search

degen-vc / unbox-art-nft-erc20

MIT License
0 stars 0 forks source link

Unbox.Art Prizes #1

Open fraserbrownirl opened 3 years ago

fraserbrownirl commented 3 years ago

1. Best technical description of the solution

Project: unbox.art

Prizes: $1000 (max two winners)

Here is a sample of a sample technical description in summary. Note that the NFT-ERC20 solution has applications beyond art and the user story below actually references diamonds.

The solution consists of two smart contracts: a token contract and a batching contract. They are spawned at the same time by an Ethereum factory and can be created by anyone. Upon creation, a Uniswap market is also created. Each token contract has an owner/creator. Anyone can send NFTs to the batching contract and request the token contract owner to mint corresponding ERC-20 tokens.

User story using diamonds!

Alice is a central figure in the diamond industry. She calculates that the average $/carat value of most diamonds in the market is around $7000. Using our solution she creates the 7000$/Carat ERC-20 diamond token with the aim of making it the standard for diamond fungibility. Increasingly, Alice’s trusted friends are joining Icecap Diamonds creating NFTs for GIA certified diamonds. One of her close business contacts, Bob, sends 30 diamond NFTs to the batching contract that have an average $/Carat value close to $7000. Bobs calls the requestmint function and the batching contract automatically requests a USDC deposit that makes the total average value exactly 7000$/carat. Bob deposits this balance when signing the transaction. Alice approves Bob’s mint request because she knows its authenticity. The NFTs and deposit are now locked on the batching contract. Bob cannot take them back without returning the ERC-20 tokens. The market trusts Alice and considers her ERC-20 tokens representative of the underlying NFT’s value and, of course, fungible. Part of Bob’s diamond inventory is now liquid and being traded on decentralized exchanges. Bob has a buyer for one of the batched diamonds. He sends the required ERC-20’s to the batching contract, they are burned and his NFT returned to him allowing him to transfer it to its new owner. Quickly, a global market of illiquid physical products (diamonds) becomes liquid with all of the transformative effects that liquidity brings.

2. Best coded, delivered and demonstrated solution (video demo before demo day)

Prize $5000 in ETH

The solution we are seeking is described in the sample above. If you have any questions you can ask us in Telegram or on Discord.

Note:

3. Curator referrals

During the Unbox.Art Dual Liquid Vault the project raised a 71.5 ETH fund to support with onboarding artists.

Let's start now during the hackathon! We will allocate $5,000 in awards.

Nothing sucks more for artists than having to perform for grants. It's generally demeaning. We need to use the artist onboarding funds in two ways therefore:

  1. We will award referral prizes for those who introduce us curators for our “boxed art”. We will pay $500 for each curator onboarded. Read more about boxed art here
  2. We will give each curator onboarded $1000. Additional $UBA will be awarded to notable curators!

To discuss this contest please go to Discord or Telegram

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 7.1374 ETH (16499.97 USD @ $2311.76/ETH) attached to it.

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

This issue now has a funding of 11000.0 ETH (24595915.89 USD @ $2235.99/ETH) attached to it.

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work has been started.

These users each claimed they can complete the work by 2 days, 21 hours ago. Please review their action plans below:

1) sagar133 has started work.

Creating an RFT backed asset. 2) akashghost has started work.

https://docs.google.com/document/d/1cvBYAw5qNktgGvCrrYiGix8ubIMSsd0PFcqJHCIZ6yo/edit

Learn more on the Gitcoin Issue Details page.

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 2.0 ETH (6864.2 USD @ $3432.1/ETH) has been submitted by:

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

Work for 2.0 ETH (6517.30 USD @ $3258.65/ETH) has been submitted by:

  1. @dodecane
  2. @sagar133

@fraserbrownirl please take a look at the submitted work:

gitcoinbot commented 3 years ago

Issue Status: 1. Open 2. Started 3. Submitted 4. Done

The funding of 2.0 ETH (3928.43 USD @ $1824.31/ETH) attached to this issue has been approved & issued to @sagar133.