NFT marketplaces that distribute tokens for buying and selling of NFTs have been able to take a large percentage of Opensea’s (X2Y2 and Looksrare; both on Github). However, wash trading of NFTs to get tokens has become a problem in these marketplaces. Instead of the tokens being sent directly to wallets, embed the tokens in the NFTs themselves (possible through Charged Particles). These tokens can be time locked so that after a set amount of time the tokens embedded can be taken and traded. During the time that the tokens are embedded in the NFT, the NFT has value not only for the art of the NFT but also for the tokens locked inside. The tokens that are locked inside the NFT can be yield bearing assets, so the NFT grows in value over time as the yield increases.
DoinGud is one of the most prominent examples of an NFT marketplace for public good. However, it does not have a token system or reward creators for donating part of what they earn to public good. Giveth rewards people for donating to public good (with the Giv token and eventually tokens for each org on their platform) and has expressed interest in creating an NFT marketplace to further support organizations on their platform.
With GivFarm, Giv tokens can earn 24% APR. Charged Particles has the IONX token that through GYSR can yield 24% APR. If done in collaboration with X2Y2 or Looksrare can earn yield from those (82% from X2Y2 and 59% from Looksrare). Carbon offsetting of the energy usage of the NFT marketplace has been something that Rarible and other organizations have suggested/ started doing. If the marketplace invests in Klima tokens, NFTs can continuously be offset and yield generated (at 20% APR). These tokens can be locked in the NFTs growing the value of all NFTs within the marketplace over time, as well as their contribution to public good.
The organizations that are supported through the NFT marketplace can help to publicize the NFT marketplace. Potentially even through social media sharing competitions.
Return to Green has tested some of these thoughts out with their last two events. 50+ artists donated artwork to be auctioned off for donations to environmental and mental health organizations on Giveth. Over 5.5 ETH was brought in and donated to organizations on Giveth. 10,200 GIV is now staked in the GIVfarm (earning 24% APR) and the GIV stream is flowing at 150 GIV per week (around USD $6) for around the next four years!
This forum post is to start discussion and build design for an NFT marketplace that combines art, web3 and public good. It’ll be posted on each organization’s forum that has been mentioned as well as involved with Return to Green. With a central place for discussion being the Charged Particles forum post.