Ocean DAO Grant Proposal [Round 10]: Datasets on Metaverses
Part 1 Proposal Submission
Name of Project:
MetaverseGameHub
Proposal in one sentence:
Offering datasets on the Ocean Marketplace revolving around data from metaverse based assets such as LANDS that are generated by analytic algorithms powered by AI models which allow a fair and transparent price evaluation of the NFT market.
Description of the project and what problem is it solving:
The MGH DAO strives to foster the convergence of DeFi, NFTs, the metaverse,
oracles and data by combining utility, governance and data within one holistic ecosystem. The initial focus will be on metaverse related NFTs as this evolving market has some of the most auspicious digital assets (e.g. LANDS). Here the MVP of a pricing algorithm is finished and allows the creation of valuable datasets that for instance enable the discovery of undervalued LANDS on e.g. Opensea or other NFT marketplaces.
Generally, MGH DAO will allow access to decentralized NFT Pools and NFT Pool Tokens (synthetic assets tracking the pool value) and thus enhancing the value factor of NFTs without the sacrifice of ownership for NFT holders - they can stake their NFTs but do not have to sell them. Additionally, token holders collaboratively acquire, govern and monetize metaverse based LANDS. Furthermore, MGH DAO provides analytic algorithms powered by AI models that allows the analysis of the respective NFT’s fair value and seamless, transparent integration into the NFT Pool. Here the pricing oracle becomes relevant which is developed in collaboration with Chainlink.
MGH addresses the problems of intransparency, illiquidity, high risk and high entry barriers in the metaverse based NFT market.
As Ocean Protocol opens up the massive market of data to the public, MGH DAO aims to provide access to a broad community and not only to big companies looking to extract value from the metaverse. In a nutshell, the MGH DAO will leverage its community to curate the creation of different datasets revolving around metaverse NFTs that are then offered on the Ocean marketplace.
Grant Deliverables:
- Create datapool with data from the Sandbox virtual real estate market which will be updated weekly
- Use the pool as the initial automated market maker for our own utility token => OCEAN/MGH trading
pair - Further development of the pricing algorithm to offer more data about similar assets such as
Decentraland lands - Posts on the MGH social media channels regarding the integration
- Start of the data economy podcast by Nicolas Weber
- Article published on multiple Korean and Chinese media outlets about MGH and its connection to the
Ocean Protocol - AMA focused on the Ocean Marketplace and the respective MGH/Ocean pool
- Youtube videos introducing MGH and its connection to the Ocean Marketplace
Which category best describes your Project?
primary/secondary:
- Unleash data
- Outreach / community / spread awareness
Which Fundamental Metric best describes your project?
primary/secondary:
- Data Consume Volume
- Total Value Locked
What is the final product?
We will create at least 2 data pools, update the datasets every week, use the Ocean Marketplace with the underlying balancer protocol as our initial AMM for trading the MGH utility token and bring publicity to the Ocean Protocol within the metaverse community where MGH DAO has strong connections and reach.
The datasets will contain key variables such as the LAND price fluctuation of the last 1,7 and 30 days, the algorithm’s forecasted price, suggested operation (buy, offer, bid), placed orders history, origin contract- metadata as well as a price manipulation index. The index will be based on a table where market actors are considered nodes and every unique transaction between them is recorded. The table will be populated with all transactions between nodes as count values. Finally, all values from the table are added together and then divided by the total amount of transactions, creating an index of price manipulation for the analyzed asset.
Bang:
Assuming the price of the sets to average 50 $OCEAN and approximately 75 interested buyers per week, which might be optimistic at the moment, but will scale very well with the increasing attention on the metaverse topic and the Sandbox launch coming up next year.
With a fee of 1%, the value created for liquidity providers will be
50 $OCEAN75241% = 300 $OCEAN / month from data acquisition.
Additionally the MGH / OCEAN trading pair on the Ocean Marketplace will generate an estimated volume of 10000 $OCEAN per day resulting in another 3000 $OCEAN monthly for the Ocean liquidity providers.
Furthermore we will lock value in the Ocean Marketplace by providing 40k $OCEAN as liquidity for the initial MGH / OCEAN datapool.
=> Overall value added to Ocean Protocol in 6 months will be 40k $OCEAN in TVL and 6 months*(3000 + 300) $OCEAN/month in fees for the ocean ecosystem.
=> BANG = 59800 $OCEAN.
The monthly revenue should continue to scale much longer than 6 months.
Keep in mind that value added by creating publicity for the Ocean Marketplace and in general the Ocean Protocol on our social media and through our community comes on top of that.
Chance of success:
The rising NFT market has a key problem: lack of infrastructure. Currently, there aren’t any models available to the public that analyze and value NFT related data. Taking into account the rise in popularity of topics such as the metaverse and virtual reality, we expect the demand for NFT related datasets to rise exponentially. Providing the market with such data will increase its efficiency and transparency, leading to an increased adoption of the metaverse and the creation of digital native value.
The MGH DAO was summoned to collaboratively acquire and curate Metaverse based NFTs while providing fair NFT valuations through the implementation of a pricing oracle. The MGH token is used to access the MGH ecosystem (NFT pools, games and virtual land basket), make relevant decisions on which lands are acquired and how they are developed, as well as allowing access to NFT related dataset in the Ocean ecosystem. This gives MGH a unique property: Being the first utility, governance and data token. The public launch of the MGH token is scheduled for November 14th and the Ocean/MGH pool will be the first pool where MGH will be publicly traded. This demand driver will lead to a positive feedback loop between MGH and the Ocean ecosystem.
The first draft of the algorithm for Sandbox lands is already finished and has been used to identify undervalued lands on the Opensea marketplace for the MGH DAO to buy. Nevertheless it still has to be adjusted and retrained to generate more data from multiple virtual worlds. MGH is at a stage where the first Sandbox land is about to be acquired and community engagement is already picking up traction. Meanwhile the interest in Sandbox and other metaverses is continuously rising. 28.5k Ether have already been traded to purchase Sandbox lands on OpenSean although the launch will be next year. Therefore, it is fair to assume that data relating to fair price estimations and suggested actions is perceived as valuable by a lot of NFT traders and Sandbox enthusiasts.
Project leader Nicolas Weber is well connected in the crypto ecosystem and has already experience with crypto projects, like e.g. Amazing Blocks and the Tokenization Working Group at European Blockchain Association as well as working with players such as Prof. Dr. Phillipp Sandner with whom he also wrote an article on data tokenization which was published on Forbes. The MGH core team is diverse as well as committed to the project and has direct access to multiple continents and languages. ITRM is an established AI and big data company that has successfully provided FinTech to multiple big institutional players in the past.
Estimation: 80 %
Funding requested: 9000 USD
BUCK: 9000 USD ~= 12857 $OCEAN (0.7$ / OCEAN)
ROI = Chance of Success * BANG / BUCK = 3.72
Proposal Wallet Address: 0x51bD9f5B2562ac622eb50DFd0F0D604558C7819f
Have you previously received an OceanDAO Grant (Y/N)? No
Team Website: metagamehub.io
Twitter Handle: @MGH_DAO
Project lead Contact Email: nicolas.weber@thedac.info
Country of Residence: Germany and Columbia
Part 2 - Team
Core Team
Nicolas Weber
- Role: Founder
- Relevant Credentials:
- Background/Experience:
- Co-founder at EUTOK (European Blockchain Association)
- Head of Business Development at Amazing Blocks AG
- Founder & CEO DAC
- Founder MGH DAO
Camilo Echeverri
- Role: Co-Founder and Operations
- Relevant Credentials:
- LinkedIn: https://www.linkedin.com/in/caem2017/
- Background/Experience:
- 3 Years Experience in the indexing and banking industry
Fredy Saul Teheran Tovar
- Fullstack Developer
- Relevant Credentials
- LinkedIn: https://www.linkedin.com/in/fredyteheranto/
- Github: https://github.com/fredyteheranto
- Background/Experience:
- Over 5 years in experience with fullstack development
and over 3 years of experience with Ethereum and Web3
- Over 5 years in experience with fullstack development
Santiago Hernandez
- Role: Lead Developer
- Relevant Credentials:
- Background/Experience:
- Founder and CTO at Intelligent Trading Machines
- Developed crypto-arbitrage bots on multiple platforms
Camilo Alaguna
- Role: AI and Data Science
- Relevant Credentials:
- LinkedIn: https://www.linkedin.com/in/camilo-alaguna/
- Github:https://github.com/camilourd
- Background/Experience:
- Lead Data Scientist at Intelligent Trading Machine
- Developed AI models for tools and bots that trade on multiple brokers
Part 3 - Proposal Details
Project Deliverables - Category:
The Ocean/MGH collaboration will focus on two directions: Community engagement and technical development
The outreach/ community deliverables will be in the following categories: Website, Blog, Twitter and Youtube. To start off, we will write an article about the importance and value of virtual real estate data in conjunction with the data economy and algorithms. Our website will be updated to reflect our data driven focus and collaboration with the Ocean Protocol. This will be followed by weekly updates regarding the development of our pricing algorithms as blog and twitter posts. Additionally, we will post Youtube videos to explain the uniqueness of the Ocean Marketplace in relation to the MGH utility, governance and data token as well as metaverse related data. Since our launch pools will be open to the public during one month, we will create one article that will be published in Korean and Chinese media outlets about our collaboration with Ocean Protocol together with an AMA focused on the Ocean Marketplace and the respective MGH/Ocean pool. We will discuss Ocean Protocol with our community on 3 - 5 educational Twitter Posts and in an open discussion on Telegram at least until the 14th of November. We will announce the launch of each Datapool on all our social media platforms. Finally, the project lead will do a weekly podcast talking about the metaverse, crypto and data economy to increase awareness of the importance of data as an asset in the digital era.
Our technical deliverable is based on curating datasets for The Sandbox followed by Decentraland and other virtual worlds. These datasets are generated automatically by scripts that extract the data generated by a metaverse, and then process the data through analytic algorithms powered by AI to obtain valuable information and store it where it is required. Additionally, these scripts are checked regularly to ensure the data is kept up to date. Moreover, the AI models are reviewed on a monthly basis to identify whether they are performing well or if a retraining is needed. Then, to avoid overfitting during the training process, we randomly split the data in two sets, one training set (80%) and one testing set (20%). Finally, we train the models until getting a correlation of at least 70% in both sets.
The Sandbox datasets will be published by November, until then we will work to increase the quality of the data set by expanding the dimensions of analysis and improving our AI models. We will start working on the Decentraland market dataset that will be published on the Ocean Marketplace until EOY.
Project Deliverables - Roadmap
Prior Work: The team has been working since May of this year on the vision of creating a DAO for the collaborative governance of virtual real estate and the metaverse. We studied our direct and indirect competitors to determine our market niche and our potential users. We quickly realized the big need of providing NFT infrastructure along with the democratization and monetization of metaverse related data. Given that the Ocean marketplace has the best infrastructure to fulfill those two goals we always had the protocol in mind to make the integration. With this in mind, the team has been gaining exposure in the cryptocurrency market with different publications such as the Forbes article that project lead Nicolas Weber co-wrote with Prof . Dr. Philipp Sandner.
What is the project roadmap?
Q4 2021:
- Technical
- The Sandbox datasets will be published until the 14th of November, until then we will work to up the
quality of the data set by expanding the dimensions of analysis. - We will start working on the decentraland market dataset that will be published on the Ocean market
place until EOY but likely earlier.
- The Sandbox datasets will be published until the 14th of November, until then we will work to up the
- Communication
- Engage community through social media campaigns
- Attract potential users of the Datasets published on the platform
- Establish partnership with the Ocean Protocol
- Expand social media outreach with AMAs
- Start of the data economy podcast by Nicolas Weber
(all happening until end of year)
Future Plans and intentions:
We are looking forward to having a long-term collaboration with the Ocean protocol by publishing multiple data sets on different digital assets from the OpenSea marketplace. As MGH continues to grow, we want to fork the Ocean marketplace and integrate it with the MGH DAO.
. Edited it to make it more clear.
