Introducing DO NFT
Explore new unique combinations of digital art by modifying NFTs with AI and other modification algorithms
We are excited to introduce DO NFT, a decentralized protocol for NFT modification. The protocol was developed in stealth mode in recent months, and now we are going public with this first official release.
DO NFT allows mint brand new NFTs using their existing NFT assets. We call this NFT modification:
NFT modification is a process of minting a new NFT [NFT-Bundle] using a processed image of an existing one [NFT-modificator]
The NFT modification process results in minting brand new NFT, while the NFT-modificator is locked in a smart contract and generates new content based on content of locked NFT.
The NFT-modificator can be released from the smart contract only in case of irreversible burning of the NFT-Bundle. Thus, the user will have full control rights only for NFT-bundle or original NFTs at any moment time.
Since neural network algorithms (or other modification algorithms) do the modification, the result cannot be exactly predicted.
Users can mint various NFTs starting from an original one, including quite rare ones that nobody could even expect.
Such an approach allows offering a brand new experience and a lot of fun/opportunities to grow their collection to NFT owners. Here are several examples:
DO NFT protocol and its features
DO NFT is a permissionless protocol where anybody can:
- Deploy new modificators (AI-based or other algorithms) (represented as a unique NFT-modificator token), animation technique, or any other type of content processing algorithm for community usage.
- Modify owned NFTs using the whole palette of algorithms and filters, creating new unique pieces of digital art.
- Bundling a few NFTs into one NFT without generating new content.
Modified NFTs can be freely traded on any existing NFT marketplace. We are working on several integrations to provide a one-click experience for NFT modification and trading.
Our vision is to deliver DO NFT as masks and filters for Instagram in web3 era
The problem we aim to solve by developing DO NFT
DO NFT is focused on solving the major issue of the NFT market, which we define as the Collectible Lifecycle Problem.
In simple words, this problem is related to the declining interest of the market and collectors in particular collections over time. It’s a natural process: community interest, overall impressions on social media, and finally, a floor price gradually decreases. Since the market is quite sensitive to floor price fluctuations, it results in fixing profits & losses by collectors. It only exacerbates the situation by acting as a negative feedback loop.
If this situation wouldn’t be changed, the NFT collection most likely will be doomed in a long run
Many top-tier collections have already faced this problem and tried to solve it. The main approaches for boosting market interest in collection were:
(1) gamification — creating games with gameplay linked to NFTs from this collection
(2) expanding the collection — issuing additional NFTs and distributing them
(3) modification of existing NFTs
A perfect example of pioneering NFT modification boosting market interest in the collection was Mutant Serum for Bored Apes. One of them was even bought by an Ethereum co-founder. However, it is a particular case that was entirely developed by the team behind Bored Apes, including artworks and smart contracts infrastructure.
We aim to provide a generalized solution to the Collection Lifecycle Problem that can be used by any NFT collection, protocol, or user.
DO NFT protocol offers both ready-to-go smart contracts infrastructure and image processing algorithms that the community of NFT collection creators can provide.
DO NFT protocol consists of three main parts:
- The smart contract system that provides the bundling/unbundling mechanism, effects and modifiers management, and many more. The DAO will whitelist collections of modifiers and associated with them the effect processors.
- An effect processors which are services that modify graphical and, potentially, other types of content using various algorithms. Such algorithms can be not necessarily Machine learning / data science, but also any other algorithms that create new content based on the original one.
- The storage, where protocol stores data necessary for the operation of contracts and the effect processor in a decentralized way.
Combining these three essential technical parts, we significantly increase attempts required to fork the protocol compared to delivering protocol only as a smart contracts system that is easily forkable.
Project achievements & team
DO NFT was created during ETHLisbon hackathon by a team of 3 co-founders. We already have won and got prizes at several hackathons, including EThLisbon, NFTHack, Solana, etc. We have our own developers’ team and a pool of respectful advisers. Details will be published on our website soon.
The current stage of project development is ready-to-test MVP. We have already launched on EVM-compatible testnets such as Polygon (Mumbai), Ethereum (Rinkeby, Ropsten), and Harmony with a fully decentralized backend. Additionally, we delivered MVP for NEAR Protocol developed using Rust programming language. A security audit is in progress.
We already have minted the DO NFTs for: Min Teo, Austin Griffith, Roman Storm (co-founder of Tornado.cash), Anton Bukov (co-founder of 1INCH), Igor Igamberdiev (researcher at TheBlock). We’re going to attract 1000 active users in 3 months.
Tokenomics and possible introduction of DO NFT token
In our opinion, the main question for the token is not “when” but “why.” Currently, we are conducting research regarding the necessity of token introduction, its utility, value capturing mechanisms, distribution approach, etc. We will keep the community updated on this topic.
Our Website https://donft.io/