updated: 9AM CST (UTC -6) Tuesday, June 8
Andromeda Labs has an ambitious vision of creating a new NFT paradigm in which contracts are embedded with governance, rules, royalties, and other commercial terms. This will establish a new standard for development and delivery of multiple industries and opportunities in the Terra ecosystem.
We are submitting this community grant proposal to help build the first iteration of this protocol: a set of smart contracts with embedded royalties and legal agreements in a marketplace with zero rake/house fees.
The existing NFT ecosystem, starting with ERC721, is extremely limited in its ability to protect the interests or even reflect the intentions of creators. There is no way to enforce agreements or even maintain any sort of legal continuity throughout the life of the NFT.
Andromeda addresses this by creating a user-friendly modular and programmable logic-construction environment that progressively stacks business requirements, risk transfer and value protection “rights”. Each Andromeda mint will encapsulate a multifaceted solution that “travels with the NFT”, and store all transaction logic on-chain.
As such, Andromeda will function as the infrastructure that enables new products, services, and financial value on the blockchain — as the horizontal “rails” that creators can build on top of, to design innovative business models.
Some examples of verticals that we have identified are:
We expect the full Andromeda NFT Protocol to be a medium- to long-term project. As such, we have an ambitious 4-month goal to create an MVP of Andromeda, including:
- creating smart contracts with embedded royalties and legal agreements
- partnering with a market leader in collectibles
(e.g. gaming/virtual collectables, digital art, other collectable markets)
- building a marketplace with zero rake/house fees
We are confident this first iteration of Andromeda that showcases the utility of functional NFTs will be the proof of concept that leads to numerous partnerships and integrations as it unleashes the full potential of NFTs.
Note: we are currently in talks with several players in the space that are interested in our protocol. Due to the sensitive nature of these talks, we are not ready to make any announcements at this time.
Cody Marx Bailey
Cody is a veteran in the blockchain, cryptography and distributed systems space. In 2013 he started working on early developments in Ethereum Smart Contracts. In 2017, he co-authored the ERC-721 Non-Fungible Token standard for the Ethereum chain. Since then, he has been developing complex financial blockchain instruments.
Business Use Cases & Economics
Brendan Cooper has led the strategy of all NFT Collectibles, eCommerce, mobile commerce, and mobile gaming platforms at scale for Panini SpA and Panini America, Inc. While at Panini, Brendan gained deep early insights with over four years of NFT and twenty years of licensing experience. He is a global digital transformation leader for Fortune 1000 companies and angel/venture funded startups.
Full stack, COSM/WASM, and blockchain integrated web and DApp development. Developed a Blockchain supported road toll app, as part of a team, which placed 2nd at the 2019 MOBI Hackathon first phase, also receiving the “Most Feasible” award.
Leadership, Operations & Economics
Mant is a serial entrepreneur with Founder and CEO level experience in directed energy technology, smart building commercial real estate, “the business of blockchain” consultancy, and a CEO mentor and advisor. As a military veteran he commanded at the USMC F-18 squadron (250 people/12 F-18s) and group level (3 squadrons) and led all USMC air combat operations in Iraq ($2B Project).
This role will be in charge of the “boxes and arrows”, technology selection, overseeing interoperability, standards compliance and overall protocol design.
We are asking for $130,000 to complete the initial launch of NFTs on Terra and the first iteration of the Andromeda NFT Protocol. With this initial funding, we will hire a full-time team of 5 people to build on this ambitious project.
- Developers (3 at $8k/mo) $72,000
- Business Leads (2 at $7k/mo) $42,000
- Branding & Content Development $6,000
- Business Systems (Email, Github, Zoom, etc.) $10,000
We’re excited to be a part of the Terra community. We have been involved since around the beginning of the year and have seen so much incredible growth and excitement that it compelled us to go ahead and jump in and help drive more adoption, value, and excitement to our chain.
We’ll be publishing updates as we make progress towards our goals. I think everyone will be excited to see what we have envisioned.