Project name: NFTEarth
I understand that I will be required to provide additional KYC information to the Optimism Foundation to receive this grant: Yes
I understand that I will be expected to following the public grant reporting requirements outlined here: Yes
L2 recipient address: 0x78ED254b9c140c1A2BE10d2ad32C65b5f712f54b
Which Voting Cycle are you applying for?: 11
Which sub-committee should review your proposal? (Builders Grants, Growth Experiment Grants): Growth Experiment Grants
Project description (please explain how your project works): NFTEarth is a marketplace for trading NFTs and a hub for creators and collectors to learn about NFTs.
Documentation: NFTEarth Docs
Other relevant links (including any demos):
API: NFTEarth API
Additional team member info (please link):
Please link to any previous projects the team has meaningfully contributed to:
Relevant usage metrics (TVL, transactions, volume, unique addresses, etc. Optimism metrics preferred; please link to public sources such as Dune Analytics, etc.):
Fastest growing contract on Optimism per Hot Contracts Twitter handle - Per NFTScan - the #2 NFT marketplace on Optimism for the month of February. Over the past 21 days, the application has had over 140,000 visitors per the team’s Cloudflare analytics, showing their is substantial interest in NFTs on Optimism.
Screencap of live application on https://nfearth.exchange:
Competitors, peers, or similar projects (please link):
Is/will this project be open sourced?:
Date of deployment/expected deployment on Optimism:
What is the problem statement this proposal hopes to solve for the Optimism ecosystem?:
NFT trading on Mainnet is by far one of the highest transaction generator for network … at the same time NFT on Optimism is in a “frozen” stage with almost no volume at all and also lagging most of even less developed chains… We are here to change that by building a robust NFT marketplace (already live since mid-January) for the NFT ecosystem to flourish on Optimism with unique tools, features, and token mechanics that will ensure long-term sustainability.
How does your proposal offer a value proposition solving the above problem?:
We have spent significant time working directly with AWS technical engineering to troubleshoot scaling the application to a global level and have prepared the infrastructure to now handle tremendous traffic. With this Grant we would like to stimulate/incentivize user activity to get back life to Optimism NFT ecosystem! Nothing in this world works better than user incentives to re-start/kick start initial interest and volume! When interest will be back, we will build on momentum and keep expanding Optimism NFT ecosystem both transaction volume wise as well, generating new activity.
Why will this solution be a source of growth for the Optimism ecosystem?:
Please also reference our previous points on NFTs in general. We believe NFTs are a massive part of the future growth of web3 and we are sad to see that Optimism lags most/many chains in this aspect of web3! We are ready to change that and get to a state where millions of newly on-boarding users will be joining Optimism. By making a user-friendly, educational, and useful application, NFTEarth will grow the Optimism ecosystem for years to come. This Grant will directly help to kick-start interest and activity.
Has your project previously applied for an OP grant?:
Number of OP tokens requested:
Did the project apply for or receive OP tokens through the Foundation Partner Fund?: No
If OP tokens were requested from the Foundation Partner Fund, what was the amount?: N/A
How much will your project match in co-incentives? (not required but recommended, when applicable):
We will co-sponsor Trading Incentives with NFTEarth protocols native token $NFTE (the protocols token) as well as soon we will launch additional NFTEarth native trading/staking, activity based initiatives which combined with the Grant would be exactly what is needed to kick-start active participation! but are open and willing to match with co-incentives as well.
How will the OP tokens be distributed?
10% - User Education - rewards for incentivizing learning about NFTs. We will incentivize passing knowledge tests, through learn to earn, and learn by doing system thus many people will get acquainted with important factors of web3, Optimism ecosystem and NFT in general (including super important safety, web3 hygiene training) in both theory and practice!
5% - Community Generated Content - we will pass this part of the grant to active community members who will bring in the most new users to Optimism.
55% - Listing and making Offers for NFTs on Optimism’s NFTEarth - as proven many times though many experiments, trading incentives are one of the best ways to initially kick-start interest and volume. After interest is established through these incentives, we will continue to build on that momentum!
30% - L1 to L2 Collection migration and new collection on-boarding. We believe that one of the crucial factors for the currently “frozen” state of Optimism NFTs is lack of sufficient QUALITY projects. There are many projects on L1 which would benefit from a low cost Optimism environment! (e.g. those having: active after-mint interaction with contracts, changing collection traits, adding new elements, after mint airdrops, etc.) We are going to find best-fit projects on L1, and with the help of the Grant, drive their migration to Optimism. We will also use this part of the grant to stimulate NEW projects launching directly on Optimism as L2 native collections. We have the infrastructure ready, and additional stimulus for project creators will be highly effective in accomplishing this. We will target only vetted, quality projects.
Over what period of time will the tokens be distributed for each initiative?
We will use the tokens as planned below with our activity milestone goals for the 40% upfront and 60% after reaching critical milestones (anticipated after ~1 month - see detailed breakdown below).
Milestones breakdown: We have 4 primary activities; each with their own milestones that we will be monitoring - and for further clarity - we have broken down the milestones within each of the activities below.
User education: Token incentives to begin immediately to incentivize L2 NFT education and learning. Milestone achieved after reaching 1000 active users on protocol.
Community generated content and marketing: This activity is the starting point - and will be used immediately to catalyze activity; this is crucial to start generating traction for all other activities.
Listing NFTs on Optimism NFTEarth & Trading incentives: Token incentives to begin immediately to spark NFT activity within the Optimism ecosystem. Milestone achieved after 5,000 new wallets/user growth reached.
L1 to L2 Collection migration and new collection on-boarding: We will use tokens to immediately to incentivize both L1 collections and new L2 collections. Milestone achieved after on-boarding 1 established L1 collection to the Optimism ecosystem and 2 new L2 native collections have been created to accelerate described activities.
Why will incentivized users and liquidity on Optimism remain after incentives dry up?:
Please see above answers to previous questions. In short, we believe that because so many NFT creators/project owners, as well as investors/traders still do not understand the benefits of the speed and low cost advantages of L2 NFTs - once they have experience a blazing fast and cost efficient application on L2 ecosystem - they will not have any reason to leave! On the opposite - hopefully instead they will tell all their friends and thus ecosystem will continue to grow and expand!
Please provide any additional information that will facilitate accountability (smart contracts addresses relevant to the proposal, relevant organizational wallet addresses, etc.):
NFTEarth DAO Treasury: Safe
Confirm you have read and agree to the Eligibility Restrictions (here):
Yes, I have read the Eligibility Restrictions and agree to abide by their conditions.