Soft Proposal for White Hat DAO NFT Marketplace grants funding

WHD NFT MARKETPLACE GRANTS APPLICATION

Authors: White Hat DAO

Date: 26/05/2022

Safety, security and innovation should be at the heart of all platforms, especially public goods services, which is why we are passionate about innovative ideas & mutual collaborating with projects who are aligned with our vision to serve wider Web3 communities.

WHD Marketplace vision

The purpose is to create a decentralized multi-chained NFT marketplace that enables the buying, selling and trading of non-fungible assets such as game items, music, domain names etc. Also it will make it easy for artists to upload their artworks in the blockchains without having to pay any additional costs. A great way for users and artists to trade their collectables / artworks online in exchange for cryptocurrencies with high level security integration. In addition to that, WHD NFT Marketplace team will regularly review the transactions, contents and trades to ensure fairness in the marketplace.

How will it work ?

As a decentralized marketplace, WHD NFT marketplace smart contracts allow users to interact with the platform without surrendering custody of their NFTs. The digital assets do not need to leave users wallet until the transactions are made. Users don’t even need to create an account as long as you have a supported web3 wallet such as MetaMask.

All assets within the marketplace are owned by the users, not the platform itself. Users can buy these NFTs using Ether (ETH) and other supported cryptocurrencies. The marketplace has a Browser page that allows you to search for any NFTs which have been listed in any supported networks.

Users can go over to the search bar and look for any specific NFTs or filter out search by category, collection, blockchain network and status. Users can sort them by listing date, price or viewers.

What types of NFTs can you buy on WHD NFT Marketplace ?

WHD NFT Marketplace offers virtually all types of NFTs. It has around 200 categories. However 8 of which stand out:

Art- Digital artworks that come in the form of images, gifs or short video clips.

Music- Songs, beats, remixes and mixtapes made by music artists, some of which come in video format can be uploaded.

Domain Names- Blockchain-based domain names are censorship-resistant websites that cannot be shut down by anyone.

Virtual Worlds- Also known as metaverses, these are essentially virtual-reality spaces and all the materials and users they contain including the environment, characters, game items, virtual lands, virtual objects and more. Examples include The Sandbox and Decentral land.

Trading Cards- These are akin to physical trading cards but have added attributes besides being digitally native.

Collectibles- NFT collectibles are digital objects such as pets, avatars and characters that users collect and trade. Their scarcity gives them value as each of them is unique and has a limited number of variants available.
.

Sports- These are NFTs with sports elements such as Animated NBA logos.

Selling options on WHD NFT Marketplace

English Auction- A seller puts up an NFT for sale, sets a minimum price and waits for buyers to bid. OpenSea will automatically accept the transaction if the auction finishes above 1 ETH. If the auction finishes below 1 ETH, it is the seller’s choice if they want to accept the highest bid. The seller is under no obligation to complete the transaction.

Dutch Auction- Similar to fixed-price listings but the price falls over time. A seller initially puts an asset up for sale at an extremely high price which progressively lowers over time. Once the price drops to a valuation equal to a buyer’s bid, the buyer can receive the item right away. Buyers are also welcome to make an offer.

Fixed Price- A seller lists an NFT and the price never changes.

Bundles- The Bundle feature allows you to sell multiple NFTs under one transaction. You can list up to 30 items in a bundle.

NFT Creation- You can mint your own NFTs in the platform and sell them on its marketplace.

WHD Marketplace Fees

Buyers pay - 0% fees on any trade.
Sellers pay - 1% fees on any trade.
note: Users will pay 70% less fees on any transaction than OpenSea.

Is it safe to use WHD NFT Marketplace ?

Yes, WHD NFT Marketplace has high level security integration which makes it relatively secure. it’s completely decentralized and simply connects different cryptocurrency wallets with each other without taking custody of the assets in question. Decentralized platforms are in theory more secure than centralized marketplaces since they don’t act as custodians that hold user funds and also have no central point of failure such as a server that can be targeted with Distributed Denial of Service (DDOS) attacks.

For example, centralized NFT marketplace Nifty Gateway suffered a security breach in March 2021, when hackers managed to obtain the credentials of a few customers who didn’t have the 2-factor authentication secure measure turned on, and absconded with some of their NFT assets.

Moreover, unlike more vulnerable DeFi protocols, WHD NFT Marketplace doesn’t employ staking or any feature that requires depositing assets to smart contracts, which means there is no way hackers can steal user funds through bugs or other exploits. All NFT assets remain in user wallets unless they are bought.

However, it must be noted that hackers often come up with ingenious ways to trick victims and other that users should be especially vigilant against practices such as phishing sites. Always make sure that you’re indeed connecting to the official WHD NFT Marketplace website, and not a counterfeit version.

** What’s the difference between Opensea and WHD NFT marketplace ?**

The OpenSea platform was initially powered solely by Ethereum smart contracts but has recently added support to the Klaytn chain in light of its goal to become a cross-chain marketplace that supports more than one blockchain. Furthermore, it has added Ethereum layer-2 protocol Polygon (MATIC) to enable low-cost.

On the other hand WHD NFT marketplace will be operating over 9 different networks with better security integration, faster and cheaper transactions.

Blockchain Networks

These are the networks will be added to the platform
ETH
Polygon
BSC
Optimism
Arbitrum
Gnosis
AVAX
Fantom
zkSync

What Cryptocurrencies options will be offered in WHD NFT marketplace for each network ?

ETH Network - ( ETH, DAI, USDC, USDT, WHD, and potentially BANK token )
Polygon - ( Matic, USDC, USDT, BANK )
BSC - ( BNB )
Optimism - ( ETH )
Artitrum - ( ETH )
Gnosis - ( GNO )
AVAX - ( AVAX )
Fantom - ( Fantom )

The Ask

White Hat DAO NFT Marketplace receives…
Commitment by Bankless DAO ( one of funding ) arrangement.
$25000 USDC worth of BANK token.
80% of this fund will be paid to developers.
20% of this fund will be spent on advertising / marketing.

Bankless DAO receives

  1. BANK token permanently will be added in WHD NFT Marketplace for users to use BANK token to buy/sell NFTs and other collectables. This will create an extra use-case for BANK token.

  2. BANK token will be added on ETH and Polygon Network as payment option for any trade.

  3. BANK token holders will get airdrops When WHD governance tokens are launched.

  4. It’s maybe possible to pay gas fees with BANK token instead of ETH for any transactions on WHD NFT Platform, even if users don’t have any ETH in their wallet. ( This option is under review and we are doing research on this option, as such should be taken as an optional subject. )

Disclaimer

Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision.

Always DYOR !!

hello@whitehatdao.com

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  • Are you a contributor to BanklessDAO?
  • Who is on the squad?
  • your verbiage makes it sound like the site is built - can we see a preview? Or some mock-ups?
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Hello @links

  1. I am a community member of Bankless DAO

  2. Most of the White Hat DAO members from Bankless DAO. example - ( NFThinker, Dysan CompositeFellow, israelrex, SwoleChasse, Abstrucked, WhiteHat and many more ). Please feel free to join our discord to get to know our community - WHITE HAT DAO

  3. We are currently building it. Which is not completed yet for public review. And we will be happy to provide all the details you require via discord if it’s convenient.
    My discord ID - White Hat :white_flag::dove:#4323

Thanks very much.

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Hi @WhiteHat

Have you started working on this?? Do you have a repository we can have a look at??

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Hello @links here is a preview of the website mock-up.





for more info, Please do join our Discord: WHITE HAT DAO

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Yes we are currently working on this. As @israelrex has provided few screenshot of the pages above. Please contact me in discord and we will provide any details you need. Thnaks

Would be better if you shared on here, as multiple people are interested in vetting this project to see if it has legs

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Sounds great. We will share a demo link in here, once we launch on testnet. Thanks.

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I am still not sure what the benefit will be to DAO members ( apart from being able to use BANK to purchase NFTs). How does this align with the overall mission of BDAO?
Do you happen to have a T&S for the platform up yet, are there going to be restrictions on the type of NFTs ( I ask bc there have been some questionable (racists) projects on OS that have not been taken down), how do you mitigate this? Do you have plans on paying back the grant?

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I think the grants proposal have most of the answers of your questions, if you would be so kind enough to read it again.

In regards to the moderation of the platform, We are thinking of community voting mechanism. Any projects or artists can have a rating by the community on their over all work. I think this will help. Plus we will be sharing more details in coming days, as we make progress. Thanks.

So a few questions:

White Hat DAO NFT Marketplace receives…
Commitment by Bankless DAO ( one of funding ) arrangement.
$25000 USDC worth of BANK token.
80% of this fund will be paid to developers.
20% of this fund will be spent on advertising / marketing.

You all are asking for $25000 USDC worth of BANK token. Am I correct in understanding that this $BANK would be sold for USDC to pay developers and for marketing?

Additionally, this sounds like because it would be swapped for USDC, it would be for developers and marketers external to the DAO, since they wouldn’t be paid in $BANK?


BANK token permanently will be added in WHD NFT Marketplace for users to use BANK token to buy/sell NFTs and other collectables. This will create an extra use-case for BANK token.

Could you elaborate on this?
Would this be in addition to other assets (eth, usdc, etc)?

Additionally, how does this differ from point #2, that BANK would be added for any trade?
That if a seller wanted ETH, you would automate the BANK to ETH sell, to meet the sellers request?
Something different?


It’s maybe possible to pay gas fees with BANK token instead of ETH for any transactions on WHD NFT Platform, even if users don’t have any ETH in their wallet. ( This option is under review and we are doing research on this option, as such should be taken as an optional subject. )

If I’m understanding this right, you would sell $BANK to ETH to meet the ETH gas demand, as L1 can only be compensated in ETH.

Is that right?

I don’t think using $BANK as the base transaction asset is good on any layer, as it would ONLY generate sell pressure.

If you all have something else in mind though, let me know.

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Hi Icedcool, W did not have plan to sell off the BANK for USDC if this grants were to be approved, we would pay devs directly with BANK token. Also we could pay our Devs with WHD token and keep the BANK in our treasury for certain period of time for future use.

Also we are developing the platform by ourselves, Which means all devs are members of White Hat DAO. We are not working with any external devs outside of WHD members.

Yes you are correct on this, BANK token would be added along side with other L1 tokens example ( ETH, USDC, USDT, WHD ) etc.

We are not building a DEX, so there will be no options for swaping currencies or tokens between each other. Users will have options to choose a specific token to Buy/Sell their artworks or collectables, example ( ETH, USDC, USDT, WHD, BANK ) etc. In addition to that BANK token will be added on polygon/matic network as well. User will have to go to other DEXs such as Uniswap to swap tokens, if they want to convert BANK to ETH.

Yes you are correct on this. However this is optional as we have mentioned above.
We will be conducting few experiments on this. We were thinking ( we could execute off chain transactions convert between currencies at a live market price and pay off gas with native tokens of any networks. ) Similar to what zkSync is doing. But this is a experimental toy to play with. Need more research before we choose to incorporate in our live platform.
The idea is to create less transaction fees. ( gas fees ).

But in the initial launch users will have to use ETH for ETH Network to execute transaction to pay gas fees.

Thanks for the questions.

hey @WhiteHat, I appreciate the proposal you have made, since it’s a DAO to DAO partnership proposal, I would have given a little bit of emphasis on who you are and given a little bit of time for BanklessDAO to know about you guys.

I really like what you are building especially offering an NFT marketplace on all the 9 chains.
but I have to add that some of these chains haven’t seen a lot of NFT adoption, nor do they have prominent NFT marketplaces. it will be really awesome if WHD can foster an NFT culture in those chains and rollups and have a first-mover advantage.

now talking about the advantages DAO will be getting.

Bank will be added with ETH, DAI, USDC, USDT and WHD, this might give BanklessDAO members the option to buy NFTs without swapping Bank for ETH or USDT and potentially reduce some primary sell pressure. the fun fact i don’t know how NFT curious our DAO members are and their buying patterns so I can’t speculate how much of an impact this might have on the Bank.

If I understand correctly users will have an option to buy using BANK, which is practicaly as same a benefit #1

you have mentioned that bank will be on polygon because of your marketplace.
I have to add that Bank is already a poly layer asset and we have a very elaborate strategy for bridging Bank to polygon: Polygon $BANK + DEGEN Tipping

I’m not commending the third perk as it’s up to the GC to evaluate this.

It’s also the same for the fourth option as it doesn’t exist now, but I know there is the unexplored possibility of ERC-777 token standard but bank token isn’t built using that or are you using some other proxy contract which pays gas for you by swapping BANK for eth.
if it the later we will see a lot of volatility for banks. and I’m not sure if we are enough market dept for every swap happening in the marketplace.

2 Likes

We are a developers DAO, Our services include ( Safety Rating & Smart Contract Audits ). Anyone can come and get involved according to their skill sets. Do come and join our hive which will give you better understanding about our activities.

Twitter: https://twitter.com/White_Hat_DAO

Discord: WHITE HAT DAO

Website: https://whitehatdao.com/ ( This will be redeployed soon with new features )

Thanks

Thanks for the response!

So overall the value prop is:

In exchange for 25k USD worth of BANK, WHD NFT marketplace will integrate BANK to allow the option of buying and selling of NFTs with BANK (among other assets).

Additionally, BANK token holders will get WHD governance tokens when launched.

Am I correct in that summary?


While I really appreciate the initiative, and the opportunity for the DAO to invest, I don’t think this is enough of a value accrual to the DAO or the token to justify investing 25k worth of BANK to a separate DAOs NFT platform.

In terms of buying or selling the NFT with BANK, I think the only people that would want to do that are BDAO contributors, although I’m not sure people would want to given the option for ETH.

Additionally, while I love the increased utility, and potential for increased velocity of BANK, I don’t think we have enough artists creating NFTs that want just BANK, or BANK infrastructure to support the added utility.

Best of luck with the development and your endeavor.

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No worries. Perhaps we can organise a demo session for Bankless DAO community, once we deploy this product in the mainnet. And bDAO members would be most welcome to come and try out our platform, regardless Bankless DAO funds us or not. Thanks :slight_smile:

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100%, Why are funding an NFT market place? This has nothing to do with the Bankless Mission and how would our community be compensated.

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Funding an investment in our native BANK token seems foolish imo; all sell pressure on our token and I can’t see enough upside here to justify the cost.

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Love the initiative but needs more work to make it a fair collaboration. 25,000 USDC is too big of an ask considering Bankless doesn’t get much in return. Also not too value aligned in my opinion.

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I also struggle to see the value for BanklessDAO here. It seems like paying 25k USD in BANK for added sell pressure for the BANK token,

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