PRINGO

The platform will allow any common goods organization to easily introduce digital representations of the goods they curate, in the form of NFTs. With blockchain decentralized trust mediating, any videogame developer that desires will then be able to easily allow their gamers to use the NFTs they own in their games. Being blockchain based, all NFTs will be freely tradeable in worldwide liquid 2nd-hand marketplaces.

Most importantly, using novel evolutive-NFT technology, it will be easy for the common goods curator to evolve the characteristics of the NFT, for example, to mimic changes in the actual physical good, e.g., to improve, deteriorate, etc. This fact will have two profound consequences. First, it will incentivise the NFT owners to continuously get informed about the real physical good, and try to improve its state, so that the videogame asset improves/has better stats too. Second, by doing so, the NFT owner will be increasing the market value of the NFT, with other gamers willing to acquire it at a higher price, hence obtaining direct profit from potential improvements of the corresponding real world common good. Finally, the platform will enable common goods curators to set a desired fee in these 2nd-hand trades, to further fund their goals.

Capability #1:
Curator updates NFT properties to reflect real state

Consequences / Benefit for Curated Good #1:
Curator maintains owner’s attention towards curated good.
Owner acts on curated good to improve the properties of the NFT in the videogame

Capability #2:
Assets are traded in marketplaces for real money

Consequences / Benefit for Curated Good #2:
Owner obtains direct profit if curated good improves Recurring revenues towards curated good

ProjectID

NGI-ONTOCHAIN:PROJECT-29

Acronym

OntochainPrj29

Additional Info

To understand the market mechanism that this project will implement, let us first review the concept of “the tragedy of the commons”, that underpins the huge difference in efficiency between free markets in the private vs common sectors.

In mathematical language, anyone paying for a public good, by increasing the level of production of that public good, is benefiting N people, but is only themselves getting 1/N of that benefit. Therefore, self-interested individuals tend to only contribute to public goods whose benefit/cost ratio is greater than N-to-1. On the contrary, an individual buying a TV will pay 100% of the cost but also enjoy 100% of the benefit, leading to much easier investments based on a benefit/cost ratio of 1-to-1.

The purpose of this project is to build, deploy and test a platform that implements an economy for funding and curating common goods that directly tackles the tragedy of the commons, whereby users obtain a benefit from funding the commons that is much closer to 100% (if not higher, as we will argue) than to 1/N.

The project will set the initial focus on connecting common goods to the videogames industry, the latter being a huge growing industry (approaching $200Bn revenues in 2021) with incredible flexibility in terms of introducing novel engagement mechanics. While details of the solution are provided in the next section, the objective is:

To provide a platform, easy to use for common goods curators and videogame developers, whereby gamers can obtain direct profit from improvements of the real curated goods. By doing so, it will aim at significantly improving the funding of certain common goods as well as to improve the retention, loyalty and commitment of their contributors.

The platform will hide all complexity from its users (common goods curators, videogame developers), and will promote a thriving healthy ONTOCHAIN ecosystem where, ultimately, gamers participate of a fun-to-play economy that reverts back to the commons. In alignment with the ONTOCHAIN main directives, the platform will: i) help accelerate the adoption of blockchain technology in the sector of common goods organizations, ii) allow, due to Layer 2 scaling, the minting and evolution of NFTs to such organizations at zero cost, without worrying about fees or volatility.

While the blockchain will serve the technology that provides the necessary low-level trust to all participating entities, an essential governance layer will be built on top to ensure that all participating initiatives truly stand to their stated missions. i2Cat will exploit tokenomics-based mechanisms for decentralized governance to implement such high-level trust layer and help align the intrinsically different public and private forces that will participate in the ecosystem.

Enduser Relevance

The platform will allow any common goods organization to easily introduce digital representations of the goods they curate, in the form of NFTs. With blockchain decentralized trust mediating, any videogame developer that desires will then be able to easily allow their gamers to use the NFTs they own in their games. Being blockchain based, all NFTs will be freely tradeable in worldwide liquid 2nd-hand marketplaces.

Most importantly, using novel evolutive-NFT technology, it will be easy for the common goods curator to evolve the characteristics of the NFT, for example, to mimic changes in the actual physical good, e.g., to improve, deteriorate, etc. This fact will have two profound consequences. First, it will incentivise the NFT owners to continuously get informed about the real physical good, and try to improve its state, so that the videogame asset improves/has better stats too. Second, by doing so, the NFT owner will be increasing the market value of the NFT, with other gamers willing to acquire it at a higher price, hence obtaining direct profit from potential improvements of the corresponding real world common good. Finally, the platform will enable common goods curators to set a desired fee in these 2nd-hand trades, to further fund their goals.

Contact

admin@freeverse.io

Endorsements

Not available yet

Disclaimer

The project's outcome shall be provided 'as is', without warranty of any kind, express or implied, including but not limited to the warranties of merchantability, fitness for a particular purpose and non-infringement. In no event shall the copyright holders be liable for any claim, damages or other liability, whether in an action of contract, tort or otherwise, arising from, out of or in connection with the project’s outcome or the use or other dealings in the project’s outcome.

Country:  Spain

Keyword: blockchainCommon goodsLiving assetsmarketplaceNFTVideogames

Status: Operational technology (practical and/or commercial viability)

Category: Decentralized solutions (including blockchain and distributed ledger technologies)

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