[Proposal] GokuSwap, a Flagship NFT for a Trading & Play-To-Win Platform

Summary

I would like to propose GokuSwap to the Sushi community, a community owned NFT swap and play to win platform.

There are many NFT exchanges emerging in the market all with the same focus – the buying and selling of NFTs. What GokuSwap aims to do is become the number one NFT to NFT trading platform, with our focus more so on straight swaps. In a market where different NFT collections are the new currencies, a platform that can facilitate, cross-collection swaps of multiple NFTs in a single transaction can add huge value to its users.

We are also launching our flagship NFT, with its main focus on Utility (see specifications 2.2) and adding value to the Sushi community. This NFT is more than just another PFP project, it is essentially a proof of ownership in the platform, offering multiple revenue streams, premium features, voting power, early access to new products and the airdrop of our community driven art project.

Once our NFT swap platform is running seamlessly we will shift our attention to our play to win platform. More details about this feature of the platform will emerge further down the road once initial goals and targets are met.

Motivation

We are looking to create a platform that offers flexibility and liquidity to the rapidly growing NFT community. The idea of GokuSwap was born out of the motivation to add as much value to the Sushi brand and the xSushi holder as possible whilst bringing the Sushi community together after a rough 6-8 months. GokuSwap aims to reward xSushi holders by sending revenue direct to the Sushi Bar, whilst also rewarding the loyal and active community members with an airdrop of our flagship NFT. GokuSwap will further reward the participation of the community in further development with ETH & NFT prizes (as specified below in 2.1 - NFT Allocation). Our goal is to offer a community owned and driven product with real utility and usher in the most impressive redemption arc for Sushi in 2022.

The Road Ahead

  • Launch NFT Sale

  • Launch NFT swap platform

  • Launch community incentivised Art program

  • Launch Play to win style NFT suite of games/competitions

Specifications

1 - Revenue Specifications

1.1 - Revenue Allocation

  • 50% of Platform revenue to be served equally to NFT Holders

  • 40% of Platform revenue to be served to xSushi holders via SushiBar

  • 5% of Platform revenue to be served to Sushi treasury

  • 5% of Platform revenue to be served to GokuSwap treasury for further development

1.2 – Fee Structure

  • Platform taker fee set at flat 1-2.5% (TBD) to be allocated as per revenue allocation

1.3 – Royalties Allocation

  • 50% of Platform revenue to be served equally to NFT Holders

  • 40% of Platform revenue to be served to xSushi holders via SushiBar

  • 5% of Platform revenue to be served to Sushi treasury

  • 5% of Platform revenue to be served to GokuSwap treasury for further development

2 - NFT Specifications

2.1 - NFT Allocation

  • Total of 11885 NFTS to be minted

  • 11,000 NFTS to be sold at launch via Mint

  • 11,000 NFTS priced at 0.1 ETH for total raised of 1100ETH

  • 100 ETH to be used to incentivise community engagement in the PFP Art project.

  • 199 NFTS to be airdropped to voters in the recent Snapshot (Tangle Discord vote)

  • 420 NFTS to be held for Sushi NFT Art contributors

  • 266 NFTS to be held by GokuSwap team for future giveaways/ competitions

2.2 - NFT Utility

This Utility of the flagship NFT is proof of ownership in GokuSwap’s NFT platform. As this NFT represents ownership, the Holder will be granted a number of privileges. 50% of all revenue generated by GokuSwap platforms, current and future, will be evenly distributed to the Holders. 50% of all royalties earned from the buying, selling and trading of this collection of NFTs will be evenly distributed to the Holders. This NFT will grant the Holder a single vote in organisational decisions such as treasury allocation, product innovation and more. The Holder will receive via airdrop the community driven PFP art project. There only ever will be 11885 GokuSwap NFTs. Future utility may be added dependent on new products and will of the community.

2.3 - NFT Art

  • 11885 unique PFP style art pieces

  • Pay respect to Sushi brand by incorporating Sushi style art

  • 100 ETH to be rewarded to community to incentivise art contributions

  • The artwork of the NFTs will be a community driven venture with the style and specifications decided by the Sushi community

3 – GokuSwap Platform

3.1 – NFT Direct Swaps

GokuSwap will enable direct swaps for multiple NFTs in one single transaction. This will give traders and investors more flexibility when acquiring their next NFT. Let’s say for example as a trader you have the goal to acquire a Bored Ape but all you have is limited ETH and a mixture of different NFT collections that have a combined approximate value of a Bored Ape. GokuSwap will allow you to signal on the platform what you are looking for, what in your collection is up for trade and then enable the receival of offers and the ability to make offers and counter offers of your own. This removes the hassle of liquidating multiple NFTs just to then purchase another NFT. This will give flexibility to the user all whilst avoiding the excessive fees involved in multiple transactions.

3.2 – Platform Communication

GokuSwap users will be able to communicate with other users through voice chat and in-app messenger. The communication feature will have built in limitations to prevent influx of scammers and spammers. GokuSwap NFT Holders access only? (TBD). Users will be able to set filters on what wallets can communicate with themselves.

3.3 – NFT Play to Win Platform

Without giving too much away, this feature for the platform is the most fun and exciting feature in our roadmap, which we will start developing once we have the NFT swaps set up and running smoothly. Currently NFTs in the space do not offer much if any utility other than using as a profile picture. GokuSwap will allow people to use their NFTs in a way that currently isn’t possible. This section is intentionally left vague to avoid being front-run by any competition, more details to come further down the road.

Conclusion

GokuSwap will endeavour to offer more than just another marketplace for NFTs. Even though GokuSwap currently will stand alone in offering direct NFT to NFT swaps, we will strive to continue to expand the use case and utility of our flagship NFT by bringing further revenue streams to holders and the Sushi community. As my desires for this project is to be community driven and have a large community focus I am more than open for criticisms, proposed changes and questions, also I am not sold on the name. All feedback appreciated.

Signal

  • Sounds good, lets get to work!
  • No, not interested (please leave feedback)

0 voters

1 Like

If I understand it correctly, your “thing” is NFT for NFT swaps. How will you collect fees on this?

1 Like

Thank you for the detailed proposal.
It seems you have UI ready to go.

From tax minimization perspective this could qualify for ‘like kind’, and could be a major boon to the platform.

I assume you will calculate platform fee from explicit price in eth or an oracle and charge it with eth on tx submission?

I think this might compete with Shoyu. Perhaps launch this under Shoyu umbrella, with your team keeping rev share?

So the whole idea is that it isn’t just one thing, the idea is to build useful revenue producing products for which NFT holders and xSushi holder could benefit from. First one that I think would be most beneficial would be the NFT swaps and then play to win style platform after (think playing for pink slips).

Couple different options could be explored with the fees when it comes to straight swaps.
For example a 1-2.5% (TBD) fee on the value of the swap. When calculating the value of the swap a fee could be purely from the value of floor price, or could be an estimated value taking into consideration a few different relevant factors such as floor price, recent volume, rarity.
Calculating value of illiquid jpegs is tricky but I think it can be done in a way that is fair for the user.

Thank you,

Yes platform fee calculated and charged in ETH.

I don’t necessarily think it competes with Shoyu as this trading platform would be focused on reducing friction for NFT traders rather than high quality art curation. Think of it as a place traders can use to simply swap, make and signal offers, chat to other traders and then eventually use your NFTs to compete against other players or even bet with. My vision for it is closer to a NFT style arcade than a marketplace.

All contingent on a successful mint/launch of course, a successful launch would mean 95% of all royalties and revenue would be shared amongst the NFT holder, xSushi holder and Sushi treasury. The more useful products that the community can create with revenue going direct to the Sushi Bar the better for everyone.
I would be open to restructuring if it means we could send a larger percentage of revenue to Sushi Bar, but this would reduce the revenue the NFT holder would receive and negatively impact launch and in effect funding. There was the consideration of sending 90% revenue to Sushi bar and requesting treasury to fund the platform but I didn’t really feel all that comfortable with that idea. I much preferred the idea of funding through a NFT mint/launch that represents part ownership and producing revenue for the holder as well as Sushi bar, that way everyone can benefit and treasury still remains for Sushi’s core goals.

Hi @YBD - thanks for taking the time to bring this to the Sushi community.

GokuSwap seems interesting - I have a few questions about the details of the proposal.

1st, what is your ask? Are you looking for a certain amount of funding or more a platform and community to launch Goku with?

2nd - if it is the former, why come to the forum? Seems like it may be better pitched to a VC or early stage investor to fund Goku’s runway and development.

I like the way this swap would work with the ability to combine the values of all the smaller value NFTs one owns against a big buy they might like to trade for but the amalgamation of a lot of features at once may make the platform confusing. Simplicity could be the key here in terms of designing user’s journey