NFTs have exploded into the market as the next big 100x transaction. Yet few people really know what it is and even less know how to interact with it. NFTs offer a technology with great potential to distribute assets and ownership over those assets.
Problem
How do we gain more familiarity with NFTs and use the mainstream adoption to extend the possibility space of this technology? How can we use an NFT to create new distributed ownership structures?
Solution
Build a NFT Lottery through a DAO to fund and train a machine learning face matching app.
The concept is to use a lottery to partially fund the app development of a ML based app which can use the NFT embedded content to train the model. The applications of such a project are widespread, since the type of model built and incentives can be modified in the future to enhance contributions.
How it works?
Create a Web App T-Factory, this allows people to gain join the DAO and create two NFTs using their face. The App interacts with the DAO and mintbase.io to mint the NFT.
All NFTs are added to the pool of Faces
A machine learning algorithm is trained to find matching NFTs and identify the duplicates. As it trains it will also get better at identifying people who look similar
The DAO runs a Lottery to incentive Users to invest more money into the pools.
Users can play the lottery at any time. The Player stakes the lottery fee in a contract and if they win they get the lottery pool else they loose their stake.
Upon placing their stake the Player selects 3 NFTs from the pool, in a specific order. If the NFT list selected matches the winning list and order the user wins the lottery. If multiple winners are selected the winning players divide the prize.
A randomized selection algorithm chooses three ordered NFTs from the pool.
The game is played when the pool is above a certain size and staking value exceeds a threshold. The selection algorithm will reset the winning list at end of each X number of unsuccessful games or 24 hours or if a winner was found.
The ML model trained by the faces is built as an open-source team as a doppleganger facial matching model. The application earns revenue from the Play Store and uses 50% of revenues earned to play the game. The probability is that the Team will have a win rate equivalent to the rest of the community. The probability to win is set to a minimum threshold of 0.001.
If there are no winners in 90 days the pool is split equally among all the members and the game is reset. This acts as a dividend to members of the DAO.