[Steemhunt] Ideas for Ideahunt

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As we know Steemhunt is planning to launch a Kickstarter like service on the top of the current Steemhunt community. A short overview of their vision can be found here.

A point mentioned from @project7 at @steemfest was regarding Non-Fungible Tokens (NFT) combining it with a crowdfunding platform. I want to dive deeper into this.

0. Repository

https://github.com/Steemhunt/web

1. Ideahunt the Crowdfunding platform

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As Steemhunt is already full of hunters looking the whole time for cool and new products, it would be an ideal place for brands and founders to laser-target their audience and launch the product for crowdfunding on Ideahunt. A co-marketing campaign on Reviewhunt could also be helpful to push the marketing further into a success case. Compared to other crowdfunding platforms, it could be possible that the products would be limited to the category Steemhunt is covering, but that is another story. I would personally see a huge potential not only for gadgets but also for digital products like games, e-publishing, e-art, etc. Steem has already a crowdfunding platform named fundition.io, and fundings like @steemmonsters have been successful there. I think the differentiation would be that fundition.io is covering different categories like charity or education, which would not be the focus for Steemhunt.

2. What is a Non-Fungible Token?

The easiest example for Steemians is @steemmonsters. For Non-Steemians Crypto Kitties could be easier to understand the concept of Non-Fungible Tokens, so-called NFT. Fungible Tokens are like Bitcoins or Ether. Every single Bitcoin has the same value as another Bitcoin. For Steemmonsters or Crypto Kitties, the value of each card or Kitty is unique and thus not interchangeable. Wiki Explanation. One of the interesting parts for NFT is that the value of each token can vary over the time from each other.

3. Steemhunts NFT for Ideahunt

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[Disclaimer : this is just a personal imagination for a NFT]

The easiest way for an NFT is to issue a visual look, which differs from other NFTs. For Ideahunt this could be the crowdfunding itself with final data's of the crowdfunding. All this kind of data must be written on the blockchain to keep the card data unchanged. What would be needed for an NFT combined with Ideahunt would be like the following:

a. DEX

HUNT tokens can be traded to Steem or SBD on a DEX when SMT will be launched. For Ideahunt NFT Steemhunt needs to create a separate DEX (Decentralized Exchange) from the very beginning to make it possible to trade, sell or buy these NFTs. Additionally, a gifting option would be needed to be able to transfer the NFTs from one account to another.

b. DEX Value in USD

After seeing the success from Steemmonsters, one part that had been a very good decision was to sell the packs, starter packs and cards on the Steemmonsters DEX in USD and convert it internally into STEEM or SBD. This is one of the reasons that Steemmonsters cards are still very stable when Steem is on a bottom value. The Ideahunt NFT DEX should be listed in USD to have a stable value on the token. Even if the DEX itself only supports a conversion into HUNT tokens.

c. Ideahunt Value in USD

This could be controversial, but personally, I see it rather as a positive sign for makers and brands to list the products on Ideahunt in USD and convert the matching value in Hunt tokens based on the current rate. To make it easy to buy, the option for FIAT should be definitely considered with payment gateways like Stripe or Paypal.

d. Defining Types of NFTs

(1) Project Type NFT

As shown above, in the image, an NFT could be issued additionally with a perk when buying it. It could be considered to issue also the Token ID on the physical product (if the maker can do it) to bundle the NFT with the real-life product.

(2) NFT as perk itself

Limited versions of NFTs could be sold separately as a perk, or be issued with a low % when granting Project Type NFTs

4. Finding Value in NFT for Ideahunt

NFTs are normally used for crypto collectibles like Steemmonsters. The question is what could I do with an Ideahunt NFT. Normally you can either breed, combine or fight with your NFTs and gain, change or upgrade your NFTs into something else. The rarity and usefulness decide the market value. It is rather difficult to imagine something like that for the NFT from Ideahunt. But on the other hand, it is not impossible.

Steemhunt has been quite good to engage their community with gamification factors. A card game like Top Trumps where a list of numerical data are compared in each round, could be realized with the NFTs from Steemhunt. A crowdfunding has different values which differ from funding to funding and even between perks and perks.

% of funding
total funding value (in HUNT tokens)
Number of backers
Number of backed perks
Reached 100% in hours or days
Perk Value: xxx Hunt Tokens
Crowdfunding running time: xx days
Unique Visitors during funding: xxx

A dice before each round could decide which parameter should be compared after the cards have been placed from all players and either winner take it all or a number of hunt tokens could be distributed for winning players.

On the other side, the Ideahunt NFT could be just used as collectibles and undermine the ownership of a limited crowdfunded product in the blockchain. In the end, the market would decide what value those NFTs have.

5. Closing

NFT and Ideahunt looks in the first moment not directly like a match. But if you look closer, it is indeed a refreshing idea. The most challenging part would be to create value not only for hunt tokens but also for Ideahunt NFT. This could be realized either with some gamification factors or giving it value as a collectible itself. We are all looking into a very bright future for Steemhunt!

"Keep the hunt on"

Thanks for reading!