Growth Grant Application - Nitfee Market - Tier 1

#1 
                       GRANT PROPOSAL CONFLUX ESPACE

INTRODUCTION:

This grant proposal for the maintenance, enhancement, and expansion of our pioneering NFT marketplace project on the Conflux Espace.

PURPOSE :
The purpose of our NFT marketplace is to provide a robust and trustworthy environment for users to engage in the seamless exchange of digital assets, ensuring the safety of transactions and the protection of intellectual property rights. By establishing this marketplace, we aim to bridge the existing gap in the Conflux ecosystem, where no dedicated medium for NFT exchange previously existed.

The proposed project will have a number of benefits, including:

Improved user experience and security
Increased reach and adoption of the marketplace
Enhanced developer experience and productivity
Contribution to the growth of the Conflux ecosystem
Timeline and Milestones:

Scope

Our marketplace encompasses a comprehensive suite of features, enabling users to buy, sell, and trade NFTs securely. With an emphasis on user experience, we offer intuitive interfaces, smart contract integration, and enhanced security measures. To further enhance the functionalities of the marketplace, we seek grant funding to improve various aspects, including user interface enhancements, transaction processing efficiency, and advanced search and discovery capabilities.

Objective
We aim to ensure the continuous maintenance, stability, and scalability of the marketplace. Grant funding will allow us to allocate resources for regular maintenance, security updates, and technical enhancements to adapt to evolving industry standards. This will guarantee a seamless user experience and provide a reliable platform for NFT transactions.

Grant funding will support the development and integration of interactive gaming experiences within the platform, allowing users to engage in NFT-related activities and earn rewards. This feature will not only enhance user engagement but also attract a broader audience to the ecosystem.

Success Criteria for our project include demonstrated improvements in the marketplace’s functionality, successful integration and positive reception of the play-to-earn gaming feature, measurable growth in user adoption, and enhanced brand visibility and community growth.

Technical Solution:

Enhance the wallet software, multisig wallet management, and other tools that enable seamless user interaction with the Conflux network. This will improve the overall user experience and increase the security of transactions within the marketplace.
Develop bridges that facilitate interoperability between Conflux and other blockchain networks, enabling seamless token transfers and expanding the reach of our marketplace to a wider audience.
Develop additional features and functionalities within our marketplace that specifically cater to the growing demand for NFTs. This includes enhancing the existing NFT-centric projects, exploring gaming integration possibilities, and expanding the marketplace’s offerings.
Develop developer tools, SDKs, libraries, and other software solutions that improve the overall developer experience and productivity within the Conflux ecosystem.

Definitions, Acronyms, and Abbreviations

NFT: Non-fungible token
Conflux: Conflux Network Espace
SDK: Software Development Kit

References

Conflux Network Documentation
Conflux Espace NFT Marketplace Whitepaper

Overview

The Conflux Espace NFT Marketplace is a secure platform for individuals to exchange non-fungible tokens (NFTs) within the Conflux ecosystem. The marketplace currently offers basic functionalities for buying, selling, and trading NFTs. However, there are several areas where improvements can be made to enhance the user experience, expand the marketplace’s reach, and foster innovation within the ecosystem.

TEAM:

Peter Nitfee
Founder, and developer project.
I am a blockchain developer with expertise in Ethereum smart contract development with frontend and backend technologies React Native and building servers using Node js, PostgreSQL and Firebase. I am proficient in various design libraries such as Material UI, Bootstrap, Tailwind CSS, etc.

https://www.nitfeemarket.xyz/

https://twitter.com/nitfeemarketCFX

About our smart contract:

Marketplace contract :

NFT Golden pass:

NFT Silver pass:

NFT Bronze pass:

STAKING Golden pass:

STAKING Silver pass:

STAKING Bronze pass:

NTF (Marketplace and Game Token) :

https://evm.confluxscan.io/token/0x91908317a1445f9f12208952533588e34d716054

NTFD (Dex token):

https://evm.confluxscan.io/token/0x1cbf4ccdefb2b880933f413d7d9b45af7cdfba9e

Total Budget and Funding Tier:

We are applying for 1 Tier funding Three Times, , which provides support of $5000 each for .

   TOTAL BUDGET AND FUNDING TIER :

Grant tier-1 $5000 for NFT marketplace developpement
Grant tier-1 $ 5000 for dex development
Grant tier-1 $ 5000 for marketing

Explanation of Funding

Funding for the NFT marketplace will be used to:

Hire developers to build the marketplace
Purchase hosting and domain names
Market the marketplace to potential users

Funding for the DEX will be used to:

Hire developers to build the dex
Purchase hosting and domain names
Market the dex to potential users
Adding more liquidity

Funding for Marketing :

Create marketing materials, such as website banners, social media ads, and press releases
Run marketing campaigns on social media and other channels
Attend industry events and conferences

Current Functionality :

In this section, we will describe the functionality and the problems of the current system and how the tasks supported by the proposed new system are accomplished now.

Marketplace to exchange NFT’s in the Conflux ecosystem.
Offering Direct sale as well as auction method to sell NFT’s.
Exchange Provider to convert WCFX wrapped Conflux tokens to Conflux Tokens.
Development of dex ( Decentralized Exchange), where tokens can be exchanged.

1- Customer Problems/Issues

Users may encounter challenges in terms of user experience, security, and limited offerings within the marketplace. Additionally, the lack of cross-chain interoperability restricts the reach of the marketplace to users on other blockchain networks.

2- Application Problems/Issues

The current application may experience occasional performance issues and lack advanced search and discovery capabilities. The user interface may also require enhancements to improve usability and engagement.
3- Current processes
in the Conflux Espace NFT Marketplace face several challenges and issues that need to be addressed:
User Experience: The existing user interface may lack intuitive design and smooth navigation, leading to a suboptimal user experience. Users may find it difficult to browse and explore the available NFTs, affecting their overall satisfaction with the platform.
Security: While the marketplace aims to provide a secure environment, there may be vulnerabilities that need to be addressed. Users need reassurance that their transactions and digital assets are protected from potential threats such as hacking or unauthorised access.
Cross-chain Interoperability: The marketplace currently operates within the Conflux ecosystem, limiting its reach to users on other blockchain networks. Our aim is to provide exchanges with other platforms.This lack of cross-chain interoperability prevents seamless token transfers and hinders the expansion of the marketplace to a wider audience.
Performance: The existing system may experience occasional performance issues, such as slow transaction processing or delays in updating NFT listings. These performance issues can impact user satisfaction and discourage active participation in the marketplace.

Technical Proposal:

To address the current functionality issues and improve the Conflux Espace NFT Marketplace, we propose the following technical solutions:

The technical solutions will focus on enhancing core infrastructure, developing cross-chain solutions, expanding NFT-centric features, and improving developer tooling. These improvements will improve the overall user experience, increase the reach of the marketplace, and foster innovation within the Conflux ecosystem.

Functional Requirements:

Enhanced Wallet Software: Improve the wallet software to provide a more intuitive and secure interface for users to manage their NFTs and assets within the marketplace. We are hoping to add more wallet options to make the user experience better,

Cross-chain Solutions: Develop bridges that enable interoperability between Conflux and other blockchain networks, allowing seamless token transfers and expanding the marketplace’s reach to a wider audience.

Expanded NFT Functionality: Integrate additional NFT-centric projects, explore gaming integration possibilities, and expand the marketplace’s offerings to cater to the growing demand for NFTs.

Developer Tooling: Develop developer tools, SDKs, libraries, and software solutions to enhance the developer experience and productivity within the Conflux ecosystem.

Nonfunctional Requirements:

Usability: Enhance the user interface of the marketplace to improve usability, engagement, and overall user experience.

Reliability: Ensure the stability and reliability of the marketplace by conducting regular maintenance, bug fixes, and security updates.

Performance: Optimise the transaction processing efficiency and scalability of the marketplace to handle increasing user demand and high transaction volumes.

Supportability: Provide comprehensive documentation, resources, and user support channels to assist users and developers in interacting with the marketplace.

Implementation: Ensure efficient and effective implementation of the proposed technical solutions within the specified timeline and budget.

Development roadmap for the proposed project:
Milestone- 1

Conduct an in-depth analysis of the Existing NFT Marketplace infrastructure and identify areas for improvement. Begin development of enhanced wallet software and multisig wallet management features.
Requested funding per milestone: $5,000
Milestone duration: 1 month.

Milestone -2

Implement cross-chain solutions by building bridges to other blockchain networks,Dex Development enabling seamless token transfers between Conflux and external platforms. Initiate integration of additional NFT-centric projects and explore gaming integration possibilities within the marketplace.
Requested funding per milestone: $5,000
Milestone duration: 1 month.

Milestone -3
Milestone 3 is for Marketing , to create marketing materials, such as website banners, social media ads, and press releases to market our Project .
Requested funding per milestone: $5,000
Milestone duration: 1 month.

Maintenance Considerations:

The proposed project will require ongoing maintenance to ensure that it remains stable and secure. This will include:

Regular security updates
Bug fixes
New feature development
Performance improvements
We will commit to providing ongoing maintenance for the proposed project for a period of one year.
After one year, we will reassess the maintenance requirements and determine whether to continue providing maintenance on a fee-based basis.

We believe that the proposed project has the potential to be a valuable addition to the Conflux Espace ecosystem. We are committed to building a sustainable and long-term project that will benefit the entire Conflux community. We appreciate your consideration of our grant proposal.

6 Likes
#2

Nitfee has been helpful in developing NFT on eSpace. As well as providing a much needed forum for the global community to engage around NFT, Nitfeedex has been developed to support the NFT market, with thought towards providing the most utility with long-term thinking. The NFT market model promotes collaboration with human safeguards against imitation listings.

From my observation in its short existence the project has always done the right thing for the community.

It is my hope that pending a thorough review from the team Nitfee will continue to grow.

4 Likes
#3

The founder of Nitfee Peter is doing amazing so far! He is developing very fast and at the same time he still always finds time to hang out with the community and help everyone immediately when they need. I hope this grant proposal will be approved so he can get all the additional work power he needs and do some marketing around these products. From what I see, the Espace community definitely stands strong behind Nitfee and with a good reason! Let’s build this project more and promote it with the help of Conflux Team and committee!

2 Likes
#4

The nitfeedex component adds greater diversity to the conflux ecosystem which is always welcomed for decentralized platforms.

1 Like
#5

Hello @Nitfee_Nitfee, thanks for applying for a Conflux Grant. Based on what I’ve read, I believe it should be better to split the grant proposal in 3 different proposals, so we can focus on the 1st Milestone/Grant mentioned in this proposal. However, it’s good to know that this 1st grant would be part of a bigger roadmap.
I just have a couple of questions:

  • Can you provide more details about the specific deliverables and expected results for each Milestone? Some KPIs or metrics would be good as well.
  • Regarding the team, are you planning to do all this by yourself or will you be hiring third parties or plan to expand the team?
  • Can you provide more information about your existing community? For example, NFT holders, token holders, telegram/discord members, twitter followers.

Thanks again for you application, I’ll be looking forward to your response!

#6

Thanks for your application @Nitfee_Nitfee, great to see a community grown project apply for grants! Have some initial questions regarding the NFT marketplace and DEX.

  • Who else is on the team? are there any other crypto projects you have worked on?
  • What is the business model for the NFT marketplace and DEX? How do you make money? And what stage are they both in?
  • Regarding the NFT marketplace - how do you protect IP and ensure that any NFTs on your exchange are not violating any copyright laws?
  • Could you clarify the relationship between the DEX and the NFT marketplace?
  • Could you provide more details on the development roadmap and technical architecture for the NFT marketplace and DEX?
  • How are you ensuring security of user funds? Have you been audited or are you using audited contracts?

Regarding the marketing proposal - I think this is better suited for a growth grant (GROWTH GRANTS APPLICATION TEMPLATE)

#7

Hello, thank you for your answer,@0xn1c0 and @Geoff. I will try to provide a clear and precise answer.

Can you provide more information about your existing community? For example, NFT holders, token holders, telegram/discord members, twitter followers.

NTF: 102 Holders
NTFD: 70 holders
Our 350 NFTs pass : sold out : approximately 50 holders
Currently the staking of nfts has started on a fixed basis that I redistribute is about
0.2 Wcfx per day per golden pass
0.1 Wcfx per day per silver pass
0.05 Wcfx per day per bronze pass.
Later when the market place will have more volume we will redistribute the fees generated as agreed.
NTF staking coming soon.

Telegram members : 420
Twitter followers : 575

We have increased the number of members and our visibility, by distributing CFX and NFT giveaway from NFT partner projects.

Who else is on the team? are there any other crypto projects you have worked on?

Yes I did a lot of work alone, and the grants could also be used to recruit another serious developer to help me in the development
No its my first real project, but I have already helped many other projects that did not belong to me.

What is the business model for the NFT marketplace and DEX? How do you make money? And what stage are they both in?

The marketplace is a community tool, which generates little profit, 2% transaction fees are applied to each transaction made, of which 1.8% is a redistributor to our nft holders, our 350 NFTs have all been sold, there are a 5% royalties on our nft which allows me to recover profits for me.
Moreover our NTF token is taxed at 5% on swaps, which currently allows us to raise funds to supply the different stakings that we have put in place, NFT staking we have already launched, and NTF staking our main token, which will be launched shortly. It will not only make the community bigger but also generate revenue for us.
Marketplace and DEX are initial steps towards a bigger plan. Our next moves are launching NTF staking and then web3 games which will bring even more value to the whole system.

And what stage are they both in?

The marketplace as well as DEX are both in their initial stages. We noticed a problem, observed a gap in the market and filled it by launching our projects. But We have bigger plans for the future of these projects.
Marketplace for now offers basic functionalities like listing and selling NFTs. But we took a further step and offered an auction feature where users may bid on the NFT. Recently we launched staking for nfts and talking of future plans, we would like to work on improving user experience even more. We will take various steps in this regard including these:

  1. We will be ranking listed collections according to their volume. We will be showing sale history, price history, additional attributes (metadata), connected projects, benefits, etc.
  2. We will extend the marketplace by creating a launchpad for new projects.
  3. We will be creating sections and nominations for weekly and monthly top contributors.
  4. We will be adding search functionality for nfts.
  5. To take user experience to next level, we will be adding multi chain multi currency payments, not only this, we will also be adding credit card payments to buy nfts. We will integrate non-custodial wallets so that nfts can be purchased without wallets. This will bring non technical users into the ecosystem.

Regarding the NFT marketplace - how do you protect IP and ensure that any NFTs on your exchange are not violating any copyright laws?

We are leveraging firebase database to control listings on the marketplace. I as an owner verify and upload the collection on the website first, only then user can list nfts in it. While listing, we match the contract address of nfts with the verified collection address we added before. Therefore, all the listings are protected and there is no copyright issue. As we scale, we are planning to automate this process using conflux scan apis.

Could you clarify the relationship between the DEX and the NFT marketplace?

As we discussed before, we are creating a whole ecosystem. The relationship between dex and the marketplace is simple, the dex was launched to allow the nft projects to launch their token with support from us by adding NTFD farm pools for the nft projects that will launch. We are planning to have more such utility apps to make the system even better.

Could you provide more details on the development roadmap and technical architecture for the NFT marketplace and DEX?

We started with offering fixed price listing, continued to Auction listings, then applied security layers. We are using Next js for the front end to leverage component based architecture of React. We are using firebase which is backed by google to manage security, database, as well as media storage. For deployment we use Vercel. Based on that, our system is very much secure and scalable. In the next stages, we are planning to use Moralis as well as conflux scan apis to add new features. We also used some thirdweb hooks to manage everything better.
We are constantly maintaining a marketplace. Recently a small group of users encountered issue because of thirdweb hooks, so we are moving away towards ethers js. We will be adding captcha or take other measures to protect our apps against DOS attacks.
DEX is actually a fork of pancake swap, So essentially we are bringing in all the security layers placed by them. We have customized it according to our need, and currently working on making it more user oriented rather than controlled by us.

How are you ensuring security of user funds? Have you been audited or are you using audited contracts?

Yes, the contracts used for the marketplace, our nfts, and the staking contracts are already audited contracts I have deployed them with third-web, for the dex the contracts are all verified on confluxscan but are not yet audited we would like to do it as soon as possible.
We believe in the transparency of a system. We are using audited contracts by third-web. They are well audited and used by hundreds of projects on various chains.
Here is the link to the audit report of the contract.
https://ipfs-2.thirdwebcdn.com/ipfs/QmNgNaLwzgMxcx9r6qDvJmTFam6xxUxX7Vp8E99oRt7i74/

If you have any other questions I will be happy to answer.
Thank you for your attention to our project.
Nitfee.

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