Fuel Art Pitch Deck

[kunal171]

Open Grant Proposal: Fuel Art

*Project Name:Fuel Art*

Proposal Category: Integrations

Entity Name: Coffee On Blocks.

Proposer: Kunal171

(Optional) Filecoin ecosystem affiliations: None

(Optional) Technical Sponsor: None

Do you agree to open source all work you do on behalf of this RFP under the MIT/Apache-2 dual-license?: "Yes"

Project Summary

Fuel Art is a next-generation NFT marketplace built on Fuel Network, a high-performance, Ethereum-compatible Layer 2 scaling solution. Our platform offers a seamless user experience, low transaction fees, and lightning-fast transaction speeds. The NFT market is rapidly growing, with a total sales volume of $2.5 billion in the first half of 2021 alone. However, the current market faces scalability issues and high transaction fees, which limit growth potential. Fuel Network solves these issues by offering near-instant transaction confirmation times, low fees, and scalability that can handle millions of transactions per second.

Business Model: Fuel Art operates on a commission-based revenue model. We charge a commission on all transactions conducted on our platform, and we plan to expand our revenue streams by offering additional services such as NFT creation and curation tools.

We have a significant advantage over our competitors as we have successfully launched a fully scaled decentralized application (Dapp) on the test net of the fuel network, making us the pioneers in this field. Our accomplishment demonstrates our commitment to innovation and our ability to stay ahead of the curve. By being the first to launch a Dapp on this network, we have set a new standard for the industry, and we are excited about the potential for our technology to transform the way people interact with decentralized applications.

Impact

Fuel Art NFT (Non-Fungible Token) marketplaces can be valuable for Filecoin, IPFS, and related ecosystems in several ways:

Storage of NFTs: NFTs are unique digital assets that can be stored on the Filecoin network, which is a decentralized storage network built on IPFS. Since NFTs can be quite large in size, it can be challenging to store them on centralized servers. However, with Filecoin, NFT creators can store their assets in a secure and decentralized manner, ensuring that they are always accessible and available.

Increased adoption: By integrating NFTs into the Filecoin and IPFS ecosystems, it can attract more developers and creators to build and utilize these technologies. This can lead to increased adoption and usage of these ecosystems, ultimately benefiting the entire community.

New use cases: NFT marketplaces can create new use cases for Filecoin and IPFS, such as the ability to buy, sell, and trade NFTs in a decentralized manner. This can also provide opportunities for artists, musicians, and other creators to monetize their work in new ways.

Improved security: With the decentralized nature of the Filecoin and IPFS ecosystems, NFTs can be stored and transferred securely, reducing the risk of theft or loss. Fuel Art on the Fuel Network could be a game-changer for several reasons:

Fast and cheap transactions: Fuel Network is designed to provide fast and cheap transactions by leveraging off-chain state channels. This means that transactions on the NFT marketplace could be completed quickly and cheaply, regardless of the congestion on the Ethereum network.

Lower fees: With the current high gas fees on the Ethereum network, creating, buying, and selling NFTs can be expensive for both creators and buyers. The Fuel Network's lower fees could make it a more attractive option for creators and buyers, allowing them to save on fees and potentially increase their profits.

Scalability: The Fuel Network is a Layer 2 scaling solution that can handle a large number of transactions per second. This means that an NFT marketplace on the Fuel Network could scale to handle high volumes of NFT transactions, making it a more attractive option for creators and buyers looking for a scalable platform.

Trustless and decentralized: The Fuel Network's trustless and decentralized nature means that the NFT marketplace built on it would be secure and transparent. Buyers and sellers could interact with each other without relying on a centralized authority or middleman.

Ecosystem integration: The Fuel Network is built on top of the Ethereum blockchain, which has a large and active ecosystem of developers and users. This means that an NFT marketplace on the Fuel Network could tap into this existing ecosystem, potentially attracting more users and increasing the liquidity of the marketplace.

Use of FileCoin in Fuel Art: - We plan to use FileCoin as our primary storage system for our marketplace for every launchpad and every NFT image and Metadata will be hosted on Filecoin and all in future development that might use decentralized storage we'll be using Filecoin.

Outcomes

outcomes and deliverables of Fuel Art include:

Facilitating the buying and selling of NFTs: The primary goal of an NFT marketplace is to provide a platform for creators and buyers to buy, sell, Auction, and trade NFTs.

Secure storage and transfer of NFTs: An NFT marketplace would need to provide secure storage and transfer of NFTs, ensuring that they are not lost, stolen, or tampered with.

Low fees and transaction costs: An NFT marketplace should aim to keep fees and transaction costs as low as possible to encourage creators and buyers to use the platform.

User-friendly interface and experience: The marketplace should be designed with a user-friendly interface and experience, making it easy for creators and buyers to navigate the platform and complete transactions.

Community building and engagement: An NFT marketplace should aim to build and engage with a community of creators and buyers, fostering a sense of community and providing support for its users.

Integration with other platforms and services: An NFT marketplace could potentially integrate with other platforms and services, such as wallets and exchanges, to provide a seamless and comprehensive experience for its users.

The metrics being used

Number of registered users on the platform: This metric measures the number of users who have signed up for our platform. It indicates the size of our user base and can help measure growth over time. We can use this metric to evaluate the effectiveness of your marketing efforts and identify areas for improvement in the user experience.

Total number or volume traded per day: This metric measures the total number or value of transactions that occur on our platform each day. It provides insight into the platform's financial performance and can help us track growth over time. We can use this metric to identify trends and patterns in trading activity and adjust our business strategy accordingly.

The number of community members on Discord and Twitter: This metric measures the number of users who are engaged with our brand on social media. It indicates the level of community support for our platform and can help us gauge the effectiveness of our social media marketing efforts. We can use this metric to track growth in our social media following and identify opportunities to engage with our community more effectively.

A number of transactions happening on the platform: This metric measures the number of transactions that occur on our platform over a given period of time. It provides insight into the platform's usage and can help us identify trends in user behavior. we can use this metric to evaluate the effectiveness of your marketing efforts and the overall user experience.

By tracking these metrics, we can monitor the success of your platform and identify areas for improvement.

Adoption, Reach, and Growth Strategies

The target audience of Fuel Art includes:

Creators: The marketplace would appeal to creators looking to monetize their digital content through the creation and sale of NFTs. This could include artists, musicians, writers, game developers, and other content creators.

Collectors and investors: The marketplace would also appeal to collectors and investors looking to purchase unique and valuable Fuel Network NFTs as part of their collection or investment portfolio.

Ethereum users: The Fuel Network is built on top of the Ethereum blockchain, so existing Ethereum users may be more likely to use an NFT marketplace on the Fuel Network since they are already familiar with the technology.

Crypto enthusiasts: Crypto enthusiasts who are interested in the emerging NFT market and the potential for new forms of digital ownership and monetization would also be part of the target audience.

Decentralized finance (DeFi) users: An NFT marketplace on the Fuel Network could potentially integrate with DeFi protocols, allowing users to use their NFTs as collateral or access other financial services.

Development Roadmap

Market research: Identify target customers, market size, competition, and demand for the product. Conduct surveys, focus groups, and interviews to gather feedback on the product features and pricing. Timeline: 1-2 weeks

Product development: Based on customer feedback and market research, develop the product or service that addresses the identified market needs. Test and refine the product through beta testing and user feedback. Timeline: 6-10 weeks

Branding and marketing: Develop a brand identity, positioning, and messaging that resonate with the target audience. Create marketing materials, such as a website, social media presence, and advertising campaigns that communicate the product's unique value proposition. Timeline: 2-4 weeks

Beta Testing On Testnet - Deploying the Dapp on testnet and Doing thorough testing of the product to see if it's ready for mainnet and real value assets. Timeline 2-3 Weeks All these development have been completed and currently, we are live on the Fuel network testnet. We are the First Application that is live on the Fuel network Testnet

Total Budget Requested:: $100,000

| Milestone # | Description | Deliverables | Completion Date | Funding | |1|Testing and Security|Internal testing and security audit|1 Month||&10,000| |2|Beta Testing and Launch|Public beta testing and launch of the NFT marketplace|2 Month||&20,000| |3|Marketing and Community Building|Marketing campaign, community building, and user acquisition|3 Month||&40,000| |4|Hiring of Core team for Fuel Art |R&D, Future Implementaion of Plans|1 Month||&30,000|

Maintenance and Upgrade Plans

Regular updates and bug fixes: Marketplace will be regularly updated to fix bugs, and improve security, and new features added based on user feedback.

Community engagement: The marketplace will have a dedicated team to engage with the community, gather feedback, and address concerns or issues raised by users.

Scalability and performance optimization: As the marketplace grows, it will be optimized for scalability and performance to ensure that it can handle increasing transaction volumes.

Integration with other platforms and services: Our marketplace will integrate with other platforms and services to provide a more comprehensive and seamless user experience, such as integrating with wallets, exchanges, or DeFi protocols.

Research and development: The team should stay up to date with the latest trends and technologies in the NFT space and invest in research and development to continuously improve the marketplace.

Transparency and accountability: The team will be transparent about the project's development and progress, provide regular updates to the community, and will be accountable for any issues or mistakes that may arise.

Team

Team Members

Ankit Saini Kunal

Team Member LinkedIn Profiles

https://www.linkedin.com/in/ankit-kumar-saini-060527173/ https://www.linkedin.com/in/kunal-r6/

Team Website

https://fuelart.io

Relevant Experience

Ankit Saini who has [4 years of experience] in the blockchain industry and Backend Development services Kunal, who has [3 years of experience] in software development and blockchain technology

Team code repositories

Kunal https://github.com/kunal171 Ankit https://github.com/chappie1998

Additional Information

How did you learn about the Open Grants Program? Through Filecoin website

Please provide the best email address for discussing the grant agreement and general next steps. hello@coffeeonblocks.com

Please include any additional information that you think would be useful in helping us to evaluate your proposal.
Launching an MVP on Fuel Testnet is a significant achievement as it indicates that the project has progressed from the development phase to the testing phase. This means that the team has successfully built a working product that can be tested and iterated upon. It also suggests that the team has a clear vision and roadmap for the project, which is critical for gaining traction in the market.

We already have 16k+ active wallets registered on our Dapp. It suggests that the project has generated a lot of interest and engagement from users who are willing to try out the product. This is a key metric for our Dapp, as it indicates that there is a demand for our product and that it is gaining traction in the market.

Additionally, the fact that approximately more than 40% of Fuel beta 3 testnet transactions are coming through Fuel Art is also noteworthy. This suggests that the project has identified a specific use case that is resonating with users and that there is potential for the project to gain traction in this particular market. This can be used as a foundation to build upon and expand the project's user base and overall value proposition.

Overall, these milestones are positive indicators of the project's potential for success. However, it's important to remember that there is still a long road ahead, and the team will need to continue iterating, testing, and refining the product to achieve wider adoption and success in the market.

[kunal171]

@realChainLife Good Morning, If there is any additional information I can provide, please feel free to contact me Thank you!

[ErinOCon]

Hi @kunal171, thank you for your proposal! We are behind schedule for our April submissions, but expect to have an update available in the next couple weeks. Thank you for your patience!

[ErinOCon]

HI @kunal171, thank you again for your proposal and for your patience with our review period. Unfortunately, we will not be moving forward with a grant at this time.

Wishing you all the best as you continue to build!