MIP 15 - NFT Aggregator Development

Authors Douwe – Electric Dick Dev

Summary Merit Circle is soon entering the NFT trading space with the release of the Sphere NFT Marketplace. Aggregators are a new tool for NFT trading. NFT aggregation is currently dominated by Gem, but there is plenty of opportunity for a new aggregator to enter the market. Together with Merit Circle, I want to develop an NFT aggregator that is user-friendly, and cheaper to use than any competitor. Having a well-developed NFT aggregator that natively integrates Sphere drives more volume to the marketplace, thereby generating more fees and revenue for the DAO.

Budget The proposed budget is $50,000, which will be used to finance the startup phase. The Merit Circle DAO will receive 50% of the aggregator’s common shares. The $50,000 will be used for branding, design, and closing a pre-seed equity round to fund the complete development of the aggregator.

Should the DAO develop a NFT aggregator with Douwe and take a 50% equity stake for a $50,000 budget?

1. The acceptance of this proposal grants the Merit Circle DAO 50% ownership in the to-be created equity of the proposed project. The remaining 50% will be owned by Douwe.

2. In the event that a token is created, it should give Merit Circle DAO a pro-rata amount of tokens. Proportional to the amount of team tokens the team equity would get in such an event.

3. Merit Circle will help with bootstrapping. This includes legals, branding, planning and fundraising. This is what the 50K budget is used for.

4. After the bootstrap phase, Merit Circle DAO will remain a founding partner, but the aggregator team will be led by an independent team. The seed raise funds can be used by Douwe to comprise a team.

5. Equity for additional valuable team members will be created during the fundraise. The size and allocation will be negotiated with the existing equity holders (MC DAO and Douwe) and investors.

Full discussion can be found here; https://gov.meritcircle.io/t/mip-15-nft-aggregator-development/595