Authors

ChopChop

Glossary

NFTX Ecosystem

Summary

This proposal is intended to give out a builder grant for the founder squad working on Hyype, an NFT social platform for people connecting with each other, which uses NFTs as the main medium or content. The exact terms of the grant and the team's roadmap are listed under specifications.

Hyype will function as its own DAO with its own governance token, which will be mainly (60%) distributed to NFTX token holders.

Rationale

NFTX is growing rapidly, becoming the number one platform and protocol for launching NFT index funds. With product-market fit proven on NFTXs main use case, we are now entering an expansion phase where entering additional verticals grows our lead further. Examples of these are active collaborating with projects like PieDAO and Indexed Finance, two Index Fund providers who will include NFTX-based funds (and/or our governance token) in NFT Metaverse offerings, for investors to gain broad exposure to the space.

While these collaborations are key to growth, we’ve also noted that there are large gaps to fill in the (social) discoverability of NFTs. This is where Hyype comes in.

Hyype is a social discovery platform aimed at people who collect arts and collectibles in the form of NFTs. Built for individuals that want to be recognised and seen by their peers in the community. People that want to discover new work they may want to collect and want to see new trends (items which other collectors might have started collecting).

Hyype is currently in its inception phase and its team consists of very early backers of NFTX. They have reached out to become a NFTX ecosystem DAO through receiving a builder grant, meaning that they will allocate 60% of their DAO governance tokens to NFTX holders post token generation event.

Effect

Opportunity

• Clearing a builder grant for an end-user product that aims at the social aspects of NFTs broadens the NFTX ecosystem to become more generalistically applicable, opening additional growth opportunities.
• By proposing a builder grant versus building out the idea in-house, the current core squads remain focused on building out the NFT creator and investor-focused use cases, ensuring we’re not spreading resources too thin.

Risk

• While utilization/integration of the NFTX protocol is slated for Hyype, it will not be part of the MVP. This may cause little confusion upon launch, meaning communication around this has to be crystal clear.

Specifications

The builder grant secures 12 weeks (3 months) of building out the MVP. The roadmap and expected output of this 12 week sprint looks accordingly:

• MVP - end of week 6.
• Alpha Launch - end of week 12.
• Beta Launch - introduction of protocol
• Token Launch - after protocol is live.

Tokenomics of Hyype will be distributed accordingly post-token generation event:

• 60% - Distributed to NFTX holders through a mix of distribution methods
• 15% - Founder Squad (4 year linear vesting)
• 25% - HYYPE DAO treasury

Funding request - Yes - Implementation Requires Funding

• In order to bootstrap the Hyype project, we’d like to offer them the following builder grant, for which funds are required from the DAO treasury: 100000 USDC to pursue the above-mentioned roadmap.

These funds are to be paid upfront after the vote passes.

Communication

• Discord: https://discord.gg/xcJkxMXSR8
• Forums: https://forum.nftx.org/t/draft-proposal-xip-7-builder-grant-request-for-hyype-an-nftx-ecosystem-project/198

Quorum

• Minimum Quorum: More than 10% of circulating, non-treasury NFTX must participate for a proposal to Pass.
• Passing Threshold: More than 50% of voting tokens must vote FOR for the XIP to Pass. For changes to the NFTX contract, more than 70% of voting tokens must vote FOR for the XIP to pass.