by 0x9dfa9dfd15d2b2fa9717b4fc545c2bb35a29215c
Should the following Tier 3: up to $5,000 USD in MANA, 3 months vesting (1 month cliff) grant in the Platform Contributor category be approved?
Abstract
WakeUp Labs’ objective is to lower barriers to accessing the web3 ecosystem, especially working in the NFT and metaverse space, helping both projects and end users.
We’re developing on-chain seamless NFT delegation solutions where NFTs never leave the owner’s wallet.
We’re also partnering with NFT protocols so they can integrate our Delegation solution, an on-chain native delegation mechanism.
NFT owners can delegate or lend NFTs for a specific period to another account without risking losing the token, as it will never leave the wallet. New features are fully backwards compatible with existing standards fostering composability & interoperability.
We request this grant to cover the development of adding Decentraland’s Lands to our platform.
Grant size
5,000 USD
Beneficiary address
0x74B5ac5D6d03d3C10B823a955A1B3E127DE5aEE5
Email address
Description
WakeUp has developed a protocol for NFT delegation.
You can play with the MVP here: https://p2p-rental-front-7i2b8rr2i-wakeupdao.vercel.app/
And here’s our NFT Delegation Protocol One-Pager: https://www.wakeuplabs.io/one-pager
Decentraland is the biggest and most decentralized metaverse today with a huge community behind.
We want to add value, allowing LAND owners the possibility to earn a new revenue stream by renting their land while lowering the barrier for new people who want to interact, try and use a Decentraland Land Plot.
[What does “NFT Delegation” mean? Precisely that: people will be able to assign temporary rights for their NFTs to be used by other people who do not own the NFT.]
Interesting is that not only delegations but also rentals will be allowed. A Small Fee will be distributed to the Decentraland DAO in the rental process.
So, every paid rent will become a new revenue for the entire DAO.
The % will be between 0.1-5% of the total amount paid to the renter.
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Why does native on-chain delegation matter?
Decentraland’s roots are decentralized and fully on-chain.
In a decentralized, open and programmable database, such as a blockchain, it is essential to know if the one who interacts is the owner of the NFT or the User.
On-Chain delegation is like sharing; there is someone who owns the NFT, but they can share it with a friend or coworker, among others; thus reducing the barriers for new users.
Finally, you can delegate an NFT through the back-end, but WakeUp Labs also provides a front-end to help users to delegate and rent more simply.
The Issue for Decentraland LAND holders:
With the boom and the hype of last year in Decentraland, lands were auctioned, and now if someone wants to join Decentraland by owning land, it isn’t very easy.
Also, the virtual world is only as valuable as the experiences and content that may exist there. And with many lands for speculation, the possibilities of having new content and experiences in the metaverse are reduced.
We know that many lands are without any use; this causes the land supply to shrink and reduces the chance of more builders. What happens if someone holds more than one land plot but wants only to use one? What can they do with the rest of the plots?
If landowners want to keep lands simply because they’re interested in the project or perhaps because they haven’t yet assigned them a specific use, they wouldn’t be generating new income or new users.
Wake Up solution:
Allow Rent and On-Chain Delegation to Decentraland Lands through a simple interface.
Once the NFT has been delegated, the now “delegate” will be able to access all its benefits (for instance, holding an event or an art exhibition) but will not have the right to transfer it. The NFT will always be in the owner’s wallet.
Lenders cannot only list a Decentraland land in a rental marketplace but also generate a magical link for a particular renter. Also, they can delegate it to a friend for free.
This NFT delegation mechanism will open a whole new world of opportunities/functionalities for NFT projects and holders.
Specification
There are some important features to mention:
-The NFT never leaves the owner’s wallet, → reduces the risk of losing an NFT.
-The NFT owner can decide to whom they will assign the delegation.
-It all occurs on-chain, in a trustless and decentralized way (no need for extra intermediaries nor centralized systems)
-A fee % goes to the Decentraland DAO.
It’s just the beginning; this could be the first feature to implement with Decentraland. Delegable Wearables could be the next. These delegable/rentable wearables could allow owners and users to go to a special place uniquely for them
To make this happen, from WakeUp Labs, we will create the necessary smart contracts and APIs for the proper Decentraland integration to our platform and enable NFT delegation/renting for Decentraland LANDs.
After this stage, our next move is to create a permissionless rental dapp, so Decentraland (and any other project) can easily add these new revenue streams (earning royalties fees every time an NFT is rented).
Personnel
Founders Team:
Milton Berman is an Informatics Engineer graduate. He has been leading software product teams for the past 15 years and has worked in the blockchain industry for the past five years. He’s passionate about web3, blockchain and decentralization technologies.
Profile: https://www.linkedin.com/in/miltonberman/
Gonzalo Silman is an Economist. Tokenomics and NFT expert. He has created a crypto-gaming community that helped people earn their first tokens through gaming.
Profile: https://www.linkedin.com/in/gonzalo-silman/
Maximiliano Del Hoyo has been leading blockchain business development & partnerships teams for the past five years. He has also built tech startups, crypto dApps, and worked for corporations as a business strategist.
Profile: Maximiliano D. | LinkedIn
Dev Team:
Christian Escalante is a Solidity & full stack developer. He has been developing software for the past 16 years, and has been dedicated to the blockchain industry for the past two years.
Github: chescalante (Christian Escalante) · GitHub
Emiliano Miglioratta is a full-stack developer. He has been developing software for the past six years, focusing primarily on Node and React. Since 2022 he has been fully dedicated to the blockchain industry. Recently participated in the EthCC hackathon in Paris.
Github: migglio (Emiliano Migliorata) · GitHub
Growth Team:
Agustín Do Rego: https://www.linkedin.com/in/agustindorego/
Jess Fogel: https://www.linkedin.com/in/0xjess/
Roadmap and milestones
Products:
-
LAND Rental Smart Contract -
LAND Rental dapp to interact with the Smart Contract.
Time:
3 weeks for the integration
Milestones:
Stage 1 - Smart contract deployed on testnet (Week 1)
Integrate WakeUp Labs’ smart contracts into Ethereum testnet network. This will allow us to test the smart contracts’ behaviour on land delegations’ core functionalities: trustless LAND lending and renting.
Stage 2 - Dapp integrated to a smart contract on testnet (Week 2)
Integrate our dApp to WakeUp’s Rental smart contracts already running on testnet at this point. We will be able to test the LAND delegation/renting/lending features from an end-user perspective. Then we will be ready to deploy on Mainnet Ethereum.
Stage 3 - Final delivery in mainnet (Week 3)
With the smart contracts and dDapp running smoothly on the Ethereum testnet, we will be ready to deploy everything in the Mainnet Ethereum for any user to start lending and renting Decentraland’s LANDs.
Possible future steps:
1-Allow current and old wearables delegation and renting.
2-Replace the 721 for 4907 standard in Wearable.
3-Allow native renting mechanisms on the DCL marketplace.
We believe that Decentraland is and will continue to be the spearhead in the NFT and Metaverse space, so adding extra features to NFTs like lending/renting or delegating them will enrich the community and allow more users.
Know more about WakeUp Labs here: https://linktr.ee/wakeuplabs
