Hi ICX Community,
Below is the Craft Network team’s proposal for a new NFT collection rarity tool specific to the ICX ecosystem. Rarity Hunter strives to be the premier ICX NFT collectors’ tool for valuing and assessing NFT collections. In addition to being a massive value add for ICX NFTs, we plan to integrate other networks and their NFT collections through BTP once available.
Feedback is welcome and we look forwarding to to hearing from P-reps and other community members on this initiative!
[Rarity Hunter]
Summary:
In the CPS proposal set forth we would like to expand on and further develop an NFT rarity tool for ICON NFT projects. The rarity tool (Rarity Hunter) will be Icon’s go-to for checking rarity traits of NFT collections, by displaying an overall rarity score & ranking for each piece in the collection. We started the project by creating a rarity checker for GangstaBet, but we would like to expand this to other NFT projects like Project Nebula, Pink Punks, Picxals & Tamashi, etc.
Initially, the Craft Network & GangstaBet teams will be actively supporting the project’s development around important guidelines for creating this tool. Utilizing the Craft API and creating a customized weighting score for specific collection traits will significantly increase the tool’s usage, as well as, credibility amongst the NFT communities listed. Future plans strive to include the expansion of the tool to the ICE blockchain, as well as additional interoperable chains leveraging BTP and beyond. Below are a couple examples of the initial product and its traction with the GangstaBet community, created by our lead developer, Akhil.
https://twitter.com/akhyl_chhetri/status/1477679195538878465?s=20
Background:
As more NFT projects are being built in the crypto space, the ICON ecosystem is quickly gaining market share and overall creator participation, requiring the proposed rarity tool. Not only is this tool important for project participants and the underlying Dapps/ communities they serve, but pivotal to advancing NFT valuations. According to DappRadar, the market cap of NFTs stands at more than USD 23 billion at the beginning of 2021, with OpenSea (ETH) alone currently doing 2.73B in monthly sales volume. (dappradar. com/nft/marketplaces). The growth in NFTs has caught the attention of various renowned and popular artists, sportsmen, athletes, investors, designers, etc. Even in ICON, we have seen exponential growth in NFT projects along with many new people joining the various NFT communities. As the market for NFTs grows, creators/sellers/holders have started to find ways to value their assets by measuring their rarity or scarcity. As a first demo and minimally viable product (MVP), we built a rarity tool around GangstaBet as it has become a massive success on the ICON blockchain.
The NFTs in GangstaBet have several traits that have become difficult for people to assess and value. There are various ways to value an NFT - the creativity of the art, rarity number of a collection, or just visual attributes which can be both subjective as well as objective. We propose to build and enhance the Craft Rarity Hunter NFT tool, a web application to list the different NFTs and collections based on the rarity score of their traits, with filters and extra metadata on site to help NFT holders’ or a buyers’ value and understand their asset.
Below are screen shots of the UI/UX we plan to move the above GangstaBet rarity tool MVP too:
(New CPS forum users are only allowed to post 1 embedded photo and 2 links into new topics, but more app screens are available and will be added as part of the CPS application submission)
Additional Rarity Tool Technical Details:
Rarity Hunter will have a web app with responsive, user-friendly, and attractive UI/UX design where NFT holders, buyers, or sellers can view their NFTs ranking based on rarity score. As previously stated, the Craft and GangstaBet teams will be assisting with development guidance, including the use of Craft’s API and a customized weight for specific traits.
We started with the GangstaBet NFTs collection, as a pilot project (https://gangstabet.netlify.app). Community response has been extremely positive, and participants are much keener about their current NFT valuations. Our goal is to create an NFT rarity check for ICON Ecosystem NFT projects and later expand onto the ICE and SNOW (ICY, ICZ) networks. In the future, we plan to expand to other blockchains outside of the ICX/BTP ecosystem. ETH, SOL, & Avalanche for example. The Craft Rarity Hunter will strive to be the premier & most accurate rarity tool in the NFT space.
General FAQs:
- How do we rank NFTs based on rarity?
There will be a rarity score for every rare trait on your NFTs which will determine your rank. There will be an overall score of the NFTs within the specific collection. Future development - Additionally, a governance token may be available in the future giving users the ability to define specific rarity traits and their associated weights, as well as, potentially vote on the overall project rarity ranking.
- Which collection will be listed first?
Our first motivation and inspiration for creating this tool is GangstaBet, so we will list a proper NFT ranking/filter based on the rarity score for Gangstabet. After testing it out, we will expand to other collections.
- Is rarity the only important factor to value NFTs?
Rarity is just a measure of the scarcity of traits, nothing more. People can subjectively value it or there can be other factors that determine its value. We will provide a tool to easily calculate an objective way to determine the scarcity.
Deliverables/Roadmap:
Our goal is to launch a completely responsive, user-friendly, and functional web application that will list multiple NFT projects. There will also be filtering, and extra metadata which will help provide more details about the NFT and its collection. We will also have the functionality to request a rarity checker for NFT projects in ICON.
30k foot view of the roadmap:
Create UI/UX
Ensure website is Production ready
Deploy GangstaBet collection rank and rarity scores
Add additional ICX NFT projects to the tool
Continue to iterate and work on customized trait weights
Website enhancements, feature additions, and community feedback refelction
Prepare for ICE and SNOW chain collections, as well as, other BTP interoperable chains like DOT, NEAR, and BSC.
Continue to add NFT collections for all supported chains.
Work to add chains outside of the BTP ecosystem - ETH, SOL, Avalanche, etc.
Project Milestones:
First Milestone (1 month):
- UI/UX design and project scaffolding, environment setup (development/staging and production)
- Architecture design and Website development
- Add Gangstabet collection to rank rarity based on rarity score, filters, and profile page
Second Milestone (1 month):
- Add another two collections (Project Nebula, Tamashi, Pink Pinks, etc)
- Website enhancement and adding features
Third Milestone (1 month):
- Keep adding more collections
- Enhance website & filtering based on community feedback
- Prepare for ICE blockchain
Funding Amount Requested:
We are requesting funding for web app development, integration and project marketing. The UI/UX will be provided for free by the Craft team. The funds will be used to hire full-stack web developers, DevOps engineers, as well as, UI/UX testing/development, marketing, and the hosting cost of the site.
- 1 Full Stack Developer with DevOps @ $3500 per month = $3500 x 3 = $10500
- 1 Growth/Marketing/Community Manager @ $3000 per month = $3000 x 3 = $9000
Total: $19,500
