[DRAFT] [GF: Phase 1] Open Meta Protocol

Project Name: OpenMeta Protocol
Author Name: Hashim (@Leo_CP )
Number of OP tokens requested:
350,000
L2 Recipient Address:
0xFB700a48c0d077D690106be23e149C808f5378a5
Relevant Usage Metrics: (TVL, transactions, volume, unique addresses, etc.)
NA as the project is not launched yet

Optimism alignment (200 word explanation):

Open Meta is a protocol and open source SDK for game engines aiming to bring NFTs to mainstream gaming and the open Metaverse. Our protocol aim to give NFTs limitless utility within an open ecosystem made from games, virtual experiences and immersive applications. Our main objective is to enable publishers to create a new wave of NFT collections that are both cross-chain and Metaverse-ready.

We are looking to encourage adoption of the Optimism ecosystem by setting it as the default chain for the protocol’s main activities, as well as for any game or immersive experiences using our SDK, and enabling a cross-chain mechanism which will allow users to bridge their NFTs from multiple chains to Optimism.

We plan to use the following strategies to help Optimism to become the default protocol for GamFi and the open Metaverse:

  • Our Unreal Engine SDK will set NFT minting on Optimism by default
  • Users will be encouraged to bridge their existing NFTs to Optimism
  • 25% of the generated income from fees will be used to support liquidity on Optimism and public goods
  • All new immersive DAOs will be deployed on Optimism by default
  • We will encourage organic adoption of Optimism within the NFT space and demonstrate the benefits of building Optimism-native games, virtual experiences, immersive DAOs and applications for the open Metaverse

We believe that gaming is an important ingredient for mass adoption which will help bring healthy liquidity to Optimism and we believe that our SDK will help Optimism to become the protocol for mainstream games and immersive experiences utilizing NFTs.

Proposal for token distribution (under 1000 words):

:building_construction:

Builders (50% - 175,000 OP tokens )

Open Meta is aiming to create a thriving Gaming and Metaverse ecosystem built on Optimism and to support the builders who successfully integrate our SDK and use Optimism as the default network for their products and NFT collections. Builders will be able to unlock a funding grant upon meeting certain requirements and achieving on-chain milestones.

Milestones

  • Releasing Unreal engine 5 game or immersive experience on a mainstream platform and utilizing NFT collections on Optimism - 2000 OP Tokens
  • Minting a metaverse-ready NFT collection of at least 5000 3D digital assets on Optimism using our SDK - 2000 OP tokens
  • Completing 100,000 on-chain transactions ( NFT sell, rent, bids… ) - 1000 OP tokens

:supervillain:

Users ( 25% - 87,500 OP Tokens )
Users will be incentivized to bridge their existing NFT collections from other chains (eg. ETH, Polygon, Solana) to Optimism and use the network for all their on-chain activities. Users will be eligible to claim OP tokens after achieving specific milestones of on-chain activities:

Milestones

  • Bridging a total of 10 NFTs from verified collections to Optimism - receive OP tokens from 43,750 OP token pool
  • Paying 0.2ETH in transactions fees - receive OP tokens from 43,750 OP token pool

:desktop_computer:

Development & Maintenance of Open Meta - an open source SDK (25%)
87,500 OP Tokens will be dedicated to cover the development and maintenance costs of our ecosystem in the form of bounties for participants and income streaming for the core team members working on the SDK and protocol.

How will the OP tokens be distributed?

Once one of the milestones are met, the OP tokens will be distributed via the income streaming protocol (sablier) whereas Development and Emergency tokens will be distributed by our DAO.

How will this distribution incentivize usage and liquidity on Optimism?

Our objective is to establish Optimism as the default network for the next wave of metaverse-ready and cross-chain NFTs, positioning Optimism as the protocol for mainstream gaming and immersive experiences. This will allow the protocol to collect fees from minting and other on-chain-related activities. In addition to this, we believe usage and liquidity will also increase significantly by enabling users to bring their existing NFTs from ETH mainnet and other chains to Optimism.

Why will the incentivized users and liquidity remain after incentives dry up?

As more games and immersive experiences become available, not only do we believe that users and liquidity will remain in the Optimism ecosystem, we believe they will eventually increase to a mainstream level. As our products aim to onboard mainstream users, many of them will be using our platform to buy and use digital assets without the need to understand the underlying technology we are using.

Over what period of time will the tokens be distributed?

We anticipate that the majority of the tokens will be distributed within one year, unless the OP token price increases significantly. If it does, we will be able to provide incentives for our community for a while longer by adjusting the number of tokens distributed to members of our community

How much will your project match in co-incentives?

We are planning to utilize a percentage of the generated fees from our platform to provide incentives for users in the near future. In addition, We are planning to collaborate with third party publishers of games and immersive experiences in order to reward users with exclusive NFT collections and unique experiences.

Unreal 5 SDK

Related info
Gitcoin Grant
Twitter

3 Likes

Hi Leo_CP,

Thanks for linking the Gitcoin Grant, there’s a lot of info on your project there. It looks like a decent idea, though it’s not completely clear to me how much progress you’ve made so far. I do think that linking NFTs to ‘proper’ games rather than just card collecting etc might be one of the steps we need to overcome the generally negative sentiment ‘gamers’ view NFTs (and the crypto space at large) with.

Looking specifically at the proposal, I’d really like to see the distribution section expanded out a bit more. What do you mean by ‘certain eligibility criteria’? Would you be issuing all the OP to the first builder who integrates with your project as an incentive to encourage rapid competition, or streaming out over time to all that do so over the 2 year period you mentioned? Would there be a certain amount available each day/week/months etc etc?

This looks like a really interesting idea, but lets see a bit more detail of what will happen to the tokens being requested.

3 Likes

The proposed of 1,000,000 OP is very high especially when you have not launched. I don’t see any point for “Emergency fund for our team” could you provide further details?

2 Likes

Thank you for the feedback

is it possible to show us a POC, this will give us more confidence.

1 Like

Hi @MinimalGravitas

Thank you so much for your feedback and kind words. We have been working on this project over the past two years where we worked on developing the concept and putting a lot of effort into getting things right from the start. Our objective from the start was to find a method which will allow NFTs to be used in mainstream games and to have an appeal to mainstream gamers and for our concept to be accepted by larger stakeholders in the gaming industry ( Sony, Microsoft, Steam, Epic … ) - We believe we have a good chance due to the fact that games using our SDK will not require the user to login with their wallet in the game but rather verify the ownership of their NFTs in our web platform.

In terms of how much progress we made so far, we will be releasing two products ( an interactive film & game ) this coming October as a proof of concept and both of these products will be using an early alpha version our SDK. We are currently working on the bridging mechanism on Unreal engine 5 and we will be testing how well everything works with an early version of our web app in the next a few weeks. Hopefully we can demo early version of our game and the NFT bridging concept really soon but I don’t expect to ship the public beta of the SDK any time before early 2023.

Summary of our progress so far:

  • Finished with 80% of the production of the first Chapter of the interactive film ( will include 40K NFTs )
  • Built two virtual environments for our game and immersive DAO concept ( one will be available as NFT collection to test our mechanism )
  • Currently building the MVP for our web platform and early alpha of the SDK ( including crosschain mechanism )

As for the distribution section, I believe a portion of the OP tokens could be distributed to boulders upon integration with Optimism but the majority should be streamed to boulders upon unlocking on-chain millstones. For example:

  • Launching a game or virtual experience utilizing NFT collections on Optimism - Unlock 20% of the dedicated OP tokens per project
  • Minting a metaverse-ready NFT collections on Optimism for their game or immersive experience - a streaming of another 40% of the dedicated OP token per project will start
  • The fees generated by the sale, resale and rent of their own NFT collections - a streaming of another 40% of the dedicated OP token per project will start

As for users, I believe it would be ideal to reward users who bridge their own NFTs from ETH and other chains like Solana to Optimism where a stream of OP tokens would start after bridging a total of 3 NFTs from verified collections as an example. Another example will be rewarding users who use OP tokens to buy NFTs and rewarding users who rent a lot of NFTs too.

I will spend more time to create a satisfactory distribution plan for the builders and users - and would love to hear everyone opinion about the best strategy

Hi @cryptouser42

I would say that you have a fair point - it might be better for us to reduce the requested amount for phase 1 to 250,000 OP tokens then submit another proposal upon successfully executing our plan with the received fund. Happy to hear what you believe would be fair for us to request as pre-launch project

Hey @OPUser

We are currently finishing up with the MVP for both the web platform and SDK - hopefully we will be able to show POC soon

1 Like

I like the concept here but it seems a bit overambitious for the amount of funds raised. is gitcoin the main source of prior funding? would love to see that POC in october.

Hi @MoneyManDoug

Thanks for feedback. We actually have been working on this for over two years fully self-funded. We might not have millions of dollars in our accounts but we manged to put decent amount of funding into our products ( interactive film, the game and now the SDK ). - between $100K - $150K so far and planning to put more if possible

We have a few plans which will allow us to continue build this open sources project without seeking VC funding. Obviously getting support from the community and projects we are aligned with will be great help and will allow us to release the SDK sooner.

We are trying to get the proof of concept within the next a few weeks - and launch two demoes for our products on Oct

1 Like