Algofam Community Contest (24 hours)

Name 1 way NFT / DeFi platforms can grow with new users or engage the community in different ways. No wrong answer.

Most liked comment wins an Akita Omnigen 2665 NFT. :slightly_smiling_face:

1 Like - Each gold item is represented by NFT, reserves are publicly auditable (everyone can see which items are in reserves) and NFTs can be bought using smart contract (I guess it is first onchain eshop on algorand in mainnet)… Also it supports secondary NFT marketplace. Whoever is owner of the NFT can redeem the gold coin (if he complies with the rules, atm EU only)

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This is actually a tough question to answer. Will have to give it some thought.

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Perhaps more gamified education about Algorand defi and other projects.

I think people these days seem to prefer playing games to reading long text documents etc.

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Yeah can def agree on gamified options. People want short videos or games. Not long reading material.

This is backed by real gold?

What do you think? Each coin is marked with serial number and is available to buy in the eshop. Or what do you think needs to happen so that people can verify the reserves of tokenized gold?

Does number of transactions on meld gold website convience you they are backed by gold?

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asa stats. hopefully it can do more or api can used by to do good.

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  • Hosting more spaces (AMAs)
  • Being present in more spaces (more than just algorand)
  • Incentivize cross chain NFT collections
  • Mobile-friendly platforms
  • Collaborations and partnerships not only within our ecosystem
  • Community reward programs (i.e. loyalty points/exclusive perks)
  • Education and outreach programs (Infographics/blog posts)

For me it would be if there was a third party involved that had no interest to keep track of the gold backed.

I like the idea but people will ask for unbiased proof.

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meld gold silver etc has been on algo since forever, it’s clearly not it. there are no eureka moments in tokenization of gold. We need lottery, like no loss lottery, a predictive market with real world assets oracles that work on algorand. Do whatever it takes to make chainlink or any kind of oracle work on algorand imo.

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meld gold is in algorand amm less then year. I may understand that for some algorand participants its since forever.


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Pax Gold has been trying this since 2016 as I far as I know.
we even got banks recently like HSBC opening up their gold vault for tokenization on xrp:

It’s a good idea for sure and glws. just not a lot of room to grow here as a gold tokenization project imo.

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I want to expand on the cross chain NFT & DeFi incentives, more-so the DeFi incentives that Algorand offers & how that can be amplified with more volume & achieved with cross chain networking.

There’s a few catalysts across web3 but not many of them are as consistent as the rewards structured out for Algorand & I believe we have a few more years left in our reward incentives at the current pace. Putting more focus on cross chain networking, giving users a reason to utilize the Algorand blockchain for something they utilize on whatever native blockchain they are on could be solid. I see opportunities here with NFT & specifically USDCA LP pool rewards…

Currently working on incentivizing cross chain protocols between Algorand & AVAX. I have plans to expand beyond that as well. There really is no “one” answer to this as we need to take multiple approaches to onboarding new users to Algorand DeFi & NFT communities.

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There are lot of options available in the market for gold. So if somebody needs to trust you with their investment you need have the right licence , also the gold has to be audited by 3rd party agencies or yearly basis and the gold has to be vaulted with a secure and well known vault or storage solution.

That is the right way to go with precious metals if you would like to have mass adoption for your project.

But if RWA become buzz word in next bull market and people start using algorand like crazy, then all these assumptions will go for a toss. But for your safety, it is always recommended to take the above precautions.

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And yet here we are and we break the dogmas of the industries.

Regarding selling the gold, the licence required is the same licence as if you want to sell computers - in the trade registry you must have written that you are doing retail trade. For minting gold items there is required more strict license, but for general resell business no special licence is required.

Lets see in 5 years if people will trust more “unknown 3rd party auditors” or if people will trust the reserves represented by onchain nfts with possibility to buy any item from it with clear pricing. But so far i have not seen any audit report from meld, and what i am mainly looking into is if their switzerland storage of gold is not double or tripple o N counted with other people. (just because the minted gold items are technicaly same they are not numbered and the storage can be optimized).

Regarding storage and insurance, the price of safety deposit box is 100 eur per year with insurance up to 500000 eur so it is only marginal cost.

The only worry I have is that meld gold has super close ties with algorand foundation, they receive through the defi boost program money directly for issuing gold, they receive the money because xbacked token is backed in big portion by gold, and they receive a lot of money because they have pools in pact fi and squeeze other projects. How noone sees these million algos flow from AF to meld and do not complain i do not understand, but i hope the unfair advantage of meld will stop at some point of time and either all will be incentivized same or noone at all. I do understand that they also put some of their money to the ecosystem, but i hope that yield they make will stay in the ecosystem.

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where do you keep the gold. in bank. the details are unclear. more clarity would be good.
also i am just raising concerns. I hope your project do good.

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Creating Spaces showing how Algorand works, I mean, showing the speed and the low fees Algorand offers to the users, also sharing the compatibility with different languages just like python.
But it is a must that these spaces need to be directed to the target audience which should be people from other chains, not the same people from Algorand, so they should be done by outsiders, not the current Algorand influencers. Ideally ETH were the NFT community and engagement is big, and the speed and fees are not friendly, Algorand needs to show in what it is good.

(With spaces I don’t mean X spaces, I mean all the ways in which crypto community communicates just as reddit, X, youtube, tiktok, and so on)

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exactly, even with tons of money being pumped in, meld gold ain’t revolutionizing nothing. this gold stuff is backward thinking imo and aint it. Why would I buy gold when RWA tokenization gives me so many other options to invest. Tokenize the shovel not the gold is what im saying.

What we need are oracles that track real world assets prices, either better than chainlink or give em money to do something here.

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