Shoyu: Sushi's NFT Platform, Dev & Management Proposal

Summary

I, LevX, proposed the idea of our NFT exchange and thanks to our passionate community members, especially @FutureFund, @ayoki, Evan Keast, Zach Noble and @OmakaseBar, it evolved into a concrete project that would meet the actual needs of NFT artists & collectors.

Now that contracts are complete, it’s time to develop frontend, caching layer(subgraph) and infrastructure for artworks storage. Around mid August, v0 will be released and we have gradual release plans for v1 and v2 for the next few months.

As the product manager & lead developer of Shoyu, I’ll guarantee the release of v0, further(v1 & v2) updates and maintenance in the next 1 year.

Motivation

Mission Statement

We are looking to create an NFT platform that focuses on artists and creators needs to push the space forward. Current NFTs are limited by file format and sizing for artist and their creative abilities. Design wise we want the platform to be beautiful, functional and have that Japanese sensibility and aesthetic. We want artists and creators to be able to create NFTs that they are unable to make on other platforms. For collectors a beautiful place to curate and showcase their digital art.

Artist Needs

  • Social Tokens: MISO Launch Pad integration + NFT royalties distribution integration
  • Multi-format NFT Support: Artist can upload a large range of digital files. (AR, 3D, etc)
  • File Storage: 500MB + upload and playback support.
  • Fractional Ownership NFT: Not only one address is the seller but multiple ones with his/her own percentage of share.
  • Royalties distribution: Artist can decided whom to distribute royalties to (ie charities, file storage fund)
  • NFT Tagging: NFT’s can be categorized and tagged to allow better searching capabilities.
  • NFT Search mode: Users can search artist utilizing style of art, color, design software, genre etc.
  • Profile Page: Artist can upload and sort out their own galleries: includes profile photo, description, gallery, favorites + inbox features. Artist can can follow, message, and showcase their art pieces, plus also add favorites to a gallery.
  • Programable Art: Exclusive features only open to this platform which allows artist to sell randomized NFTS, and staking components that allow multiple NFTs to be staked to reveal a new and unique NFT.
  • Multi-chain Support: Cheaper minting + Environmental Factors.
  • Easily Accessible: Artists who are yet to dabble in the space will have an easy time understanding the platform, and the workflows involved.
  • Discoverability: How does an artist “Climb a chart”, Analytics based, Community Upvote based, follower based, based on who your “friends” follow, based on who the artists who you have pieces of follow, etc.
  • Stats / Analytics: at what price sells the best, at what # of editions sells the best, total sales, monthly sales, gas costs / minting costs incurred, stats on your item in the secondary marketplace, etc.
  • Artist/Charity Fund: Voting, File Storage Support

Collector Needs

  • Immersive Gallery Mode: NFTs can be categorized into customizable gallery spaces. Multi-chain Viewing. 3D Meta-verse Gallery view mode.
  • Display Link: Collectors can purchase unique links to customize their collection gallery.
  • Search Function: Collectors can search for new artwork: In Auction, Upcoming, Special Events, Style, Color, Genre. (Need to define search parameters)
  • Chat: Collectors and Artists are able to freely chat utilizing their MetaMask wallet as identification.
  • Stats/Analytics: total spent, total # of unique artists collected, categories most collected, etc. - See CryptoPunks user wallet page

Screenshots (WIP)



Features

1 Gallery

1.1 Immersive Display

To provide Sushi and Shoyu users with a diversified platform, we are incorporating multiple immersive gallery and auction modes to satisfy both our future NFT minters and collectors. These will be customizable and shy away from the average chronological grid format of all of the current NFT sales platforms available today.

1.2 3D Metaverse

Despite the best efforts of even the most talented of developers, the Metaverse still seems a long way away from the smooth and seamless experience that we demand from most of our technology this day and age. This will no longer be the case, as our 3D gallery, auction and Metaverse SushiBar are in development to provide the digital serenity you so seek.

2 Social Token

SocialToken s are built around an “ownership economy” principle with the premise that a community will be more valuable tomorrow than today. Creators can monetize their work as a non-fungible token (NFT) or social token, and supporters can give something back to show their loyalty.

2.1 Minting

Owner of the social token can mint a certain amount of tokens for an account, proportional to the contribution he’s committed. The amount of the contribution will be observed off-chain by the owner.

2.2 Burn-And-Participate

Any holder of the social token can burn his/her own balance with a memo( bytes32 ). This can be used for a variety of scenarios such as a. burn-and-enter , b. burn-and-receive or c. burn-and-draw .

  • burn-and-enter : Users burn their tokens and get the entrance permission to a gallery, exhibition or a concert.
  • burn-and-receive : Users burn their tokens and leave their address. Then the artist delivers the merch or the product to their front door.
  • burn-and-draw : Users burn their tokens and get a lottery ticket. It can be designed such that the more he burns, the higher the chance to win the lottery.

2.3 Revenue Sharing

As an artist or a seller, the owner of the social token can make revenue and set the recipient to the holders of the social token. The revenue will then be distributed to the holders in proportion to the shares.

3 NFT-as-Exchange

Shoyu’s ERC-721 and ERC-1155 contracts are equipped with NFT exchange functionality in themselves(NFT721 and NFT1155 respectively). This is the cheapest way to optimize gas and give the owner the full power to change configs needed for trades.

3.1 On-chain & Off-chain OrderBook

To optimize gas cost when submitting sell order, orders are kept off-chain basically. When an account wants to buy the nft, he can pick the order with the maker’s signature(ERC-712) and execute it with a proper bid params such as the price.

It also supports on-chain order book, so you could submit ask orders. This feature was designed for contracts not EOAs. e.g.) If you’re running a dao for NFTs, then contracts should be able to submit orders.

We’ll use off-chain order book for Ethereum and on-chain one for Polygon, initially.

3.2 Variant Bidding Strategies

Strategies are separate from exchange contracts, so a variety of strategies can be plugged in to meet the seller’s demand. Supported strategies are: a. FixedPriceSale, b. EnglishAuction and c. DutchAuction.

  • Fixed Price Sale: The first buyer who pays for the fixed price gets the NFT.

  • English Auction: An English auction is a process in which an asset is sold through a suggested opening bid reserve or a starting price that is set by the seller. Increasingly higher bids are accepted from the gamut of buyers. Ultimately, the price is adjusted in a direction that’s unfavorable to the bidders.

  • Dutch Auction: A Dutch auction is a market structure in which the price of something offered is determined after taking in all bids to arrive at the highest price at which the total offering can be sold. In this type of auction, investors place a bid for the amount they are willing to buy in terms of quantity and price.

3.3 Royalties Distribution

NFT royalties give the owner a percentage of the sale price each time their NFT creation is sold on Shoyu. They can choose their royalty percentage(0-25%).

3.4 NFT Tagging

NFTs can be categorized and tagged to allow better searching capabilities.

4 Fractional NFT Ownership & Governance

Fractional ownership allows users who have been previously priced out of certain NFTs or artists (such as Beeple) to be able to buy a piece of their work.

4.1 Liquidation

If you’re holding a NFT721 token, you can call liquidate() function to turn your NFT to a NFT721GovernanceToken (ERC-20) that’s representing the value of your NFT.

4.2 Governance

Token holders can vote for a sell proposal to run the NFT governance. If more than minimumQuorum balance power is for the proposal that were submitted, then it starts selling process; It could be an auction for a fixed price sale.

4.3 Profit Sharing

After the sale gets completed, the profit is shared by the owners in proportional to their balances.

5 Fee & etc.

5.1 Fee Structure

  • Protocol Fee: 2.5% of every trade goes to xSUSHI holders
  • Operational Fee: 0.5-2.0%(TBD) of every trade goes to operational funds
    • cover ethereum tx fees
    • cover infrastructure pricing(image/video hosting)
    • help support art projects that will create a significant impact to artistry
  • Royalties: x% of every trade(25% max, set by the minter) goes to the original minter
  • Charity: artists can choose to set recipient of the revenue as ‘charity fund’ managed by Sushi Shoyu op-multisig

5.2 Mutichain Support

Artists can mint and sell their NFTs on Ethereum or Polygon. NFTs can be transferred between two chains with no hussle.

6 Security

All contracts are scheduled to be audited by Peckshield, Mixbytes and Zokyo.

Release Plan

v0 : Aug. 2021

  • Solidity : Multichain Support, Social Token, Fractional Ownership, Royalties Distribution, NFT Tagging, Bidding Options
  • Frontend : NFT Tagging, Royalties Distribution, Immersive Gallery Mode, 3D Metaverse, Walkthrough

v1 : Nov. 2021

  • Solidity : More Auction Types
  • Frontend : Search Mode, Discoverability, Stats & Analytics, Chat
  • Backend : Social Profile, Chat Server

v2 : Jan. 2022

  • Solidity : BentoBox Deposit, Programmable Art
  • Frontend : Advanced Gallery, More Social Features

Compensation

I’ll take full responsibilty as the product manager/main dev of Shoyu and I guarantee further updates and maintenance for the next 1 year.

Since my transition from a core dev to a contributor, I’ve been working on Shoyu contracts without getting payed.

I’d like to request the dev & maintenance grant of 35k SUSHI in sablier for 1 year (which is 12.5% of my old 1-year wage when I was a core dev). Core team can cut off my stream whenever they think I’m not delivering my promise.

Poll

Would we want to hire LevX as the product manager/lead dev of Shoyu for 1 year?

  • Yes
  • No

0 voters

15 Likes

The screenshots look flipping awesome. Great stuff! You got my support.

5 Likes

This looks awesome, I fully support bringing @levx.io as the product lead for Shōyu!

4 Likes

Any additional dev needed?
https://github.com/dobpp

https://www.linkedin.com/in/khanh-nguyen-021b491a9/

Agreed.
This is a slightly different argument and just idea, why not create a DAO that curates NFTs related to Sushiswap?
If there is already a similar discussion, ignore this.

Awesome design concept here. Looks really promising! Full send!!
Few questions though:

  1. How do we plan to penetrate an already saturated NFT platform market? Like do we have any strategies around this already?
  2. About storage infrastructure: How are we dealing with this? Just curious. Are we talking about true decentralization? Are we going to use 3rd party storage like AWS or decentralized storage like IPFS/BTFS?
  3. I see a lot of movie stars, sport, and other influential people trying to get into NFT’s. They are a bit different than a regular artist right? Have we considered creating a section for these user personas (partners)?

About Discoverability for a new artist: Feel this is an important issue for newcomers today on a lot of platforms. I hope you come up with something stunning to champ this.

Just a few things I’m curious about, would be amazing if you can shed some light ser @levx.io !

5 Likes

I hope the team considers storing NFT data on Arweave, or at least storing the data on Arweave referenced by an IPFS hash. Will help attract creators with the promise that their work can outlive them in time.

3 Likes

Embeddable:

If you guys make the ui embeddable, so other NFT projects can use your few line of JS code to embed into their project. This will drive adoption.

2 Likes

NFT Platforms all have the same barrier to growth- the need to pay to upload NFT’s.

Would it be possible to get a Sushi-solution to this?

Perhaps a ‘Mint with Sushi’ option, where the value gets paid back to sushi holders and the up loader gets paid in sushi?

NFT’s should be normie’s introduction to crypto. However it’s frustrating and seems gimiicky. Trying to focus on ease starting with zero crypto experience would be prudent.

Great writeup and outline! I’m super pumped, time to start rendering some rice…

2 Likes

Good idea !

What about allowing artist that already sold few NFTs to mint for free and take a fee when they sold it to repay the gas used.

3 Likes

Well, the thing is anyone who has sold an NFT before is already a harden coin-head.
Though, inviting key artists/giving out free minting power would be a great way to build the initial community.

Maybe it could be temporary scaling tool. Like the first year, you get 1 free upload per email account+phone number.

That’s worth actual $ and the minting fee could come from the treasury.

It’s going to be a non-problem once gas fees are lowered, but by then someone else can come and just make NFT-TUBE.

1 Like

The front end looks really good, kudos

Can shoyu add the strategy that anyone can make offer to any nft?

I definitely want an answer with the #1 question. With so much NFT platforms and with newer ones existing(like Fractional), how will Shoyu have an advantage? What will Shoyu have that existing NFT platforms wont?