Weekly Journal #01 - A No Code NFT platform
Let's talk about Vinea and why we're building it!
Hey reader! Glad to see you here again!
If you’re new to this newsletter, hi! My name is Leoni and I’m new to writing, check out last week’s issue where I presented myself and talked about the context in which I decided to create this blog/newsletter.
In this issue we’re going to dive in Vinea, the product that I’m currently building.
The pitch
For now, the “elevator pitch” for this project is:
A no code platform where a company can create and manage a NFT Collection for its community while giving real world rewards for the token holders.
Did you like it? Leave a comment and let me know!
We believe companies would like to use this service as a way to engage its community while offering real value to it.
Building a “loyalty like” system on top of NFT could bring huge value to a community since the reward wouldn’t be controlled by the issuer company.
Once the reward is minted, it belongs to the holder and he or she can do anything they want.
Don’t like the reward? Fine, just sell it on OpenSea and cash out the value.
Use case #1
Let’s assume that company X wants to create a NFT Collection with 100 tokens.
For each one of these tokens the company X gave a different reward.
70 NFTs would guarantee a X% discount on all products.
20 NFTs would have a product or subscription attached to it.
And 10 of them would have dinner with the company’s directors.
All of this rewards would be embedded in the token metadata properties that is on the IPFS system and theoretically they couldn’t be update or removed*.
*actually this would vary for each smart contract, but is possible.
For the initial offer, the company can create a whitelist and the Crypto addresses listed on would randomly receive 1 of the 100 tokens available.
After this happens, these tokens can be burned in order to retrieve the reward or they can be sold in some NFT markets.
Use case #2
Another use is for Fungible Tokens (a kind of cousin of NFT) Collections.
In this scenario, a company creates some tokens with some supply (with a ERC1155 or ERC20 like contract).
And then, given some user activity or achievement a supply of this token is transferred to his or her wallet and with X supply of this token they could exchange this for a free month, some product, some discount or even money.
Imagine using a reward system like this in a business that creates its value from the size and engagement of its community!
And of course, they would still be able to trade these tokens directly with other users or list it for sale on OpenSea or any other NFT marketplace.
The technical part
We’re still experiencing with some technologies in order to develop the platform.
There is a MVP (more like a proof of concept really), live right now allowing our first client to create a NFT Collection by just filling some forms, but it’s too raw.
The technical road map right now is to:
Settle on a tech to build. We’re considering Laravel (PHP), Nest (JS) and Phoenix (Elixir) as our main development framework
Create the base with accounts/company authentication
And allow a user to create and deploy a NFT Collection on chain (this is the only thing that the PoC is doing)
After this we believe the alpha can be released for our client (and a possible second client) to use.
Right now we want to make sure that our clients can:
Create a account
Connect to their wallet
And lastly deploy a collection
That is it.
After we achieve this with the chosen tech, we’ll move forward, probably adding more features on the collection management and reward system, but right now is too soon to plan the next step.
If you like tech stuff, keep posted. Once this decision is made I will write in more depth about it.
That is it for today, folks.
Right now we’re defining a lot of things for Vinea, but this post has the gist of the business and the direction of our next steps.
And just as a reminder, this is a weekly email and in every edition I intend to write and tell more about how all is coming together for this company!
So thank you again for your time and home to see you next week!
Bye!