The story so far
Earlier this year, we proposed through a Community Pool spend proposal that the Fetch community funds the development of an NFT (Non Fungible Token) marketplace that would both provide standard features and a healthy focus on new usecases offered by AI.
The community approved of the idea and this July, we released the testnet version of LooksMintable, doing good on our word and delivering the first milestone of the project!
After a brief period to allow collection of user feedback, we are excited to present both a general progress update and our proposal for the second milestone of this project.
If you need a refresher, the complete initial proposal detailing the concept, amounts involved and milestones can be found on our website.
Building an NFT marketplace from scratch is a complex endeavour with many moving pieces that need to fit neatly together in order to provide a safe and convenient experience for all stakeholders. Let's have a look at what's already been built and what it entails:
As mentioned in the introduction, the marketplace is accessible at https://looksmintable.com. We wanted to provide a website that is both lightweight and responsive and that would already showcase most of the expected interactions, which means we already have a headstart on some features related to upcoming milestones. This means that you're already able to mint collections as well as buy and sell individual NFTs.
LooksMintable also provides the very first integration of the Fetch Name Service, a decentralized identity live on the Fetch.ai blockchain. It will enable users and creators to link their holdings and creations to a single, easily recognizable identity.
LooksMintable is not just one singular contract but actually leverages multiple of them. The most notable among them are:
- The Marketplace contract, which not only allows users to buy and sell NFTs but also access market data, giving our website the power to check on currently open or pending orders.
- The Candy Machine contract, responsible for creating collection and managing public minting. This candy machine supports setting a minting start date, choose between running a free or paying mint as well as providing built-in support for random minting.
These are the two contracts you'll usually be interacting with, the remaining ones are meant for internal consumption.
Support for royalties and community pool fee share
An important tenet of our value proposition is to share fees back with the community pool to help incentivize the creation of new projects on chain. Happy to share that this is already implemented!
Likewise, creators can expect any trading on the secondary market to earn them the royalties they've set.
Docs are currently being written and will serve as a basis for the future Python integration.
Smart contract (CosmWasm) indexer (Proof of Concept)
A NFT marketplace requires access to an extensive amount of smart contracts. This can be costly and time-consuming to do while putting a significant strain on the infrastructure.
To deal with this issue, we’ve developed a series of cutting-edge lower levels tools to power the marketplace. We're pretty happy with the initial results we've gotten with the testnet release, giving us additional confidence in their ability to scale.
What’s included in this new proposal?
Streamline collection launch process
The relevant smart contracts are on their way to a future production release. The website will be upgraded to provide a more thorough experience, paving the way for future implementations and a dedicated interface related to collection launches.
Cosmwasm focused indexer development
As mentioned above, the Proof of Concept indexer that we've developed has provided us with valuable and positive first results. We will be pushing further in the current direction in order to accomodate a growing number of collections and an expanded set of features.
Along with our testnet release, we set up a form for feedback and contact with our team. Happy to say that we are processing valuable feedback as it comes in, feel free to pitch in
For this second funding request, we are requesting $20,000 in FET tokens. The amount requested in Fetch tokens will be determined based on the FET/USDT price on Binance when the proposal is published as a community funds requests to be voted on by the community.
As outlined in the initial proposal, the received FET tokens will be sold gradually in order to avoid any significant market impact.
About the Team
AzoyaLabs is the team behind FetchStation, the all-inclusive hub for the Fetch.ai blockchain, as well as the Fetch Name Service which offers domain names for convenient address-resolving and web3 identity building, both of which are now integrated and power a number of Fetch.ai’s official wallet’s features.
Before joining the Fetch community, we developed the only Anchor liquidation dashboard on Terra Classic supporting batched order management, while our professional history also includes contractual work on EVM-based, Solana and Near blockchains.
We've also recently been selected as winners for the DeFi category of the Archway Smart Contract Hackathon for our work on Selene Markets, an Orderbook-based Decentralized exchange.