NiFTi is an NFT geo-location media anchoring DApp. Leave favorite memories in emotionally triggered locations. Digitize your time capsule for future loves ones to uncover. Graffiti your name in your favorite print for others to mesmerize. Let the physical world be your show room.

Abstract

NiFTi consists of a smart contract that mints NFTs ("Non-Fungible Tokens") and a DApp ("Decentralized Application") providing two main functions: anchoring the minted NFT in a physical geographical location and retrieving a list of NFTs given a consumer's location for viewing and interacting purposes. Additionally, NFT creators can bring their own third-party minted NFTs and be able to geographically anchor them utilizing the DApp. The motivation behind this application is to enable consumers to sense a digital layer on top of the physical world around them. Similar to Pokemon Go but with open source, social media as the content rather than solely Pokemon gaming characters. Currently, this digital layer can be interacted with through the use of a point and click mobile device with or without an AR ("Augmented Reality") capability. In the future, I imagine a Google Lens type of mechanism where users can consume hyper digital media through an always on AR interface.

Contents

  1. Components

Components

NFT Minter

The application will allow a user to mint an NFT using Ethereum's standard ERC-721. NFTs can consist of any media, including: photo, audio, video, and writing. Users will be able to trade or sell their minted NFTs as all NFTs will be fully compatible with the requirements of the OpenSea marketplace. NiFTi's minting process will add additional metadata to include the latitude and longitude representing the preferred anchoring location, and categorical tags for organization purposes.

The NFT minter will consists of a smart contract living on the Polygon Network.

Geographical Anchoring Blockchain

In conjunction with the minting process, creators will be able to geographically anchor their NFT to a location of their preference. This can serve a variety of purposes: from a continuous physical digital art show room to leaving behind digital time capsules to be unlocked by future generations without it being lost or un-lockable given the constraints of the physical world.

To anchor an NFT, creators will need to provide the longitude and latitude of where they would like their NFT to live. Once provided, this information will be stored along the metadata of the NFT on the IPFS network, specifically leveraging the web3.Storage decentralized storage infrastructure. Additionally, this information will be duplicated to a database on the blockchain through the Ceramic Network for retrieval and rendering purposes.

Retrieve and Filter Compute Resource

The consumer should be able to see all NFTs within a certain range of their area. As the consumer changes locations, the NFTs available to view keeps changing based on the GPS location. To retrieve this dynamic list of available NFTs, we will leverage Fluence Network of decentralized compute resources through their Aquamarine WASM ("Web Assembly") infrastructure.

This compute resource will allow us to retrieve all NFTs from the Ceramic Network's blockchain, and then allowing us to filter out only for those that are within a certain range of the consumer.

In addition to filter NFTs based on GPS coordinates, the user would be able to filter based on categorical topics.

Monetization with Superfluid Cash Flow Streams

Through the NiFTi application, users will be able to interact with the NFTs they find. These interactions - by way of assigning a like, thumbs-up, emoji, etc a la Discord - will be saved along with the metadata of the NFT on Ceramic. This will allow the NiFTi application to know which NFTs are bringing in much of the foot traffic (measured by interactions): it will allow us to rent billboard space as Ad NFTs placed in the vicinity of high foot traffic creator led NFTs.

The renting of billboard space will allow creators to monetize their creations, while at the same time bringing operating funds to the developers of NiFTi. Creators will receive 75% of the profits, paid on a pro rata basis based on their share of foot traffic in the area where the billboard was placed.