A proposal asking for about $380k to fund the development of a 1inch NFT marketplace has been approved by the 1inch DAO.
1IP-21 was passed over the weekend after receiving approximately 71% “yes” votes in support of the idea. The proposal requested $387,022 to build a 1inch NFT marketplace platform, with a partial upfront payment of $92,000.
According to the proposal, the product will consist of an aggregated marketplace for Ethereum, Polygon, and BNB Chain NFTs, a unique 1inch marketplace, launchpad, and educational tools for the community.
The $387k will be distributed to the following development areas - product management ($55k), design ($40k), business development ($30k), corp services ($23.5k), and dev costs ($155k). Furthermore, the operational cost for maintaining the marketplace has been pegged at around $50k per year.
The NFT aggregator and analytics for the platform are expected to be delivered in 80 working days. While other products such as the 1inch wallet integration, launchpad, and admin panel will each be delivered within 20 working days.
Subsequent funding after the initial upfront payment of $92k will use a milestone-based unlock. There will be five milestones, and new funding will depend on the success of the previous milestone based on predefined acceptance criteria.
Although the proposal received significant support from the community, some members kicked against the idea of funding an NFT marketplace. One DAO member that goes by the name khbw argued that competition in the NFT market was already very fierce. He opined:
As a latecomer, if we simply copy the functions of existing products without major innovations, I think the chance of success is very small, and it will distract our energy. Compared with the NFT market, I think entering the field of derivatives is more in line with 1inch's current positioning and technology accumulation.
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