A Community First 1inch DAO NFT Marketplace

Simple Summary

The 1inch network has successfully positioned itself as the leading decentralized exchange and DEX aggregation platform across multiple networks enabling liquidity and while continuing to enhance capabilities (e.g. wallet, fusion engine) for their community. Because 1inch has been positioned as a leader in DeFi, and given competitor entrance into the NFT marketplace aggregator space, for 1inch to remain competitive within this space, 1inch needs to bring to market a no platform fee NFT marketplace aggregator solution that is sustainable and benefits their community of users while expanding market share to new users. Based on our deep expertise in building web3 solutions, Solidity.io is looking to help create a new NFT marketplace aggregator protocol for the 1inch network. Solidity.io will open source the 1inch marketplace to the desired specifications of the 1inch DAO in order to maintain security, decentralization, and transparency for the community.

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Breakdown of Costs

Front-end:

Design: 20k

Development: 70k

Back-end:

Order Indexer/Orderbook: 110k

NFT Indexer/CDN (content delivery network): 55k

Onchain:

Order Router: 40k

Total One Time Implementation Costs: $295K (Reduction of $92k from competitor proposal ~24%)

Platform Maintenance & Ongoing Indexer Updates

Ongoing Costs: Estimated at 50k annual

Project Milestones

Milestone:

Milestone 1: Project commencement

Milestone 2: Wireframes complete

Milestone 3: UxUI High fidelity complete

Milestone 4: Onchain router architecture defined (in collaboration with the 1inch foundation)

Milestone 5: Onchain router ready for testnet deployment

Milestone 6: Onchain router deployed to testnet/ audit commencement

Milestone 7: NFT indexer architecture (in collaboration with the 1inch foundation)

Milestone 8: NFT indexer deployed to testnet

Milestone 9: Centralized marketplace aggregated order book architecture (in collaboration with the 1inch foundation)

Milestone 10: 1 Inch limit order protocol Integration

Milestone 11: Aggregate orderbook deployment

Milestone 12: NFT metadata indexer and Content Delivery Network (CDN)

Milestone 13: Frontend layout complete

Milestone 14: Frontend Development complete

Milestone 15: Marketplace ready for Go-Live!

Payment Milestones:

Proposal approved- $65K

Milestone 3 complete - $$55K

Milestone 6 complete - $55K

Milestone 11 complete - $60k

Milestone 14 complete - $60k

Abstract

A community marketplace is a natural next step for the 1Inch ecosystem. A successful community marketplace will: drive traffic to the 1Inch ecosystem and DEX aggregator product, decrease fees to community members by building a 1Inch-native marketplace with rich user experience, leverage 1Inch’s brand equity to continually acquire marketshare in the DeFi, NFT, & Web3 ecosystem more broadly. In order to compete, this marketplace must be cost competitive with fees in-line with or lower than competitors like X2Y2.

The 1inch NFT aggregator aims to provide a comprehensive platform for buying, selling, and trading non-fungible tokens (NFTs). The proposed platform seeks to simplify the process of purchasing and managing NFTs by aggregating listings from various popular marketplaces and enabling seamless exchange of NFTs with other cryptocurrencies.

The 1inch NFT marketplace aggregator offers users a streamlined experience by allowing them to browse, buy, and sell NFTs from multiple marketplaces in one place. The aggregator also offers advanced search and filtering options to help users find specific NFTs based on criteria such as price, rarity, and creator. Additionally, the platform will provide a unified wallet that allows users to store and manage their NFT collections across multiple marketplaces.

Given 1inch network’s existing platform, the NFT aggregator will also enables users to exchange their NFTs with other cryptocurrencies such as Ethereum and ANY other ERC-20 tokens. This allows for more liquidity in the NFT market and provides a pathway for NFT investors to trade their assets in a decentralized and secure manner.

For standard marketplace buy and selling, there is no platform fees.

Beyond the table stakes expectations of an NFT marketplace and NFT aggregator, as part of this implementation, the 1inch NFT protocol will leverage the 1inch limit order protocol and bring true limit orders to the NFT space.

For example, I am a holder of a bored ape yacht club NFT, and the currently floor is 69E. I would like to leave my NFT unlisted to avoid creating additional depth and sell walls, but when the floor reaches a TWAP of 420E, I want my NFT to automatically be listed at any desired price (ex. 2% above a 420E floor).

Another example of limit orders, would be you are currently traveling by airplane and unable to get connected to internet and the floor of an NFT I am holding is crashing. Fortunately, on the 1inch NFT aggregator platform, I created a stop loss limit order that would allow me to automatically list my NFT if the TWAP floor hits.

Aligned to 1inch limit order protocol and the no platform fees model, for NFT limit orders there is also no fees.

Motivation

Based on the current weekly volume data and market share data, it is clear that volume is currently significantly down as compared to the NFT bull run of 2021 and 2022. Additionally, the current farming rewards associated with Blur, have skewed volume and market share. The best example of the effectiveness of aggregators was during the 2021 and 2022 bull run with market share distributed across gem, genie (now Uniswap), and via direct marketplaces (OpenSea).

While this can be seen as a challenging market, similar could have been said in the period prior to 1inch network DEX aggregator launch. The value proposition of 1inch network is that 1inch continues to build protocols that can be shared and leveraged across the 1inch network. 1inch is able to bring very large market makers within the 1inch network to act as market makers for NFTs with the limit order capabilities, additional product overlap and connection with the existing 1inch network. This creates a pathway for exceptionally more liquidity to enter the NFT space and drive marker makers to be more decentralized.

Specification

The proposed marketplace will have the following features:

Limit order creation 1inch wallet integration (1inch Token) Wallet connect integration Ethereum Native 1inch nft marketplace NFT aggregation from (1 inch, openSea, X2Y2, Looksrare, ) Buy Now Bids Offers Users can purchase NFTs with any token in one transaction on 1inch marketplace using the wallet of their choosing Users can search of nfts though set of filters. Users will enter the details such as trait type, floor price, price, rarity, ect. All bids will be made on their respective marketplace and stored inside of the 1inch orderbook. Sellers will be able to accept bids from the users. Utilizing the underlying protocol (1 inch, seaport, X2Y2, ect) transaction will be executed onchain exchanging assets from the maker to the take. Collection search engine displaying pertinent collections to users Get instant alerts sent to your browser, Telegram, or Discord Upcoming drops (though application) Add any collection with token address Suggested Collections Users will be able to share the collectible with their social media accounts such as Facebook, Twitter, and Telegram Get live floor prices, volume, and sales data on any collection, wallet, or mint Deep dive into sales history, floor price, volume, and trends. Detailed live and historical charts help you find the perfect entry and exit Access to metrics such as the moving averages over the last sales, profits and losses, and many other insights Unique holders and numbers of transactions Metrics such as assets purchased below current floor, assets never sold since mint, etc. Considerations(Enhancements)

Integration with the broader 1inch ecosystem:

The 1 inch network is expansive encompassing multiple protocols the close integration of the NFT aggregator and marketplace with services already provided by the network will assist in capturing marketshare

Tight integration with the 1 inch limit order protocol Orderbook integration with the existing 1 inch aggregation protocol Markeplace integration inside of the 1inch wallet 1 inch earn derivatives integration 1inch api Integration:

Expanding the existing automations created for the fundgable token market to NFTs though the integration of the NFT aggregator into the 1inch API product offering. This will allow institutional liquidity players already familiar and trusting of the 1inch APIs an easy entry into this new market

Updates to the indexer:

The marketplaces aggregated by the 1inch protocol are perpetually updating their on and off chain systems the orderbook indexer and onchain router will require updates to maintain compatibility. This will be a consistent effort as the marketplace space evolves.

Revenue from NFT Marketplace: All the service fees for transactions and listing of the NFT Marketplace during the MVP phase will go to 1inchDAO treasury.

Receiving address for funds distribution:

Eth: 0xae88Fd59AB8Fbaa100202F2Ea55ECb071487EaA7

Vendor Team

Solidity.io is a full-stack Web 3.0 solutions firm, and venture studio focused on supporting some of the biggest brands, protocols, and startups in developing software solutions in Web3.0. Solidity.io is a leading custom software solutions provider for top DAO’s in Web3. The Solidity.io team is comprised of industry-leading engineering and product design professionals, fully doxxed and North America based.

Solidity.io are active DAO participants and have already successfully delivered value to several DAOs, most notably ApeCoin DAO, with dedicated work as well supporting venture-backed DAO infrastructure companies as well.

With full-stack Web3 development resources and experience, Solidity.io will be able to deliver a top-of-the-line NFT marketplace aggregator, quickly, securely, and cost-effectively in order to generate maximum value return for the 1inch network.

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