[ARCHIVED] Grants Proposal for White Hat DAO NFT Marketplace

WHD NFT MARKETPLACE GRANTS APPLICATION

Authors: White Hat DAO

Date: 26/05/2022

Safety, security and innovation should be at the heart of all platforms, especially public goods services, which is why we are passionate about innovative ideas & mutual collaborating with projects who are aligned with our vision to serve wider Web3 communities.

WHD Marketplace vision

The purpose is to create a decentralized multi-chained NFT marketplace that enables the buying, selling and trading of non-fungible assets such as game items, music, domain names etc. Also it will make it easy for artists to upload their artworks in the blockchains without having to pay any additional costs. A great way for users and artists to trade their collectables / artworks online in exchange for cryptocurrencies with high level security integration. In addition to that, WHD NFT Marketplace team will regularly review the transactions, contents and trades to ensure fairness in the marketplace.

How will it work ?

As a decentralized marketplace, WHD NFT marketplace smart contracts allow users to interact with the platform without surrendering custody of their NFTs. The digital assets do not need to leave users wallet until the transactions are made. Users don’t even need to create an account as long as you have a supported web3 wallet such as MetaMask.

All assets within the marketplace are owned by the users, not the platform itself. Users can buy these NFTs using Ether (ETH) and other supported cryptocurrencies. The marketplace has a Browser page that allows you to search for any NFTs which have been listed in any supported networks.

Users can go over to the search bar and look for any specific NFTs or filter out search by category, collection, blockchain network and status. Users can sort them by listing date, price or viewers.

What types of NFTs can you buy on WHD NFT Marketplace ?

WHD NFT Marketplace offers virtually all types of NFTs. It has around 200 categories. However 8 of which stand out:

Art- Digital artworks that come in the form of images, gifs or short video clips.

Music- Songs, beats, remixes and mixtapes made by music artists, some of which come in video format can be uploaded.

Domain Names- Blockchain-based domain names are censorship-resistant websites that cannot be shut down by anyone.

Virtual Worlds- Also known as metaverses, these are essentially virtual-reality spaces and all the materials and users they contain including the environment, characters, game items, virtual lands, virtual objects and more. Examples include The Sandbox and Decentral land.

Trading Cards- These are akin to physical trading cards but have added attributes besides being digitally native.

Collectibles- NFT collectibles are digital objects such as pets, avatars and characters that users collect and trade. Their scarcity gives them value as each of them is unique and has a limited number of variants available.
.

Sports- These are NFTs with sports elements such as Animated NBA logos.

Selling options on WHD NFT Marketplace

English Auction- A seller puts up an NFT for sale, sets a minimum price and waits for buyers to bid. OpenSea will automatically accept the transaction if the auction finishes above 1 ETH. If the auction finishes below 1 ETH, it is the seller’s choice if they want to accept the highest bid. The seller is under no obligation to complete the transaction.

Dutch Auction- Similar to fixed-price listings but the price falls over time. A seller initially puts an asset up for sale at an extremely high price which progressively lowers over time. Once the price drops to a valuation equal to a buyer’s bid, the buyer can receive the item right away. Buyers are also welcome to make an offer.

Fixed Price- A seller lists an NFT and the price never changes.

Bundles- The Bundle feature allows you to sell multiple NFTs under one transaction. You can list up to 30 items in a bundle.

NFT Creation- You can mint your own NFTs in the platform and sell them on its marketplace.

WHD Marketplace Fees

Buyers pay - 0% fees on any trade.
Sellers pay - 1% fees on any trade.
note: Users will pay 70% less fees on any transaction than OpenSea.

Is it safe to use WHD NFT Marketplace ?

Yes, WHD NFT Marketplace has high level security integration which makes it relatively secure. it’s completely decentralized and simply connects different cryptocurrency wallets with each other without taking custody of the assets in question. Decentralized platforms are in theory more secure than centralized marketplaces since they don’t act as custodians that hold user funds and also have no central point of failure such as a server that can be targeted with Distributed Denial of Service (DDOS) attacks.

For example, centralized NFT marketplace Nifty Gateway suffered a security breach in March 2021, when hackers managed to obtain the credentials of a few customers who didn’t have the 2-factor authentication secure measure turned on, and absconded with some of their NFT assets.

Moreover, unlike more vulnerable DeFi protocols, WHD NFT Marketplace doesn’t employ staking or any feature that requires depositing assets to smart contracts, which means there is no way hackers can steal user funds through bugs or other exploits. All NFT assets remain in user wallets unless they are bought.

However, it must be noted that hackers often come up with ingenious ways to trick victims and other that users should be especially vigilant against practices such as phishing sites. Always make sure that you’re indeed connecting to the official WHD NFT Marketplace website, and not a counterfeit version.

** What’s the difference between Opensea and WHD NFT marketplace ?**

The OpenSea platform was initially powered solely by Ethereum smart contracts but has recently added support to the Klaytn chain in light of its goal to become a cross-chain marketplace that supports more than one blockchain. Furthermore, it has added Ethereum layer-2 protocol Polygon (MATIC) to enable low-cost.

On the other hand WHD NFT marketplace will be operating over 9 different networks with better security integration, faster and cheaper transactions.

Blockchain Networks

These are the networks will be added to the platform
ETH
Polygon
BSC
Optimism
Arbitrum
Gnosis
AVAX
Fantom
zkSync

What Cryptocurrencies options will be offered in WHD NFT marketplace for each network ?

ETH Network - ( ETH, DAI, USDC, USDT, WHD, and potentially bitDAO token )
Polygon - ( Matic, USDC, USDT, BANK )
BSC - ( BNB )
Optimism - ( ETH )
Artitrum - ( ETH )
Gnosis - ( GNO )
AVAX - ( AVAX )
Fantom - ( Fantom )

The Ask

White Hat DAO NFT Marketplace receives…
Commitment by bitDAO ( one of funding ) arrangement.
$70000 USDC worth of bitDAO token.
80% of this fund will be paid to developers.
20% of this fund will be spent on advertising / marketing.

bitDAO receives

  1. bit token permanently will be added in WHD NFT Marketplace for users to use bit token to buy/sell NFTs and other collectables. This will create an extra use-case for bit token.

  2. bit token will be added on ETH Network as payment option for any trade.

  3. bit token holders will get airdrops When WHD governance tokens are launched.

  4. It’s maybe possible to pay gas fees via bit token instead of ETH for any transactions via WHD NFT Platform, even if users don’t have any ETH in their wallet. ( This option is under review and we are doing research on this option, as such should be taken as an optional subject. )

Disclaimer

Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators’ websites before making any decision.

DYOR !!

hello@whitehatdao.com

27 Likes

It is very interesting to know about your cooperation with zkSynk. Can you tell us about it?

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Hi there, your question seems non related to your quote.:slight_smile:
I think no-where in our proposal says that we are actively collaborating with zkSync team.

But yes we will be adding most of the EVM capable networks including zkSync. Thanks.

6 Likes

Perhaps I didn’t phrase the question correctly. I saw that you were planning to add this network, so I thought you were working with them. I’m sorry.

8 Likes

No problem. Do ask if you have any others questions. We will be happy to answer. Thanks.

1 Like

Check out this community call recording to hear from the WhiteHatDAO team about their proposal. Proposal discussion begins at 22:25 :
https://twitter.com/i/spaces/1MYxNnPEOBVxw?s=20

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How do you plan on ensuring that the NFT’s listed for trade/sale remain in the wallet connected to bitdao and are in the wallet at the time of sale?

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It’s a locking contact, your NFT does not move from your wallet but it will be locked until you cancel your sales or sold the listed NFT (in this case we will facilitate the transfer from seller wallet to buyers wallet.)

3 Likes

So other than WHD NFT marketplace supports more chains, it is not very different than Opensea from a technical standpoint?

Also, the most important aspect of an NFT marketplace is customer userbase. What is your plan to attract users from other NFT marketplaces?

3 Likes

There will be few differences with Opensea.

1. Community discussion platform

2. Better Governance & best practices accordance with community voice.

3. Safety Rating on individual projects those are given verified check mark. Where you get to see extensive & detailed view of the projects. So that users can make inform decision before they choose to invest.

These are few things we are incorporating with the platform to keep the Web3 space safe.
Our platform would be better secured and cheaper in transactions. And It goes without saying that there will be advertising & marketing campaign via well known NFT communities & individuals.

3 Likes

In accordance with the forum archiving policy, this discussion will be moved to the General Archive. If you would like to continue the discussion, you can update your discussion topic or soft proposal and repost in the Discussions category.

1 Like