InteractWith - Fiat to NFT onramp infrastructure for apps

Basic Details

Project name: InteractWith

Author name and forum name (please provide a reliable point of contact for the project):
Adam Rozichner
L2 recipient address: 0xA0399DA270E4304E2eEC564c01BF3AA72811E3B9

Which Voting Cycle are you applying for?: 11

I confirm that I have read the landing pages for the [Builders ] and [Growth Experiments ] Sub-Committees and that I have determined my proposal is best suited to be reviewed by the Builders Sub-Committee: [Yes/No]: YES

Project Details

What are you going to build?:
NFTs infrastructure for apps (APIs, SDKs, Dashboard, Wallet).
Plug-and-play web3 infrastructure to integrate NFTs into any app.
Fiat to NFT onramp infrastructure - we’re building a familiar web2 user experience by selling NFTs via credit cards.

Why is what you are going to build going to succeed?:
We are building an infrastructure to support web2 apps, games and brands to easily add web3 capabilities, and the reason we’re going to succeed is our unique Fiat-based incentive system for integration. We offer our core products for free while sharing fiat-based revenue streams and monetization channels with the app developers

Is your project likely to bring new builders to the Optimism ecosystem? If so, please describe how:
Our infrastructure of web3 integration tools enables easy integration of web2 apps, brands and games to the OP ecosystem and specifically has the potential to onboard millions of non-crypto users to mint and trade NFTs on the OP network

Is your project likely to improve the quality of developers in the Optimism ecosystem? If so, please describe how:
Building our infrastructure on OP has the potential to improve quality of developers by introducing thousands of high-quality web2 devs to the OP ecosystem.
Is your project likely to improve the commitment of developers in the Optimism ecosystem? If so, please describe how:
As the developers in the OP ecosystem witnesses new revenue streams arriving from web2 apps and brands into the OP ecosystem, their enthusiasm and commitment will rise, driving more dedication from builders in the OP network.
Provide us with links to any of the following for the project:

Do you have any metrics on the project currently? (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):

Who are your competitors?:
Moralis, Tatum, NFTPort, The Easy Company and more.
What differentiates you from your competitors?:
Our offering is focused on:
**1) Highly social experience and gamified look and feel within our products. **
**2) Seamless integration for app devs and game studios with lots of docs and live support teams. **
**3) Free core products for developers while most companies charge subscription. **
4) We create revenue for our customers by sharing the profit with them, while our competitors charge them.
Will your project be composable with other projects on Optimism? If so, please explain:
Our infrastructure can be connected to any dApp on OP and allow users of that dApp to mint in-app \ in-game items as NFTs using their credit card, on the OP network.

Team

Who are your founders?:
Adam Rozichner, CEO and co-founder - an experienced and successful CEO with a track record of leading Deloitte IL blockchain consulting department and co-founding a public blockchain company that provides fintech solutions for financial institutions.

Omri Raz, our Chief Business Development Officer, is a seasoned executive with a proven track record of success in the tech industry. previously served as COO at Poolz Launchpad, and has founded Defish. Games, a web3 game studio.

Miroslaw Shpak, our CTO, is a skilled and experienced CTO with a strong background in technology. He is a super-fullstack developer with a deep understanding of web3 and game studio architecture, and has successfully exited a social network app in the past.

Alexey Kuchma, our Chief Product Officer, is a talented CPO with a wealth of experience in product design and management. He has successfully led a web3 game studio and managed a team of 40 employees.

What makes your founders well-positioned to accomplish your goals with this project (1-2 sentences on each)?:
Adam - in crypto since 2017, familiar with the corporate side of blockchain companies with deep regulatory understanding, which is important for our Fiat to NFT payment system.

Omri - well connected and respected, which supports our BD efforts for creating a valuable network of partners.

Miro - experienced with building scalable infrastructure solutions.
Alexey - visionary product creator who has led all product aspects for a web3 game studio.

We are avid gamers who share great passion to easing the access to web3.

Tell us about the rest of your team (if there are more teammates):
Dean our marketing manager is well experienced with marketing strategies and processes in web3.
Is this your first Web3 project?:
Nope
If not, what else have you built? (Share links, Github repository, or any other useful information.):
Web3 game studio - defish. games
Public blockchain company in Israel - Tectona .io
Blockchain department in Deloitte Israel

I understand that Builders grants are subject to a 1 year lock-up, as explained further in this post : [Yes/No]: YES

Is your project funded? If so, provide an estimate of how many months of funding runway your project has:
We’ve raised $700k on seed and private rounds last year, now we are doing an IDO on the 15-17.03.2023 on Poolz, Enjinstarter and Bullperks for $825k public round, which will keep us going for 40 months at our current burn rate of $20k per month.
Grant Request

What is the size of the grant request? (50k OP max):
48k OP
How do you justify the size of the grant?
We need it so we can build an incentive system for the native version of our product on OP, we’ll be using the grant to attract and incentivise app developers and users to integrate and mint NFTs on OP.
Roadmap

Describe in discrete steps your plan for accomplishing your project:

Our step-by-step plan to build an incentive system for the native version of our product on OP:
1. Identify the key goals and metrics we want to achieve with the incentive system, such as the number of app developers and users we want to attract and the amount of NFTs we want to mint on OP.
2. Determine the budget for the incentive system based on the grant amount and other available resources.
3. Develop a clear and easy-to-understand set of rules and guidelines for app developers and users to participate in the incentive system.
4. Design and implement a system for tracking and verifying the activities of app developers and users, such as integrating with OP and minting NFTs.
5. Set up a mechanism for distributing rewards to app developers and users based on their performance and contribution to the ecosystem, such as a token or other forms of incentives.
6. Launch and promote the incentive system to our target audience, such as via social media, newsletters, and other marketing channels.
7. Monitor and evaluate the performance of the incentive system regularly, and make the necessary adjustments based on the feedback and data collected.

Please provide any additional information that will facilitate accountability:(smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.)

Does your plan depend on the receipt of OP tokens?:
That will be determined by the level of demand from within our community to build a native version of our Fiat to NFTs payment system on Optimism.

What is your plan for the use of the OP token after the 1 year lock-up?:
We’ll use the OP tokens to create the incentive system for our app developers and app users community to build and mint NFTs on OP.

Please provide benchmark milestones for this project. These milestones should guide the Optimism community on the progress of your project during the 1-year lock-up period.

Benchmark milestones to guide the OP community on InteractWith progress:

  • Completion of project planning and strategy within the first month
  • Completion of development and testing of project MVP within the first 3 months
  • Launching of the project MVP on Optimism mainnet by the end of the 6th month
  • Reaching 1000 active users within the first 9 months
  • Establishing partnerships with at least 3 leading industry players within the first year
  • Hosting at least 2 community events or webinars within the first year
  • Publishing at least 4 technical blog posts or documentation within the first year.

Please define critical milestones for this project. Critical milestones are meant to show good-faith efforts to accomplish the project. Non-completion of these milestones could lead to revocation of remaining grant rewards.

Critical milestones for InteractWith:

  1. Testnet deployment of smart contracts - We will deploy our smart contracts on the Optimism testnet by the end of Month 1 to ensure they function as intended and can be tested by the community.
  2. Mainnet deployment of smart contracts - We will deploy our smart contracts on the Optimism mainnet by the end of Month 3, allowing users to interact with our solution on the live network.
  3. Integration with other dApps - We will integrate our solution with at least 2 other Optimism dApps by the end of Month 6, to increase exposure and usage of our product.
  4. User acquisition - We will onboard at least 100 active users to our infrastructure by the end of Month 9, through targeted marketing campaigns and user incentives.
  5. Security audit - We will conduct a third-party security audit of our smart contracts by the end of Month 6, to ensure they are secure and free of vulnerabilities.
  6. Community engagement - We will participate in at least 4 community events (hackathons, meetups, etc.) related to Optimism or Ethereum scaling solutions by the end of Month 9, to increase awareness and engagement with our project.

These critical milestones demonstrate a good-faith effort to accomplish the goals set forth in the proposal, and provide measurable benchmarks for the community to track the progress of our project.

Optimism Relationship

Does your project solve a problem for the Optimism ecosystem?:
Our project is helping solve the problem of lack of adoption and use cases on the Optimism ecosystem. Despite its potential, many users and developers may not be aware of the benefits of using the Optimism network, or they may not have the necessary tools or knowledge to take advantage of it. By providing a plug-and-play solution for developers to easily integrate web3 capabilities into their applications, and by creating an incentive system for users to mint NFTs on the Optimism network, we’re helping drive the adoption and usage of the Optimism ecosystem.

How does your proposal offer a value proposition solving the above problem?:
Our proposal offers value by providing a plug-and-play solution for game developers to easily integrate blockchain technology into their games on the Optimism network, creating new opportunities for NFT minting and fostering broader adoption of decentralized technologies in the gaming industry. The incentive system we are creating will attract and incentivize app developers and users to integrate and mint NFTs on the Optimism network, further driving adoption and growth.
Why will this solution be a source of growth for the Optimism ecosystem?:
Our solution will be a source of growth for the Optimism ecosystem by onboarding many Web2 brands into Optimism, expanding the user base and creating new use cases for the network. This will lead to increased transaction volume, higher demand for Optimism tokens, and more development activity within the ecosystem.
How committed are you (and your team) to building on Optimism?:
As a founder of InteractWith, I am fully committed to building on Optimism and helping to grow the ecosystem. We are excited about the opportunity to onboard web2 brands into the Optimism network and we understand that building on a new platform can be challenging, but we are committed to working closely with the Optimism community to overcome any obstacles and make this a success.

Is your project Optimism Native?:
Not yet
Confirmations

I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: [Yes/No]: YES

I understand that I will be expected to following the public grant reporting requirements outlined [here]: [Yes/No]: YES

1 Like

Hey @Adam1, giving you a heads up that this will be the formal comms channel with the grant council builders subcommittee, which consists of @Gonna.eth,@jackanorak, @danelund.eth, and myself.

We’ll make sure we’re around to address any questions you have in this process. We might also be asking additional questions here during the review process so please check this thread for updates on a regular basis.

One thing to be mindful of is that in the Cycle 11 we require the milestones to be precisely defined into two categories - critical milestones and benchmark milestones as described in Milestone Assessment . Could you please restructure your milestones description to follow this structure?

Some additional questions that came to my mind while reading your proposal, answering them may affect our rating of your proposal:

  1. On which chains are you going to launch InteractWith? You noted that InteractWith is “not yet” Optimism native, but is it going to be exclusive for Optimism or is Optimism going to be just one of the chains you’re going to launch with?
  2. Why do you believe Optimism is the best place for launching InteractWith, what are the features of Optimism that make it best suited for launching your platform?
  3. How are you going to integrate with fiat onramping? Do you have any ongoing partnerships, which onramp solutions will you integrate with (if any)?
  4. Will you use the Grant solely to incentivize building on top of InteractWith? I see that you plan on structuring the details of the incentivization program during the project but can you share any early vision of what would it be and how will it work? It’s important as this is the main usage of the grant distribution if I understand it correctly.
  5. What are the revenue streams from your project? You mention that your core product will be free and there won’t be any subscription plans as opposed to your competition - so what exactly will you charge for and how will you split the revenue stream with the teams building on top of InteractWIth?

Thanks in advance for the answers, in case you had any questions don’t hesitate to ask here or reach out to us!

1 Like

@Adam1 in your introduction, are you saying you led all of deloitte’s blockchain consulting work worldwide? In what sort of context has your team acquired expertise with regulatory matters?

In addition, friendly ping to check out the suggestions laid out by @kaereste – in particular, it will help to get a better understanding of the milestones.

1 Like

Hey Jack, I’m referring to leading the Deloitte blockchain consulting in Israel, which is part of the Deloitte US branch. We’ve worked with blockchain companies on regulatory matters quite often, whether to create 1) digital financial instruments such as security tokens or blockchain based dividend yielding investment platforms, 2) communication channels with regulators and AML, KYC requirements for a top 3 privacy coin. 3) being part of a special committee of Israel’s SEC to establish guidelines for operating with crypto\blockchain projects in Israel.

I’ll be sure to take a look right now and start working on it. Thanks!

1 Like

Hi, @Adam1, thanks for the previous updates, we are giving some project final suggestions to improve the chances to finish on the top 10 of the final list.

Please verify if your milestones are crystal clear, meaning they have: potential dates of completion, clear objectives to be accomplished, and an open source of truth to verify they are completed.

Please keep in mind that milestones score higher if they are oriented to:

  • Draw more developers to Optimism ecosystem
  • Making the project composable with Optimism ecosystem

I would also appreciate it if you answered my previous questions.

The sooner your edits, the greater the chance they will be considered in the final review. We are looking to wrap up on Monday. Please tag me if you make any changes.

1 Like

Hey @kaereste thank you for your kind reply and apologies for the late response!
Addressing the questions you brought up:

  1. Until today we’ve tested and deployed some of our products on BSC, ETH, OKX, ZKsync and Aurora. We’re actually looking for and in discussions to find an exclusive partner such as OP that we could offer a long-term exclusive partnership with. We still haven’t signed any exclusivity deals as we are considering different incentives and business terms.
  2. Optimism is an ideal platform for launching InteractWith because it offers several features that make it well-suited for our platform. One of the most important features is its high throughput, which means that it can handle a large number of transactions quickly and efficiently. This is crucial for our platform, which aims to facilitate interactions between users and dApps in real-time.
    In addition, Optimism is highly scalable, which means that it can accommodate a growing number of users and applications without compromising performance or security. This is important for us, since we expect to grow rapidly as more users discover our value and utility.
    Finally, Optimism has a strong community of developers and users who are committed to building and supporting innovative web3 onboarding solutions. This community provides a valuable resource for InteractWith, as we can tap into their expertise and experience to improve our platform and ensure its success.
  3. We are an integration partner of Stripe, which covers our fiat on-ramping.
  4. We plan to use the grant primarily to incentivize building on top of InteractWith. Our goal is to create a vibrant ecosystem of developers and users who can benefit from the platform’s features. We envision a program that rewards developers for creating innovative applications and integrations that utilize InteractWith’s capabilities.
    One potential approach is to offer a series of hackathons or coding challenges, with prizes awarded to the best submissions. Another option is to provide ongoing grants to developers who create valuable tools and integrations that enhance our platform’s functionality.
    We also plan to leverage our partnership with Optimism to promote the program and attract top talent to participate. We’ll work closely with the Optimism community to ensure that the program aligns with their goals and priorities.
  5. Our revenue model for InteractWith is centered around the creation and transfer of NFTs within our platform. While we plan to offer our core product for free to users, we will charge a fee for every minting of an in-app item to an NFT, which we anticipate will be around $4-$5. Additionally, we will charge a fee of $2-$3 for each transfer of an NFT from one wallet to another.
    As for teams building on top of InteractWith, we plan to offer them a revenue-sharing model. Specifically, we will charge a platform fee on all transactions made within their dApps, with a portion of that fee going towards supporting ongoing development of InteractWith. We believe this incentivizes developers to build on our platform while also ensuring that we can continue to improve our product and offer ongoing support.

I’ve also adjusted our original application as to your comments @jackanorak @kaereste.

Please let me know if there are any additional questions.
Appreciate your attention,
Adam