Prop 18: Funding an AI-focused NFT marketplace on the Fetch.ai network
Who we are
This proposal is brought to you by the Azoyalabs team. We are a trusted partner of the Fetch team and have been collaborating with them on the development of FetchStation, the inclusive Fetch.ai native dashboard as well as the Subquery indexer. We've also built and continue building upon the Fetch Name Service, a fetch native Web3 identity protocol based on non-fungible tokens.
Fund the development of an AI-focused NFT marketplace
The AzoyaLabs team is proposing to allocate community funds towards the development of a Fetch native NFT marketplace. This marketplace would be geared toward both AI-generated content and AI models access and distribution using NFTs as a medium.
Why does this make sense for the Fetch blockchain?
The Fetch.ai blockchain has built some significant tooling related to AI, especially with the recent release of agents and microagents. As the recent ChatGPT trend has shown, both the NFT and AI-content markets are set for significant growth over the coming years. We believe the Fetch blockchain is a prime candidate to reap the rewards of this new paradigm. An NFT marketplace is an excellent way to both monetize model usage (generation and access) as well as the necessary prompting skills and expertise necessary from successful usage of said models. What's more, the Cosmos ecosystem has seen a number of projects turning towards selling NFTs as a way to fund their growth without having to resort to a more legally complex Token emission. This would open up a new venue to onboard innovative projects while providing an essential building block for the network as a whole.
What does this mean for users and holders?
We expect that the marketplace will drive up network usage (as a comparison, NFTs are responsible for around 20% of the gas usage on Ethereum), resulting in an increase in staking rewards. We will also be implementing a fee-sharing scheme with the community where 25% of fees generated by the marketplace will be sent back to the community fund, helping fund other projects in the future.
This is the first of three proposals and aims to cover the following elements:
- Development of smart contracts
- Design and implementation of the UI
- Design and implementation of the API
- Support for IPFS
- Implementation of a royalties system
- Release on testnet
For this initial tranche, we are requesting $30 000 in Fetch Tokens. With a price of USD $0.34 on the Binance FET/USDT pair at the time of writing, this represents a total of 88 235 FET tokens.
The complete details of our proposal are available on our website. Our team is available for discussion on: