes 20 times and another juror votes 5 times, the juror who votes 20 times will get 4 times more tokens than the juror who votes 5 times.
  • Feedback is mandatory in order to collect any rewards.
15 Likes

It should include DeBot support otherwise adding every other NFT on-chain market or auction smart contract or mechanics or NFT payload will require additional support every time. Approach without DEngine support is not scalable.
Also the supported NFT should be TIP-3 based.

7 Likes

Also need to implement flexible auction rules, anti-sniper measures. Auction rules should benefit the seller helping them raise max amounts.

Additionally, need to implement flexible display methods, so the NFT creator can take advantage of unique Free TON options.

3 Likes

There should be a requirement of decentralized (non-custodial, DEX) way of working with NFT tokens’ buy/sell/auctioning process.

1 Like

There is only one developed NFT token, thus we could mention TIP-3. Adding a DeBot bowser to a marketplace could be a soft criterion. We should not limit a creativity of developers and prohibit them to create other interface formats if they wish so. We see marketplaces feeling well with daily turnover of hundreds of millions USD, i.e. scalable enough to run good business.

3 Likes

I guess it is up to a contestant to decide what types of auctions to support.

There is a DEX contest underway and should be finished in 4 days. It could be a soft criterion as well, i.e. DEX integration for some supported NFTs.

1 Like

Free TON needs developments so users will ready to use TON blockchain as a store of digital assets.

2 Likes

Thanks, Mitja.

Added TIP-3 to the description and soft criteria for DeBot support.

1 Like

One more comment, I’ve got a feedback that rewards are quite high.

Not too much what it means to have NFT, but still support.
And hope that FreeTON can focus on the development of its own core application instead of just imitating it!

We need to expand this concept. The user can display the product on several showcases at once (sites, bots, applications). The showcase from which he receives payment receives a percentage.

WAT? TON Storage does not exists. If we want to launch the competition now, this idea must be abandoned. Instead, it is better to give token creators a simple tool for up own api, which will return information about the token.

Moreover, in one case, a token can mean a picture. Otherwise, it will be a 3D model or audio recording. All this must be taken into account in the marketplace. I don’t think that all this can be done in a contest peroid, but it’s necessary to put it in the architecture.

Good. What about architecture? You can make a beautiful and not scalable solution.

We need to expand this concept. The user can display the product on several showcases at once (sites, bots, applications). The showcase from which he receives payment receives a percentage.

I’m not sure that all these options can be developed within the contest timefframe. As I see it, the results of the contest will be an MVP. Plus, bare in mind that TIP-3 standart might also mutate even within the upcoming two months.

WAT? TON Storage does not exists. If we want to launch the competition now, this idea must be abandoned. Instead, it is better to give token creators a simple tool for up own api, which will return information about the token.

‘The function will be used’ - it means that the marketplace should have a tool to easily make a dump and migrate. When TON Stoage is available. At this point, storage will be centralized.

Good. What about architecture? You can make a beautiful and not scalable solution.

The participants are welcome to provide best architecture they are able to develop.

2 Likes

Thanks for the answer.

Finally, after discussions with potential contest participants consensus is that rewards are fine. Moreover, it will be better to have rewards for 1-3 places closer to each other to motivate leaders to support their solutions in the long run.

2 Likes

4th and 5th participants need a reason to compete with 3 teams.

so let’s increase 4th place by 1,61803398875

Could you provide link to TIP-3 standard ?

If everybody is aligned then why not push the button on this contest?

Should this platform be art-oriented only?

NTF has other uses as well, such as in-game items and tickets.

Digital tickets creation contest for Free TON Anniversary/another memorable day events or eSports SubGov sponsoring tournaments could be an idea for a future contests.

As far as I remember Free TON has partners who are developing games and the creation of a marketplace for game items is also important.

Plz read this.

NFT marketplace contest: proposal for an extension of the submission term