Public Good NFT Marketplace

NFT marketplaces that distribute tokens for buying and selling of NFTs have been able to take a large percentage of Opensea’s market share (X2Y2, and Looksrare; both on Github). However, wash trading of NFTs to get tokens has become a problem in these marketplaces. Instead of the tokens being sent directly to wallets, embed the tokens in the NFTs themselves (possible through Charged Particles). These tokens can be time locked so that after a set amount of time the tokens embedded can be taken and traded. During the time that the tokens are embedded in the NFT, the NFT has value not only for the art of the NFT but also for the tokens locked inside. The tokens that are locked inside the NFT can be yield bearing assets, so the NFT grows in value over time as the yield increases.

DoinGud is one of the most prominent examples of an NFT marketplace for public good. However, it does not have a token system or reward creators for donating part of what they earn to public good. Giveth rewards people for donating to public good (with the Giv token and eventually tokens for each org on their platform) and has expressed interest in creating an NFT marketplace to further support organizations on their platform.

With GivFarm, Giv tokens can earn 24% APR. Charged Particles has the IONX token that through GYSR can yield 24% APR. If done in collaboration with X2Y2 or Looksrare can earn yield from those (82% from X2Y2 and 59% from Looksrare). Carbon offsetting of the energy usage of the NFT marketplace has been something that Rarible and other organizations have suggested/ started doing. If the marketplace invests in Klima tokens, NFTs can continuously be offset and yield generated (at 20% APR). These tokens can be locked in the NFTs growing the value of all NFTs within the marketplace over time, as well as their contribution to public good.

The organizations that are supported through the NFT marketplace can help to publicize the NFT marketplace. Potentially even through social media sharing competitions.

Return to Green has tested some of these thoughts out with their last two events. 50+ artists donated artwork to be auctioned off for donations to environmental and mental health organizations on Giveth. Over 5.5 ETH was brought in and donated to organizations on Giveth. 10,200 GIV is now staked in the GIVfarm (earning 24% APR) and the GIV stream is flowing at 150 GIV per week (around USD $6) for around the next four years!

This forum post is to start discussion and build design for an NFT marketplace that combines art, web3 and public good. It’ll be posted on each organization’s forum that has been mentioned as well as involved with Return to Green. With a central place for discussion being the Charged Particles forum post.

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This is an awesome idea. Is there any current interest from DoinGud to partner with different projects outside of their marketplace ecosystem to do sort of partner rewards? I think incorporating Charged Particles time-locking within certain NFTs is a pretty interesting way to go about Liquidity mining incentives. Would need to discuss it on a deeper level for sure but I like the possibilities here!

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I’m not sure about DoinGud partnering with different projects outside of their ecosystem. Let’s discuss :slight_smile:

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I think Mango may have a closer contact with them so will ping him

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Started a bounty on Gitcoin for this as well. NFT Public Good Marketplace | terexitariusstomp Funded Issue Detail | Gitcoin | Gitcoin

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I’ve asked some developer friends for a quote on how much they think it’d be to develop such a marketplace. These friends are connected with Raid Guild and Raid Guild has recently completed an NFT marketplace. Being able to use this codebase and other codebases as identified above they quoted the project cost at USD $80,000. Before we do an ICO we’d like to be able to raise this through grant based funding. I’m personally going to contribute USD $5,000 upfront to see this work. Am wondering if other individuals or the organization itself could commit a bit to help us raise the amount needed?

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There’s a bunch of super cool ideas wrapped into here.

The other question is like "What if Opensea used it’s 2.5% fee and paired those fees with their own $SEA token and provided all of that as liquidity to an AMM?

I did the math on that (granted POL protocol-owned-liquidity and Olympus didn’t exist back then) – and Opensea would have more liquidity in it’s own theoretical token – than $ETH.

I think this is the coolest Degen → Regen opportunity yet. If the regen meme is going to play out - we have to ready to use all of the degen tools out there. So that means; protocol owned liquidity, token bonding, Curve or Balancer pools, aggregators (Convex or Aura), marketplace mining, liquidity mining and generating liquidity incentives with Votium / Hidden Hand type token bribe platforms.

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Probably one of the biggest criticisms here is how do we finaggle it for gas optimization? Each time someone purchases an NFT; depositing into a DeFi protocol, and wrapping the NFT and deposit tokens together is a pretty significant additional gas cost.

So we would need to do something that enables batching of the DeFi protocol deposits; and then use Gelato or maybe a Keeper to automate the deposit process. We’re still looking at some additional costs on the NFT order fulfillment - but it’s likely manageable.

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Yes totally agree regens need to learn and grow with degens! In terms of gas optimization, I’m not sure but I bet if we think about it hard enough we’ll find a way :slight_smile:

Update on potential coders: we put a bid out to Raid Guild for a consultation and Codingsh developerfred (codingsh) · GitHub has stepped up to code an MVP of this for the next two weeks.

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Here’s the Github repo of relevant writing so far GitHub - TerexitariusStomp/PublicGoodNFTMarketplace now in the design sprint with Raid Guild.

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