Essential development request - BoD

Feature Request
1

ESSENTIAL

DEVELOPMENT REQUEST FOR A DAPP - BANK OF DUCK

The Nofte is, in it’s very basic form, a banknote NFT which can be redeemed for amounts of CA, linked to the nofte.

This Dapp would be for Bank of Duck users, to allow automated redemption services of NFT <> CA (both CA to NFT and NFT to CA should be supported in the dapp).

The dapp would have a simple customer facing UI which allows user to send any particular NFT to RIOTPIG artist ID and automatically receive the amount shown on the NFT to the value of the Confidential Asset specified.

Example

User sends 1 Crown nofte NFT (BEAM NFT Gallery) into the dapp and receive 70 Crowns (CA) in return (Beam Block Explorer)

A basic automated swap service with the most simple UI where nofte NFT’s issued by the bank can only be redeemable for the correct CA, paired to the correct NFT.

ie:
Crowns <> Crown nofte’s
Tico <> Tico nofte’s
Sov <> Sov nofte’s
Etc etc

Backend UI (admin)

Admin can load up or withdraw into or from the dapp wallet part from the main wallet (deposit/withdraw options) with amounts of CA as a reserve - these amounts should be visible to the user in the main screen of the dapp as BANK RESERVES.

Example -
Crowns (x - amount) in reserve (changes as more are loaded, or withdrawn)
Tico (x - amount) in reserve (changes as above etc etc)

programmable options in the admin section- swap x for y and add any ca
Admin can specify and alter the amount of specific CA which can be redeemed to any specific NFT from a specific collection. 1 Crown nofte NFT = 70 Crowns etc

Since collections are already built for each NFT (nofte) example CROWNS (BEAM NFT Gallery) then the dapp will know if it is the correct NFT to redeem, as it would be already registered onchain and once redeemed, simply returned to it’s placeholder in it’s correct collection upon confirmation of redemption and the bank (RIOTPIG id) will own the NFT again with ability to reprice and resell…

Moderation system which the moderator can approve or reject redemptions.
Approved redemptions are concluded, rejected redemptions are refunded.

a white label (blue as Beam) without branding, open source and reusable by others.
please and thank you.

R

2

If I understand correctly the feature has several parts:

  1. Ability to mint ‘limited edition’ NFTs. In case of large numbers (say 100 million or so) the NFT can act as a banknote of sorts.

  2. Separate application that allows to exchange NFTs for CA (CA Swap Style), This application is the one that should support the more advanced features that are described in the second part of the document.

Am I correct?

3

  1. yes this would be perfect. for example… user mints an nft and within the creation of the nft there is option to mint multiples of the same nft.

  2. As discussed if a separate dapp would be infeasible then simply add the ability to purchase NFT with any CA… and BoD can then set prices of dedicated noftes in their CA pair. User who then buys the nofte can either set different prices as they wish, or redeem to bank for the cost price (in the paired ca)

EDIT… i think it’s also important that the user can still sell their nofte for Beam (or any other CA of their choice).

amazing. thank you for your time.

4

I would suggest creating three FRs (I will do it) as follows:

  1. Create an ability to mint ‘limited edition’ NFTs, where ‘limited’ might be large, say 100,000,000. In this case NFTs can be used as banknote of sorts. Of course it will be also useful for limited edition collections of small amounts.

  2. Allow setting NFT price in CA in Beam NFT Marketplace

  3. Create NFT DEX (either within the NFT Marketplace or as a separate application) where the pool will consist of a pair Limited Edition NFT vs CA

If you agree I will wait for couple more comments and open these FRs as discussed

2 Likes
5

Yes, i like the ideas you offer and I am sure this would work perfectly for the purposes needed. It would also open up similar usage for everyone, which would be a stumbling block if it was a dedicated dapp.

As long as - once the nft is purchased by the user… the user can have option to sell the nft for Beam, or any other CA?