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Welcome to the Stacks Foundation Grant Program. Community members interested in submitting a grant proposal may do so by opening an issue in this repository and filling out the grant application.
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Research for royalties for OTC NFT trading #798

Closed kieran-neoswap closed 1 year ago

kieran-neoswap commented 1 year ago

APPLICANT

Type:                                                                        Direct Application

Email:                                                                    kieran.pm@neoswap.ai

Discord:                                                    @Kieranpm-NeoSwap#7282

Twitter:                                                        @whatsallthiss

Stacks Forum:           

GRANT BASICS

Grant Name:                                        Research for royalties for OTC NFT trading

Total Budget:                              5,000

Total Duration:                 100

Grant Type:                                               Stacks Education Grant

Grant Track:                                          Stacks Education & Community

Grant Goal:                                               Strengthen Community

Grant Audience:             End Users (Consumer)

Specific Audience:         Artists, creators, NFT communities, also consumers trading OTC NFTs between wallets

Grant Team:                                       John-neoswap, hamza-neoswap, Jon Creasy (PurpleSuede22), Shudu Nemulalate

Previous Grants:                      NeoSwap has successfully completed a grant for a Node.js package for multi-way trade smart contracts: https://grantsdashboard.stacks.org/dashboard/grants/346

Ecosystem Programs:      NeoSwap was a part of the Stacks Accelerator.

GRANT MISSION, IMPACT, RISKS & REFERENCE

Grant Mission:         OTC swaps or trades are a widely accepted part of the NFT community. They are used regularly, as demonstrated by the popularity of solutions like SudoSwap on Eth or Famous Fox Federation on Solana. Equally we see many OTC swaps on Stacks, and NeoSwap has been asked in the past to facilitate them. The issue is that royalties are not accounted for in the trades, there is no way for creators to enforce this option and most OTC swap platforms set royalties to 0%. Many users may not even realise this. Royalties are a hot button issue, there is little coherent dialogue happening in the space and we are not aware of any meaningful research efforts to find solutions.

This is a complex issue with many competing interests. We propose that a research initiative would be extremely helpful in gathering many different and opposing viewpoints, collating these into a document, providing proposed solutions and gathering further feedback on these. This would give the community an open document to collaborate from and we believe it will spark further exciting initiatives in the NFT royalty space- which could prove extremely attractive to Stacks and attract further talent to the ecosystem.

Grant Impact:               Assuming recommendations provided by this research are adopted, a 100% increase in the total volume of royalties received by artists on the Stacks blockchain. An increase in royalty volume will make Stacks more attractive to artists, NFT projects, and game developers.

Grant Risks:                          1. Inconclusive results- this is a complex topic and a solution may not be immediately forthcoming.

  1. Community rejection- as this is a hot topic, people may be reluctant to speak on it or offer feedback/opinions. We view this as very unlikely especially as we are well known in the Stacks community.

Support Link:                                     Link to our protocol that discovers and completes multi-way trades.

GRANT ROADMAP & DELIVERABLES

FINAL DELIVERABLE

Deliverable:                   A research document collating community opinion on the best options or ways to proceed for implementing OTC royalties (if at all).

stacks-foundation commented 1 year ago

👋 @kieran-neoswap
Thanks for your application! We will do a pre-review and let you know if we have any immediate questions. In the mean time please refer to our review schedule here for a detailed timeline and response dates.
Best, Will

friedger commented 1 year ago

Royalties on each transfer is implemented on BTC Rocks collection.

kieran-neoswap commented 1 year ago

Royalties on each transfer is implemented on BTC Rocks collection.

Thanks Friedger. We certainly be interested in speaking to the team about this too and how we might be able to improve/add options. My understanding is that it is a blanket royalty based off floor price and would apply even if just transferring between personal wallets. This is exactly the kind of conversation we are looking to have.

will-corcoran commented 1 year ago

@kieran-neoswap

Thank you for the proposal. This is a really cool idea - presented by a fantastic team of builders - but (unfortunately) we have decided to deny your application. For the next several quarters we are laser focused on conserving funding for efforts that have clear alignment with the current priorities of the grants program noted here - specifically sBTC. Please feel free to reapply in Q3.

Best, Will

kieran-neoswap commented 1 year ago

Thanks Will, great to know. We have some ideas around sBTC, will keep you posted!

@kieran-neoswap

Thank you for the proposal. This is a really cool idea - presented by a fantastic team of builders - but (unfortunately) we have decided to deny your application. For the next several quarters we are laser focused on conserving funding for efforts that have clear alignment with the current priorities of the grants program noted here - specifically sBTC. Please feel free to reapply in Q3.

Best, Will