No Cap NFTs

No Cap NFTs

Project Description

Our main reason for ideating No Cap NFTs is our unwavering belief that web3 is the future. To Da’ag web3 represents the ultimate freedom from corrupt and slow moving governments and organizations. To Astrum web3 is the ultimate way to reward consumer behavior and unify the internet with a shared language. And to both of us, the current state of web3 is a tragedy. The public perception of web3 as celebrity NFTs and DeFi is criminal to the world changing potential web3 will have once integrated into the masses. In order to take baby steps into repairing web3’s reputation we turned to the world of sneaker culture. We chose sneaker culture in particular as it shares a core principle with web3 credibility. As with any art based market, credibility is extremely important. Not only are fakes profitable and prevalent in sneaker culture, but they are becoming more rampant and widespread as sneaker culture is integrating further into the mainstream. And with the quality of fake shoes increasingly exceeding the skills of professional shoe verifiers, we ideated No Cap NFTs as our web3 based solution to stop these scams. No Cap NFTs works in 3 steps. First, when a customer, Alex, buys a sneaker from a participating initial seller (Nike, Yeezy, etc.) they are notified that they will be receiving an NFT in an email along with their purchase. Second, after the sale Alex opens their No Cap link from their inbox and is taken to their No Cap Vault. Alex’s No Cap Vault is a web page representing a custodial wallet that contains a collection of NFTs representing all of the shoes they’ve purchased. Third, if Alex decides to sell their shoe on a participating reseller website (Stockx, Goat, etc.) the website will prompt for the NFT to be sent, and when Alex sends it they will receive a NFT saying they were the original buyer. Then when another customer, Charlie, buys the shoe off the reseller website they will receive the original NFT that Alex once had in their No Cap Vault. As a bonus (since everything on the blockchain is public) we will create a website that has a leaderboard of who has purchased/who owns the most shoes in order to provide bragging rights to top collectors. Currently the project is not in working condition. If you go into from_scratch_client/index.ts you can see the structure for our Solana Program.

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