INK-34

Proposal ID
INK-34
Grant Type
commercial experiment
Project Lead
https://inkubator.doodles.app//@must_be_Ash
Estimated Launch
November 25, 2023
Created
Sep 7, 2023 5:18 PM
Status
Declined
🚫
Council Feedback: Thank you for your proposal. Unfortunately, we could not approve it in its current state. Here are some thoughts and feedback to consider:
  • This proposal, while ambitious, is trying to do a lot in one go. We are concerned the mixture of having to manage an external team on top of trying to build so much will lead to bloat and overengineering against no particular hypothesis.
  • Specificially, we recommend scaling down the proposal to an experiment that can go validate at least one use case that justifies doubling down on product. One recommendation is to build (or outsource) the smart contract for the lending protocol with a single-pager user interface to interact with it, and try to prove any use case within the Doodles community using it.
  • For a product of this level of ambition, the Council would look for a technical cofounder in the team beyond the experiment. An experiment can certainly be outsourced, but building out the product is an intricate, multi-month, thousand-hour journey for which technical skills are crucial.

Thank you for your proposal. Happy to consider a scaled-down resubmission with a very clear hypothesis and experiment scope.

Description

Building a trust-less platform that lets people share NFTs and keep them secured without holders giving up custody Team Space: On approval Days until launch: 94 Requested Budget (USD): 110000

Team:

Ash – product and concept design https://arashnouruzi.com/ https://www.linkedin.com/in/ash-nouruzi-46a764119/ MetaSeed Labs – web and smart-contract development https://twitter.com/metaseedlabs https://www.metaseedlabs.com/

Questionnaire

What’s the key hypothesis your proposal tests that could bring value to the brand and holders? Are people interested in renting and sharing NFTs? Are IRL access, social networking, and Twitter hexagon "flex" (social status) enough for a person who can't afford a Doodle (or other projects) to rent one?

Can we keep more people secured from scams and hacks, by giving them their own wallet that doesn't require delegation or the token issuer to implement new functions?

What’s the distinct value proposition of your proposal? Grip can function without the token issuer implementing any new solution and regardless of their token standard – it doesn't rely on the projects to grow (delegate cash, token proof, warm wallet and all other security products and rental protocols do).

Using cold storage, you keep assets secured but give up access and benefits. Using delegation, you are trusting a third party and in the case of renting, you are giving up custody (your assets move to the platform's vault or smart-contract). For delegation to work the token issuer needs to implement their solution. Furthermore, most renting platforms require token issuers to have a certain token standard, meaning they'll need to wrap their contract – they will need to spend money and time and it leads to them losing their provenance.

With Grip, your assets are secured in a staking contract that you own (using account abstraction). Any NFTs send there, can only be returned to where they were sent from. This means you can click on anything and in case of your account being compromised, the attacker can only send your assets back to your vault or other wallet. The same principle allows people to share their NFTs by "staking" them into each other's wallets, creating a new source of revenue and a "try before you buy" mechanism for non-holders to access experiences for a fraction of the cost.

Can your proposal be scaled and replicated if successful? Making the security feature free, can act as the top of the funnel. We can acquire user's coming in to keep their asset's secured and charge platform fees if they end up renting an item. The conversion rate remains a question.

Does your proposal introduce a new benefit for OG Doodles? Any and all OG Doodles will be able to rent their Doodles or any other NFTs they hold without paying fees. Unlocking a new revenue stream and allowing monetisation without leaving the community. The OG Doodles will count as a life-time free access pass to Grip, adding a new value proposal for people to buy Doodles.

Moreover, Grip expand's Doodles reach by letting more people experience being an OG by lowering cost barrier and bringing a "try before you buy" model. The more people who try being a Doodle, the more people are likely to want to become a Doodle – more demand, higher the price of OG Doodles.

How will your proposal broaden the appeal of Doodles to new audiences? It is designed to bring in new people by incentivising holder's to onboard without leaving and by lowering the cost to gain access to experiences.

Does your proposal have the potential to increase revenue for our holders or the Inkubator? After expenses (cost of operation and expansions) any revenue (profit) generated will go straight back to the Inkubator to fund more ventures alike, allowing ideas like Grip to come to life.

Is your proposal structured to self-sustain its expenses? Yes, through platform fees and by selling collection passes (B2B, other projects paying so that their holders and people interested in renting those assets don't have to)

If successful, do you plan to move your project to the Inkubation stage? Absolutely, I would like Grip to become the unicorn that would push Inkubator pass its 5 years timeline and I would like to build it with Doodles community.

Project Lead Additional Remarks

70,000 is the cost of building the MVP and setting the structure up. 30,000 is set aside for auditing. and 10,000 is set aside for contingencies and will be returned if not used along with any left over from auditing budget.

This is not a one man job, the idea has legs and it has the research backing it. Whether it would be welcomed in the space and communicated properly to be on people's radar, is an open question. But one thing that is for certain is that this needs an experienced team. The grant is enough to build an MVP and test hypothesis. But by no means the project can evolve by relying on outsourcing work no matter the credibility and the skill set of the third party (i.e MetaSeed Labs or any other shop or individual). For Grip to be successful it needs a dedicated in-house team. Should the Inkubation stage not have enough funds to support Grip for hiring individuals, then it will be forced to rely on external buddies for (pre)seed to be able to continue – meaning it can no longer commit to putting all profits back into Inkubator, as no VC would invest in a company that has made such promises.