Mosaic
Problem statement: NFT's stagnate because of high prices, limiting access, artist royalties, and price discovery. Fractional NFT's democratize premium assets.
Solution to the problem: Mint fractional NFT's: Liquidity spurs price discovery, volume increases royalties, shared ownership promotes communities & accessibility.
Mission: To create self-governed markets around NFT assets & improve CryptoArt sustainability.
Goal: To build a fractional ownership token minting contract (when Alonzo goes live), pay for NFT storage (IPFS, Arweave), and redesign website.
Mosaic: a decentralized protocol built on Cardano where NFT artists and owners can mint fractional ownership tokens tied directly to their unique NFT's. These ownership tokens are Cardano native tokens and behave like Cardano's core token, ADA, affording them governance and staking capabilities. Ethereum based NFT's can now easily be transitioned into affordable fractional ownership tokens on Cardano, negating their environmental impact and the ghastly gas fees.
-Benefits of Fractional Ownership-
Liquidity & Volume Optimize Price Discovery and Royalties
Minting multiple ownership tokens creates a miniature market that has enough liquidity to discover it's true price. With many buyers and sellers competing, the NFT can be priced accurately by the public, all while trading at a much higher volume than ever before. High volume means a lot of trading is happening, and since royalties are generated from every trade, the artist is passively earning crypto like never before.
1/1 Editions Make Sense
Uniqueness doesn't demand exclusivity. Ownership tokens introduce an improved release mechanism to artists, since releasing a 1 of 1 edition won't sacrifice accessibility or earnings. Increased number of transactions and royalties, increased number of collectors holding your art, increased NFT adoption because entry is more affordable, increased uniqueness, what more could one ask for? One might wonder "what's the difference between fractional ownership of a 1/1 edition and owning a 1/1000 edition?" The answer lies in governance, a topic we touch on more later, but briefly, with ownership tokens you maintain the ability to consolidate ownership and even vote to sell the 1/1 edition to a solo buyer.
Accessibility & Community
Everyone has their own thoughts on what crypto represents. For us, a large part of it is giving the people the freedom to own their money and assets. With this line of thinking, we believe it's imperative that the CryptoArt scene doesn't become exclusive and toxified like much of the physical art market has. With fractional ownership, buyers earn the chance to purchase partial ownership in premium art for affordable prices, allowing people to support the artists they like and be a part of this wonderfully wacky movement. While making money is valuable, creating a supportive community of collectors that not only share a common interest in your work, but form a democratic body and economy around it is something in and of itself.
-Roadmap-
- Develop Website
- Minting Smart Contract - Beta
- NFT Data Storage with IPFS or Arweave
- Basic Selling Mechanism on User Profile
- Minting Smart Contract - Final
Release V1 -- July 4th, 2021 (V1 covered by this funding round)
- NFT Governance System
- Marketplace and/or Partnership with a Cardano DEX
- Marketing and Art Partnerships
Release V2 -- January 2022
- NFT Staking, Pooling and Collections
- $MOS Token Release
Release V3 -- April 2022
-First Sprint-
Website:
- Link Wallet to website
- Website minting UI (input number of tokens to mint)
- Profile page (owned tokens and their NFT)
- Basic "For Sale" placard (NFT displayed, total # of fractions, # for sale, cost, seller name, proof of ownership, Buy button)
Minting fNFT Option 1 (pre-Alonzo update [no on-chain smart contracts]):
- User initiates minting
- NFT sent to multisig address and private keys are minted (amount the user specified)
- NFT data is pinned to IPFS or arweave
- 10% of tokens are sent to Mosaic Collection address
- 90% of tokens are sent to user's linked wallet
Minting fNFT Option 2 (smart contract):
- Contract initiated
- NFT locked in escrow-like contract (only unlocked with a certain number of token signatures)
- Tokens are minted (number input by user in website UI)
- 10% of tokens are sent to Mosaic Collection address
- 90% of tokens are sent to user's linked wallet
Selling fNFT, simple escrow contract:
- Owner lists "x" number of tokens at a specified price
- "x" tokens are locked in escrow unless owner cancels
- Buyer links wallet, selects number of tokens to purchase and clicks Buy button
- If they have enough funds, their funds are accepted by the escrow contract. The funds are sent to the seller and the tokens to the buyer
-Definition of Success: 3, 6, 12 Months-
We will assess our progress at the conclusion of each week and update our Discord accordingly. Our ask is 5000 ADA so we can give this project our full attention for at least 4 weeks. At the conclusion we expect nothing less than a working product that allows users to mint fractional ownership tokens and safely store the associated NFT. If we find we are short on time, we will delay integrating the on-website trading function since exchanging tokens can be done on a project like Polyswap or Yayswap.
3 Months:
- Successful launch of Mosaic
- Successful community channels (Discord, Telegram) of over 100 members
- Peer-reviewed smart contract for minting and trading
- 3 new hires
- High availability: two nines
6 Months:
- Full trading functionality (ideally a partnership with a Cardano DEX)
- Governance model being finalized
- 10 artist deals/releases
- 100 fractional NFT's processed
- 1,000 fractional ownership token holders
12 Months:
- Full Roadmap reaching completion
- Staking, Pooling & Collections have been explained
- Full-scale marketing campaign
- $MOS is set to be released fairly
- 20 artist deals/releases
- 500 fractional NFT's processed
- 10,000 fractional ownership token holders
- High availability: four nines
Risks
- Large competitors incorporate fNFT contracts into their platform.
- Large competitors bridge over to Cardano.
- Solution: Be more customizable and responsive with the community. Introduce governance & staking functionality.
-Team-
George Humphreys
- Lead Developer
- Plutus Pioneer & SPO
Purva Gothi
- Head of Marketing and Community
- MSc in Luxury Management
Wassim Nemer
- Project Manager
- MBA in Entrepreneurship & Int. Bus. Development
N1c0 Wagner
- Advisor
- Co-Founder of Kleros
- Solidity, PHP, Python
Relevant experience: Collective 25+ years in devops, NFT artists & collectors, Ethereum Development (Kleros, Recover, GameCoin), Haskell, Plutus Pioneer Program.
Intellectual Property Mosaic will be open source, always.