Project Website: fluxgift.com
Project Introduction:
Fluxgift provides a catalog of gift cards, bill payments, prepaid mobile refills that can be purchased using the Conflux CFX.
With Fluxgift you can get the value directly with your CFX rather than first converting to fiat to buy gift cards and do bill payment.
Achieving goals:
- Medium of exchange
- CFX adoption in Africa
- non-cash remittance
- Donations
Time node: February 2020-March 2020
Project Achievements: Current platform allows buying of gift cards and the ability to do bill payment
Project progress plan:
- New web platform UI implementation.
- Adding more Africa countries Bill payment service
Remarks: Future Plan (not in this application plan): Development of a mobile app with features like wallet address generation, instant
buy, royalty reward, and building an ecosystem around Fluxgift. A one-stop-shop for gift
cards, bill payment, Virtual cards for payments on the Conflux.
Applicant : Gbolahan Onadeko
Collaborators: Akinsuyi Joshua, Nwosu Chinaecherem Emmanuel, CY Uket.
Team background:
The team is experienced Nigerian-based developers in building blockchain base app and delivering quality service.
Funding details:
Development Cost: $5,000 (1 front-ends, 1 back-ends, 1 UI designs are required)
Promotions: $2000 (Ads on Twitter and discount for purchase done with CFX)
Hosting Fee: Two instance of VPS (Backend and Frontend servers) x $45 = $1080
Each VPS: 2 vCPU | 4 GB from IBM.
Monthly operational cost: Customer/Support x 1=$100/month, Technical x 1=$500/month(6month=$3600)
Liquidity For Bill payment and gift card:
Subjected to Conflux discretion, But I feel a range of $10,000- $15,000 works for a start to see how things pick up. Funding total : $11,680 + (liquidity: $10,000 to $15,000)
Repaying Liquidity Fund
We plan to complete the development of the Application in March 2021, And will need at least 3 months for market filling, First repayment of 50% should happen in the 5th month and the second 50% would happen 3 months after the first 50%.
Whether it is open source: Not open source
Product link: https://live.fluxgift.com/
Source of inspiration for the project: Conflux Hackathon.
Business Model:
-Why it’s profitable
Fluxgift makes a profit since there is a discount on all purchases done on its platform, eg for a 100 USD gift card or bill payment, Fluxgift makes between 1-3% depending on the type of gift card/bill payment.
With more usage of the platform, We can get better deals from the gift card issuers.
Operations:
How to get the initial audience
Our Initial Audience will be Nigerians currently having issues with converting their crypto to fiat to pay for services due to the recent CBN restrictions on deposit banks from processing off-ramps.
How to scale
We will scale by making the platform robust and also providing region-centric rewards, loyalty points, and offers.
KPIs (volume predictions / forecast; user base predictions / forecast)
At launch we expect the volume to be between 5,000- 7,000 USD/month while we do user acquisition in the first 4 month
UserBase Prediction: With offers and referral points and providing the best rates to providing services we predict an x3 user increase from the first month.
Market expansion plan
The market expansion plan is providing regional base service(bill payment and gift cards) starting with West Africa and onboarding more Africa-based services rapidly.
Investment opportunities (shares )
With this service success, we will be able to raise a round to expand across Africa once we start having more buy pressure on our credit than we are able to turn over.
how does the CFX to NGN/USDT conversion happen?
The liquidity provided from this proposal will be converted to USDT via Moondex and sent to our bill payment/ gift card Merchant which is used for each purchase done.
When a CFX holder buys a gift card or do a bill payment, the CFX returns to our wallet and the USDT is used for paying.
Initial Product listing and upcoming product listing?
We will have the following at launch. Airtime to (United States, Nigeria, Ghana) Bill Payment( Nigeria, Ghana).
Upcoming product list: Access to a wide range of US gift cards such as Google, PUGB, Amazon, etc.
