Authors: Giles Campbell, Dom
Advisors: Michael Cotton, AJ Milne
Discussions: Twitter
Company Name: X-NFT
Category: DeFi
Focus Area: Cross-Chain Marketing Program
Open Source: No
Amount Requested: 170,000A
Status: Proposal
Abstract
The X-NFT team proposes to build a one way bridge and incentivise ADA users with X-NFT to make the leap to Algorand DeFi and NFT communities. We will engage artists (ideally Cardano natives) to produce a collection specifically marketed to Cardano community members. This collection would be redeemable only on Algorand. Cardano users who earn / receive the token will be able to seamlessly transfer through our custom built one-way bridge to Algorand, where it would be burned, and replaced by the Algorand native X-NFT token. The aim is to incentivise users from Cardano to experience both Algorand Defi and NFT communities. We believe that rewards will create a high likelihood that users who receive X-NFT within the Cardano ecosystem will bridge and use Algorand to realise that value where redemptions are possible and trading liquidity is concentrated. X-NFT distribution will be 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. This is a stand alone application.
Project Development
-
Token Generation on Cardano:
Generate & manage X-NFT tokens on Cardano. -
Bridge Mechanism:
Create a one-way bridge mechanism to securely transfer X-NFT from Cardano to Algorand. This is planned to be centralised and very simple (mint & burn) to keep the process as easy and seamless as possible. -
Mint & Burn Process:
Implement a seamless process to burn X-NFT on Cardano and mint the Algorand native X-NFT token. -
Reward System:
Design and integrate a reward system ideally via Cardano’s DeFi platforms to incentivize users for bridging to Algorand.
Marketing:
The new project will be marketed to the Cardano community engaging with KOL’s within Algorand and Cardano to drive engagement and awareness.
Team
- Giles Campbell: Co-Founder of X-NFT.
- Michael Cotton: Co-Founder of X-NFT.
- Dom: Core Blockchain contributor.
Advisors
- AJ Milne: CEO of Optio Capital.
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.
Present Proposal
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. 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. With the long term CAC expected to be comparatively low compared to other finance industry standards.
Liquidity Hub on Algorand:
All primary liquidity and functionality will be concentrated on Algorand.
Dual-Platform Incentives: Rewards on Cardano’s DeFi platforms drive engagement, eyeballs and incentivize users to bridge to Algorand.