AIP-472: ApeLance: WEB3 Freelance Marketplace on ApeChain

Disclaimer: Due to the recent approval of AIP-436, all AIPs requesting an allocation denominated over US$250,000 will require a super majority approval of 69% of the total number of votes cast. The Foundation has already begun coordinating to develop our new Snapshot strategy to automate these new decision making guidelines, however, we will ensure compliance with this guideline manually in the interim.

This AIP falls above that threshold and will require 69% of votes to be approved.

PROPOSAL DESCRIPTION

ApeLance is set to transform the freelance landscape by offering a secure, transparent, and efficient platform powered by blockchain technology. By ensuring instant payments, confidentiality, and a robust verification system, ApeLance provides a reliable and innovative solution for freelancers and clients worldwide.

The Problem: Traditional freelance platforms often charge high service fees (up to 40%) and can delay payments for several days or even weeks. Freelancers and clients alike face issues with trust and transparency, as the terms of service and payment processes are controlled by centralized entities. In some regions, payments cannot be received, and transfers do not go through. With Web 3.0, we aim to ensure equal rights and opportunities for everyone across the globe.

ApeLance Competitive Advantages

⭐ ApeLance: The Solution ApeLance leverages smart contracts on ApeChain to automate and secure payment processes. Payments in ApeCoin are instant and transparent, significantly reducing the risk of non-payment or delayed payment. Smart contracts hold funds in escrow and release them upon the completion of predefined milestones, ensuring that both parties fulfill their obligations. Payment delays can disrupt the cash flow for freelancers. By utilizing ApeCoin and smart contracts, ApeLance ensures immediate and secure payments upon task completion, providing financial stability for freelancers.

⭐ Easy Account Creation Creating an account on our platform is simple and does not require any personal information. Users can register using their wallet address created on ApeChain or their MOCA ID. This approach ensures that the personal information of both contractors and clients remains confidential, while also enhancing the platform’s usability regardless of the user’s location or background. ApeLance aims to eliminate these biases and create an equal opportunity environment for all users.

⭐ Bid Bidding allows freelancers to offer their services at competitive rates, ensuring clients receive the best value for their projects. By creating a competitive environment, clients can choose from a range of bids that suit their budget and quality expectations.

⭐ NFT Verification and Badge System The NFT Verification and Badge System is a key feature of ApeLance that allows users to verify their NFTs and receive a badge on their profile. This badge serves as a mark of authenticity and credibility within the ApeLance marketplace. Verified NFT badges provide clients and freelancers with an added layer of trust, knowing they are dealing with genuine members of the NFT community. NFT users can easily find and connect with others who share similar NFTs, fostering a sense of community within the marketplace.

⭐ Conclusion ApeLance is set to transform the freelance landscape by offering a secure, transparent, and efficient platform powered by blockchain technology. By ensuring instant payments, confidentiality, and a robust verification system, ApeLance provides a reliable and innovative solution for freelancers and clients worldwide.

Freelancer: An individual who offers their services on a project-by-project basis, often working independently and remotely.
Client: An individual or entity that hires freelancers to complete specific projects or tasks.

🌍 Facts about Freelancing Worldwide

▶ Statistics

Growth: The freelance workforce is growing rapidly, with an estimated 59 million freelancers in the United States alone, contributing $1.2 trillion to the economy. Freelancing is a global phenomenon, with freelancers from around the world offering their services to clients across borders.

Flexibility: One of the main reasons people choose freelancing is the flexibility it offers in terms of work hours, location, and choice of projects. Freelancing allows individuals to have more control over their work-life balance, leading to higher job satisfaction and overall well-being.

Cost-Effectiveness: For companies, hiring freelancers can be more cost-effective than hiring full-time employees, as they only pay for the work done

Speed and Efficiency: Freelancers can often complete projects more quickly and efficiently than traditional employees, as they are highly motivated to deliver quality work. Freelancers bring fresh perspectives and ideas to projects, contributing to innovation within companies.

🪙 Freelance Industry Financial Statistics:

▶ Statistics

Revenue Growth: The global freelance market was valued at $1.5 trillion in 2020 and is projected to reach $2.7 trillion by 2028, with a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

Regional Revenue Distribution: North America accounted for the largest share of the freelance market revenue in 2020, followed by Europe and Asia-Pacific.

Sector Contribution: The technology sector is the largest contributor to freelance revenue, followed by design and creative services, and administrative support.

Freelance Platform Revenue: Online freelance platforms generated $5 billion in revenue in 2020, a significant increase from previous years, driven by the shift to remote work and the gig economy.

Our goal is to create a blockchain-based P2P freelance platform to capture 0.1% of this rapidly growing market. Unpredictable events such as the COVID-19 pandemic and subsequent isolation have demonstrated that people’s lives are not fixed. The next generation dreams of working on diverse projects from anywhere in the world rather than settling in one place.

BENEFIT TO APECOIN ECOSYSTEM

Increased Utility for ApeCoin

Payment Medium: Using ApeCoin as the primary currency on ApeLance will increase its demand. Freelancers will receive payments in ApeCoin, encouraging them to hold, use, or trade it within the ecosystem. ApeLance will facilitate numerous transactions daily, boosting the transaction volume and liquidity for ApeCoin._

New User Acquisition: By targeting freelancers and clients globally, ApeLance will attract new users to the ApeCoin ecosystem, including those who have not previously engaged with crypto. ApeLance will encourage active participation from the ApeCoin community, including developers, designers, marketers, and other freelancers, fostering a vibrant and collaborative environment. The platform will help businesses find skilled freelancers quickly and efficiently, driving economic activity within the ApeCoin ecosystem._

NFT Verification: The NFT verification feature will incentivize NFT holders to use and hold ApeCoin, increasing engagement within the ApeCoin ecosystem._

Long-Term Viability: The decentralized and transparent nature of ApeLance ensures its sustainability without reliance on a central authority, aligning with the principles of decentralization and self-sovereignty central to the ApeCoin community._

The 0.1% of the market we are targeting amounts to $500 million, representing the total sales between employers and employees. We will generate revenue by taking a commission from these transactions.

According to our estimates, payments for jobs can be made using all types of coins available on ApeChain, with the commission structure as follows:

• 0.5% marketplace fee will be charged if paying and receiving payments using ApeCoin.

• 1% fee will be charged if payment is made in other coins.

The 0.5% (ApeCoin) and 1% (other coins) fees would only be collected from the client, ensuring that freelancers receive the full payment for their work. This approach aligns with our goal to attract and retain top talent by maximizing their earnings.

Aside from the marketplace fee, the core features of Apelance will be free to use. However, we plan to introduce premium features in the future, such as enhanced profile visibility, advanced project management tools, and access to exclusive job postings. The costs for these premium features are still being finalized and will be competitive with market standards.

Tipping will also be a feature offered by Apelance. We recognize the importance of allowing clients to show appreciation for exceptional work beyond the agreed-upon payment. Apelance will take a small percentage of the tips provided, set at 1%. This rate is designed to cover the administrative costs while ensuring the majority of the tip goes to the freelancer.

We plan to spend 20% of commissions rewarding our most active users and 10% to support initiatives of ApeCoin DAO. Our goal for the next five years is to attract 0.1% of the market, which is estimated $2.5 million. The 20% of commissions allocated for rewarding our most active users will be distributed based on a point system. Points will be awarded for activities such as completing projects, receiving high ratings, and contributing to community discussions. These points can be redeemed for ApeCoin or used to access premium features. The 10% allocated to support ApeCoin DAO initiatives will be used to fund projects and events that align with the DAO’s goals, such as educational programs, community meetups, and development grants. Detailed criteria and application processes for these funds will be developed in collaboration with the DAO.

We understand the importance of security, especially when dealing with token holders’ wallets. We have plans to conduct comprehensive security audits with reputable firms before the platform goes live. Although the auditing process has not yet begun, we will provide proof of these audits once they are completed.

Additionally, users will receive a Job NFT Badge, and job ads and information for NFT-certified users within the Yuga Labs ecosystem will appear at the top of listings. Similarly, Mocaverse NFTs will also rank high.

The appearance order for listings will be:

1. BAYC
2. MOCA
3. MAYC
4. Other ecosystem NFTs

This ranking system will provide advantages to these NFT users, ensuring they reach potential clients faster. Organizations interested in multitasking can also include NFT sales to leverage these benefits.

Regarding the use of ApeCoin trademarks, we do not expect to maintain full ownership rights to the content or IP created as a result of the approval of our proposal. We anticipate that any content produced will be owned by the ApeCoin DAO, aligning with the principles of decentralization and community ownership.

OVERALL COST

Total amount requested from the ApeCoin Ecosystem Fund = $277,000

Technical Development:

• Smart Contract Development: $10,000

  • Developing the smart contracts that will power the decentralized freelance marketplace, ensuring security and functionality.

• Integration with ApeChain: $20,000

  • Integrating the platform with the ApeChain blockchain, including wallet integration and transaction processing.

• Security Audits: $20,000

  • Conducting comprehensive security audits to identify and fix vulnerabilities in the smart contracts and platform.

• Blockchain Node Setup and Maintenance: $25,000

  • Setting up and maintaining the necessary blockchain nodes to support the platform’s operations.

User Interface Design

• UX/UI Design: $5,000

  • Designing the user interface for the platform, focusing on user experience and ease of use.

• Front-End Development: $25,000

  • Developing the front-end of the platform, including responsive design for different devices.

• Testing and Iteration: $15,000

  • Conducting user testing and iterating on the design based on feedback to ensure a seamless user experience.

Deployment and Launch

• Deployment Costs: $10,000

  • Deploying the platform on the ApeChain mainnet, including final testing and optimization.

• Launch Marketing: $30,000

  • Marketing activities to promote the platform launch, including social media campaigns, influencer partnerships, and press releases.

Monitoring and Maintenance (1 year)

• Ongoing Maintenance: $60,000 ($5,000 per month)
  • Continuous monitoring and maintenance of the platform to ensure stability, performance, and security. This includes server costs, bug fixes, and updates.

Additional Features and Enhancements

• Bidding System Implementation: $10,000

  • Developing and integrating a bidding system for freelancers to propose their rates and timelines for projects.

• NFT Verification and Badge System: $15,000

  • Implementing a verification and badge system for NFT holders to authenticate their profiles and increase credibility.

• Payment Gateway Enhancements: $12,000

  • Enhancing the payment gateway to support various cryptocurrencies and ensure seamless transactions.

Miscellaneous Expenses

• Contingency Fund: $20,000
  • Allocated for unforeseen expenses and to cover any additional costs that may arise during the project.

PROPOSAL

Link to the full proposal: https://forum.apecoin.com/t/aip-472-apelance-web3-freelance-marketplace-on-apechain/24602

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimise for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.

This AIP falls above that threshold and will require 69% of votes to be approved.