NFT Burn Transition Tool - March 2024

NDC Community and nodes NFT DAO
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Proposal for NFT Burn Transition Tool Funding - March 2024

Project Name:

  • Kaizo

Proposal Information:

  1. Core Objective:

  • Build an NFT burn interface and admin panel, to allow burn events to be hosted by NFT collections and effectively tracked by them, in a way which provides an engaging and transparent experience for the NFT holders.

  • The primary purpose for the burn events would be transitioning their current collection to a new collection which allows for different utility verticals than they currently have, such as Dynamic NFT compatibility. (But there is potential for additional creative ways the tooling could be leveraged by teams).

  1. Vision:

  • The vision for the tooling is to allow the current Kaizo NFT collection to undergo a full rebrand and transition through the use of the burn tool. Where it would move the existing collection and existing holders to NFTs which are dynamic/composable, under a new art and branding. Therefore opening up new opportunities for the collection & community, through the utility of dynamic NFTs and the cross project collaboration which dynamic traits can bring.

  • Additionally, there is exciting Dynamic NFT tooling/platforms within the NEAR ecosystem which bring a lot of opportunity for growth and engagement, which in the current landscape, existing NFT collections cannot tap into. This tool will allow existing NFT collections which are interested in that vertical, or even those looking for a refresh to the collection in terms of art, the access to frameworks to do so.

  1. Who would use this tool?
  • Kaizo is planned to be the collection used as an initial pilot of the tool. The community would then be engaged for feedback and exploration of opportunities amongst existing collections who would be able to use it afterwards.
  • Any project on NEAR that would like to switch to dynamic NFT compatibility.
  • Any project that was originally launched by launchpad which now wants control of their own smart contract and add utility to their collection at contract level.
  • Any projects where people are taking over from teams that have left and want to carve a new path for the project.

Funding Request Breakdown: $5500 (March 2024)

  • Frontend development of burn interface for the end user.
  • Smart contract development for burn process and logging of transactions.
  • Support/Guidance Docs for use by other projects.

Team:
jayythew:

  • Recently taken over as the solo lead for Kaizo.
  • Active NEAR NFT community member online and at events.
  • Bachelor’s Degree in Civil Engineering.
  • Masters in Transport Engineering, Planning and Management.
  • 5 years experience in planning, design, consultancy, and project/product management.

Contact:

  • Telegram: jayythew
  • Discord: jayythew

Payout Wallet:

  • kaizodao.near

Conclusion:
Through this funding, the aim is to provide the tools which can facilitate existing NEAR NFT collections (such as Kaizo) transitioning from their current smart contracts to a new one, in a way which is easy for the collections holders. Therefore, giving collections the freedom for creative initiatives to transition their entire collection or limited amounts of their collection to dynamic/composable NFTs while driving ecosystem engagement. There would also be the commitment to supporting any project through the process, if they wish to use the tooling. Overall this tool would provide a boost/opportunity to existing collections on NEAR, who are looking for an interesting pivot; without the need for new mints or a search for liquidity events.

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Hey Jay, thank you for the proposal and your efforts to develop your project and support NFT vertical.I liked the idea, I need clarification in couple of areas:

  • Is $5500 is the total funding request? If not, what is the total cost? If it is the total budget, how long will it take to build?
  • Is there a revenue stream for the tool? Do you have a team or budget to support tool/customers after building?
  • @minorityprogrammers I would appreciate your views on technical side and costs
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Hey krikkraktrak thank you for the response. Here is some further details on the points you have raised:

  • The $5500 is the total funding request for this build and it would be looking to be an approximate 30 day timeline for completion, to allow for testing prior to use. The Kaizo initial pilot use of the tool would then be planned to follow closely after that.

  • There are no plans to currently monetise the tool on my side of things, just the aim to provide the frameworks and guidance for it to be used by projects other than Kaizo; therefore it will be open sourced for usage. However, there is scope for any projects that use the tool to add an associated cost for users when burning the NFTs, as a small revenue generator for their project if they wish to do so. In terms of support, I am willing to be directly support projects that wish to use the tool and take them through the steps should they require more direct assistance, but this is not something I would be looking to be compensated for.

I hope that helps clarify things further, but if not, I am more than happy to go into more detail.

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To go into things in more detail, the overall premise is to allow projects to host a burn event for their existing collections, to transition all or a portion of their collection to a new NFT collection (Dynamic NFT compatibility if they desire) in a streamlined way, which is engaging for their communities. Here is bit more of an overview of the desired flow:

Example Flow by admin:
(The italics text at the end of each row is an example specific for Kaizo)

Set the requirements for the burning process by the end user:

  • Select NFT collection smart contract to be used and logged - Kaizo.
  • Select NFT/Project Image - v2 Kaizo Logo.
  • Select background Image - Blank Background.
  • Select Project Burn Title - Kaizo Portal Event.
  • Number of NFTs burned to qualify for a v2 NFT - 2x Kaizo NFTs = 1x v2 NFT.
  • Maximum supply of NFTs which can be burned in this event - 1755.
  • Select the time for which the burn period is open for (Can be indefinite also) - 6 weeks.
  • Select the cost for the user to burn their NFTs (If applicable) - free.
  • Set parameters for different stages if applicable.
  • Deploy to collections website.

v2 Collection minting:

  • Project mints the v2 NFT collection through a platform such as Bodega at desired supply - 875.
  • Project views the logged transactions of burns, which have been tracked.
  • Project exports the details for eligible addresses and airdrops the v2 NFTs to users.

Example Flow by user:
The flow for the user would essentially be the same as when participating in a mint/launchpad, but instead of minting an NFT, they are burning their NFT from the participating collection.

  • Visit burn site URL.
  • Connect NEAR wallet through wallet selector.
  • View burning requirements for transaction.
  • View the information outlined by the project for the overall process and even future roadmap (If applicable).
  • Select their eligible NFTs shown on the Interface and initiate the burn.
  • User sees completed transaction animation/popup.
  • User is then retroactively airdropped their corresponding NFTs by the project within the timeframes they have as part of their activation/gamified event.

This is just one example from Kaizo as a way in which the process can be carried out by a project. In the example, the “Kaizo Fighter” collection would have the potential to transition from 1755 NFTs to a collection called “Kaizo” with a supply of around 875 dynamic NFTs, new art and new branding, which could then be onboarded onto Bodega. This would be my plan of usage of the tool with Kaizo, so hopefully that contextualises that further. In the case of other projects, their whole collection would not even need to be transitioned like Kaizo’s would, the tool could be used in very limited burn events by a collection to launch 100 dynamic NFTs for example - in exchange for their current NFT. Additionally, the v2 NFTs are not required to be dynamic, as the v2 collection, in terms of its art, composability and overall launch can be decided by the project themselves, the tool would give them the interface and efficient tracking to hold a gamified engaging event for their holders.

Yes, there is the point that this could be achieved by getting users to manually burn their NFTs or get them to manually send them to the burn wallet. However, this would not only become very tedious for NFT collections to deal with in terms of manually logging the transactions and tracking it all (likely resulting in them not doing it at all); but also I do not believe it would be something appealing to the users/communities in this way, as it is manual and also involves a lot more trust barriers than having an interface for the process. Not to mention, the project having it on a ‘reverse launchpad/mint interface’ allows for a lot more discoverability and exposure potential. Being open source, there is then the freedom for projects to deploy this onto their own websites to have full control of the process. Therefore, through the proposal flow, the process would be made a lot more engaging by the projects and open the potential to make it an experience for the end user - couple that with a marketing campaign and you can have a fresh wave of traction for your project and the inflow of upcoming new utility through transitioning to dynamic NFTs.

I do have some initial stage wireframes from conceptualising the flow, mainly for the burn interface UI perspective, which I will provide here also.

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I hope this helps with further clarifications, any further questions please do let me know!

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Thanks Jay for clarification and detailed explanations, happy to support!

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Thank you for the detailed explanation. I suggest adding a feature that generates an “allow-list” (addresses that interacted with the burn contract) after the burn-timer concludes. This will eliminate the hassle for the potential v2 collection Launchpad to create this list.

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Yeah I can absolutely do that Punter, thank you for the suggestion!

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