Authors: Giles Campbell, Dom
Advisors: Michael Cotton, AJ Milne
Company Name: X-NFT
Focus Area: Cross-Chain Marketing Program
Open Source: No
Amount Requested: 170,000A
The X-NFT team proposes to create a targeted release to bring Cardano users to Algorand. To do this the X-NFT team will develop an NFT collection specifically marketed to and targeted at the Cardano community that would be redeemable on Algorand. X-NFT tokens would be minted on Cardano, and users who earn / receive the token will be able to seamlessly transfer through a one-way bridge to Algorand, where it would be burned, and then replaced by the Algorand native X-NFT token. The idea and aim is to bring users from Cardano to Algorand. We believe that there is a high likelihood that users who receive X-NFT rewards within the Cardano ecosystem will bridge and use Algorand to realise the value of these rewards. X-NFT distribution will be via targeting areas with the highest number of suitable users. The token’s utility and focused liquidity will remain on Algorand acting as the driving force behind the need to bridge to Algorand.
- Giles Campbell - Co-Founder
- Michael Cotton - Co-Founder
- Dom - Core Blockchain Developer
- AJ Milne - Advisor
Experience with Algorand
X-NFT’s journey on Algorand has been marked by pioneering innovations in the intersection of decentralised finance (DeFi) and non-fungible tokens (NFTs). Through strategic partnerships, such as the groundbreaking collaboration with Meld Gold, X-NFT has introduced novel concepts like physically backed gold, silver, and bronze collector awards, providing a tangible and prestigious dimension to the digital art space. The implementation of a burn mechanism and dynamic rarity scoring not only enhances the value of X-NFTs but also establishes a sustainable and dynamic marketplace. This experience underscores X-NFT’s dedication to pushing the boundaries of innovation while fostering a vibrant and community-driven ecosystem on Algorand.
This proposal seeks funding for the development of an incentive program to bring Cardano users to Algorand via a one-way bridge for the X-NFT token, fostering a seamless connection between Cardano and Algorand. The strategic burn-and-mint process ensures the transition from Cardano-generated X-NFT to the native Algorand X-NFT, incentivising users through rewards on Cardano’s DeFi platforms.
Benefits for the community
Bringing Cardano users to Algorand! We believe once exposed to Algorand technology many Cardano users will be ‘sticky’ in continuing to use and participate in the DeFi and NFT ecosystem. The development of the project also allows for the program to be repeated at a fraction of the cost.
Liquidity Hub on Algorand:
All primary liquidity and functionality will be concentrated on Algorand.
Rewards on Cardano’s DeFi platforms drive engagement, eyeballs and incentivize users to bridge to Algorand.