[KCF Application] PixelPulp: A Unique KLAY Coin-Traded NFT Aggregator with Advanced Features

Klaytn Community Fund Grant Program Pilot
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1. Product Name
PixelPulp

2. Product Description

PixelPulp is a KLAY coin traded NFT aggregator with advanced features, on multi-chain which is a platform that allows users to view, buy, and sell non-fungible tokens (NFTs) across multiple blockchains using KLAY which is the native cryptocurrency of Klatyn Blockchain. This means that users can access NFTs from different blockchains all in one place. PixelPulp is unique as it will only allow transactions to be made using KLAY tokens. KLAY token is used as a medium of exchange within the platform. Users must acquire KLAY coins before they can buy or sell NFTs on the platform. The platform offers a seamless user experience by simplifying the buying, sweeping, and selling of NFTs. Users can easily browse through the available NFT collections on the platform and make purchases using their KLAY tokens. Similarly, sellers can list their NFTs for sale and receive KLAY tokens in exchange for their tokens. PixelPulp is also set to launch its very own bridge for the Klaytn blockchain. This strategic initiative aims to establish a seamless and efficient connection between the Klaytn network and other prominent blockchains. There are different business models that Genesis Lab is considering to integrate, such as loyalty points, zero or reduced transaction fees, etc. These potential enhancements aim to further enrich the user experience and make PixelPulp an even more engaging and user-friendly platform for the NFT community.

Services:

Wallet Connection: Provides the facility to connect with popular wallets to access your NFTs and assets.

  • Supported Wallets:
    • Metamask
    • Kaikas Wallet
    • Coinbase wallet
    • WalletConnect
  • Disconnect a wallet
  • Show wallet balance and address
  • View all collections
    • 1 day
    • 7 days
    • 30 days
  • View NFTs of a collection
  • Search filter in NFT of collections
    • Dynamic filters according to collection properties
  • Sort NFTs by
    • Price low to high
    • Price high to low
    • Rare to common
    • Common to rare
  • Make a collection offer
    • Select attributes
  • Cancel Offer
  • Sweep multiple NFTs of collection
  • Add to cart option or remove from cart
  • View cart
  • Buy a NFT individually using KLAY
  • Buy multiple NFTs from multiple marketplaces using cart
  • Confirmation before checkout from Wallet
  • Owner can view his/her portfolio
    • View all purchased owned NFTs
    • View all offers made by user
    • Sale purchased NFT
    • View Active & Inactive listing
    • View his activities
    • Apply filters on activities like
      • Sales
      • Listings
      • Offers
      • Transfer
      • Mints
  • Sell your items in KLAY
  • View received offers against your items

Architecture Diagram:
The architecture diagram of Pixelpulp is shown below:

KLAY Coin Traded NFT Aggregator Architecture Diagram
KLAY Coin Traded NFT Aggregator Architecture Diagram1132×1009 92.4 KB

PixelPulp Bridge
PixelPulp will also utilize a bridge for cross chain transfers, which will empower users to
effortlessly transfer assets and liquidity between distinct blockchain networks, expanding the accessibility and utility of the Klatyn ecosystem.

Bridging Process
The process of swapping KLAY from the Klaytn blockchain to ETH on the Ethereum blockchain involves several steps and components, ensuring a seamless and secure transfer of assets. It involves the following steps:

  1. Swap to oETH on Klaytn Chain: Initiate the asset swap from KLAY to oETH on the Klaytn blockchain using Klayswap.

  2. Convert oETH to ETH on Ethereum Chain: Transfer oETH tokens from Klaytn to Ethereum via OrbitBridge.

  3. Lock and Deposit: Lock tokens on Klaytn, triggering a deposit event in the Klaytn Vault. Bridging data is sent to the Orbit Hub.

  4. Bridge Validation: Bridge Validators in the Orbit Hub reach consensus on the bridging data.

  5. Mint ETH Tokens: Ethereum Minter generates ETH tokens on Ethereum, mirroring the oETH tokens from Klaytn.

  6. Complete Lock Process: Klaytn Vault finalizes the LOCK process, securely holding locked tokens.

  7. Execute Swap: Ethereum Minter initiates the swap, converting oETH into ETH tokens on Ethereum.

Bridge Flow
Bridge Flow1140×680 70.2 KB

The breakdown of the fees associated with the different steps:

  1. Conversion from KLAY to oETH (KLAYswap):
    Gas fee for initiating the conversion on the Klaytn Network.
  2. oETH to ETH Bridging Fee (Orbit Bridge):
    Network fee for interacting with the OrbitBridge smart contract on the Ethereum network. The bridge fee for using OrbitBridge is set at 50 OORC of the transaction amount.
  3. Transaction Fees for Buying the NFT:
    Gas fee for executing the smart contract transaction on the Ethereum network.

3. Grant Proposal
The Genesis IT Lab’s team hopes to receive a total of 210,000 USD (1,583,645 KLAY) in support from the Klaytn Community Fund.

These costs represent the allocation of funds in USD and their equivalent values in KLAY for the development, marketing, and operating expenses related to the PixelPulp project.

For the breakdown of budget, please refer to:
Project Budget

4. Expected Impact for the Klaytn Ecosystem

Why is PixelPulp Important for Klaytn Blockchain (Klay Coin)?
PixelPulp plans to bring together the liquidity of various NFT marketplaces (daily $64 USD Millions) across different blockchains onto the Klaytn blockchain. This means that users will have access to a wide range of NFTs from various marketplaces, all in one place, on the Klaytn blockchain.

Table 1
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By bringing together the liquidity of NFT marketplaces on different blockchains, PixelPulp aims to create a more streamlined and efficient NFT trading experience for users. With a diverse range of NFTs available on the all blockchain, users will have greater flexibility and choice in the NFTs they can buy, sell, and trade using Klay coin.

PixelPulp will:

  • Allow the buying and selling of NFTs exclusively in Klay (Klaytn) even if the NFT is minted on any other chain such as Ethereum, Binance Chain, Solana and Polygon etc.
  • Requires gas fees to be paid in Klay.

There are several benefits to the Klaytn ecosystem.

  • Firstly, it can help increase the demand for Klay coin as users will need to purchase Klay in order to buy NFTs on the PixelPulp platform. This can result in increased demand and potentially drive up the price of Klay coin, benefiting Klaytn ecosystem.
  • Secondly, using Klaytn exclusively can increase the usage and adoption of the blockchain. As more users transact on the platform, it can help to demonstrate the efficiency, speed, and security of the Klaytn blockchain, thereby attracting more users and developers. This can lead to more adoption of Klaytn in various industries, and increased usage can also create more demand for Klay.
  • Thirdly, by allowing NFT transactions exclusively in Klay, it can help to create a unique selling point for the Klaytn blockchain compared to other blockchain platforms. This can differentiate Klaytn and help it to stand out in the crowded blockchain market.
  • Moreover, by aggregating liquidity from various NFT marketplaces (daily $64 USD Millions) onto the Klaytn blockchain, PixelPulp contributes to the overall liquidity of the KLAY coin. As more NFT transactions occur exclusively in KLAY, it bolsters KLAY’s liquidity and stability, making it an attractive cryptocurrency for traders and investors.

PixelPulp also aims to capture at least 5-10% of the total NFT market value, which was $24.2 billion in 2022 (By Decrypt). By achieving this goal, our platform seeks to facilitate approximately $2.4 billion in NFT trading volume in the Klay coin. We aim to attract and bring at least 10% of the total NFT user base onto the Klaytn blockchain, which is expected to significantly enhance the adoption and growth of Klay (KLAY) as a preferred cryptocurrency for NFT transactions.

Screenshot 2023-09-07 163810
Screenshot 2023-09-07 163810793×477 31.6 KB

In addition to capturing market value, PixelPulp also aims to expand its user base significantly. With a total of 9,136,714 NFT users in 2022, our goal is to onboard at least 10% of these users, which translates to approximately 913,671 new users on the Klaytn blockchain. By providing a seamless and user-friendly experience for NFT enthusiasts and offering innovative business models like loyalty points and reduced fees, we aim to foster a thriving NFT community and empower users with greater choices and benefits in their NFT journey.

Overall, by allowing NFT transactions exclusively in Klay, it can benefit Klaytn by increasing demand, driving up the price, increasing adoption and usage, and creating a unique selling point for the platform.

5. Project Milestones
Milestone 1: KLAY Transaction Functionality

Objective: Develop the functionality for seamless KLAY transactions within the platform.

Estimated Completion Time: 2 Weeks

Seamless NFT Listing and Transaction

  • Develop the capability for users to list their NFTs for sale on the platform.
  • Allow users to set their desired prices in KLAY.
  • Ensure users can execute transactions smoothly.

User-Friendly KLAY Interface

  • Implement a user-friendly interface that simplifies navigation and interaction for KLAY-based transactions.

Secure User Interaction with Klaytn Blockchain

  • Empower users to securely interact with the Klaytn blockchain.
  • Enable seamless transactions and NFT trading using their preferred wallets.

Deliverable 2: Indexer

Objective: Develop the Indexer, the backbone of the Aggregator, responsible for monitoring and indexing data from different blockchains and decentralized exchanges (DEXs).

Estimated Completion Time: 1 Week

Integrated Indexer Components

  • Develop and integrate all components of the Indexer.
  • Ensure the Indexer is fully functional for tracking and indexing data.

Deliverable 3: Aggregator

Objective: Create the Aggregator component, including essential features for NFT trading.

Estimated Completion Time: 2 Weeks

Functional Real-Time OrderBook

  • Develop a functional OrderBook system capable of real-time recording of buy/sell orders.
  • Ensure proper integration within the platform.

Metadata Engine and Data Lake Integration

  • Build a comprehensive metadata engine and integrate it with a data lake.
  • Ensure efficient processing, storage, and retrieval of NFT-related data for analysis and project use.

Instant Sell Feature

  • Implement a seamless and rapid instant sell feature.
  • Enable users to quickly sell their NFTs at prevailing market prices within the Aggregator platform.

Bulk Order Creation

  • Develop functionality that allows users to create multiple orders simultaneously.
  • Streamline the process of listing NFTs for sale or trade.

Buy & Sweep Feature

  • Implement a convenient “Buy & Sweep” feature.
  • Enable users to purchase and collect multiple NFTs with a single transaction.

Floor Prices Integration

  • Integrate a floor prices mechanism within the Aggregator.
  • Display minimum acceptable prices for NFTs.

Deliverable 4: Data Analytics

Objective: Develop data analytics capabilities to provide insights into platform activities.

Estimated Completion Time: 3 Weeks

Real-Time Activity Tracking

  • Implement real-time tracking of user activities, including listings, bids, transfers, and sales.

Historical Analytics

  • Create a historical daily volume and sales tracking system.
  • Monitor trends over time for informed decision-making.

Price Changes Monitoring

  • Develop functionality to monitor price changes for NFT collections.

Flagged Status Changes

  • Enable tracking and reporting of flagged status changes for specific tokens.

Metadata Analysis

  • Add metadata analysis functionality to enhance data insights.

Deliverable 5: Buy/Sell/Sweep with KLAY

Objective: Develop functionality to enable seamless KLAY transactions within the platform.

Estimated Completion Time: 2 Weeks

Seamless KLAY Transactions

  • Develop functionality that allows users to transact using KLAY as intended.

User-Friendly KLAY Interface

  • Implement a user-friendly interface for smooth navigation and interaction for KLAY-based transactions.

6. Team Information
A dynamic team of tech innovators specializing in blockchain, software engineering, AI/ML, and product management.
Team Name: GenesisLab Innovators
Representative: Faisal Naveed

  • Core Team Members:
    • Faisal Naveed (CTO)
    • Mohammad Amin Jan (Sr. Project Manager)
    • Azka Qureshi (Product Manager)
    • Malik Saqib Iftikhar (Backend Developer)
    • Muhammad Hassan Raza (Software Engineer)
    • Muhammad Shakil (CEO & Researcher)

Portfolio:
Blockchain Profile

7. Official Links

8. Summary
In the realm of blockchain and NFTs, the issue of fragmentation plagues the user experience. NFTs are scattered across various blockchains, each with its own unique set of tokens, wallets, and marketplaces. Users looking to explore, purchase, or trade NFTs face a fragmented landscape that hampers their ability to access a broad spectrum of digital assets seamlessly.

PixelPulp emerges as the solution to this problem. It’s a multi-chain NFT aggregator that consolidates NFTs from diverse blockchains onto a single platform. This aggregation simplifies the user experience, allowing individuals to explore, buy, and sell NFTs from Ethereum, Polygon, Solana, Binance Smart Chain, and more, all within one ecosystem.

At the core of PixelPulp is the KLAY token, which serves as the medium of exchange on the platform. Users must acquire KLAY tokens to engage in NFT transactions, ensuring a unified and streamlined process.

With PixelPulp, we’re taking a proactive approach to enhance the NFT ecosystem. By aggregating liquidity from different blockchain marketplaces, we’re boosting the vibrancy of the Klaytn blockchain. Users will have a vast array of NFTs at their fingertips, and the exclusive use of Klay tokens will drive demand for Klay, ultimately benefiting the Klaytn blockchain and its ecosystem.

We believe that our platform will not only simplify NFT transactions but also contribute to the broader adoption of blockchain technology. Through this positive approach, we’re poised to reshape the NFT landscape and solidify Klaytn’s position as a hub for NFT enthusiasts worldwide.

We kindly request a thorough and positive review not only for the continuation and rapid growth of the PixelPulp project, but also to enhance the vibrancy of the Klaytn ecosystem and its global recognition.

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https://pixelpulp.xyz/discover

I checked out this site. However, it seems to be more convenient to use Opensea than to transfer NFTs to the bridge.

Creating an NFT bridge using 210,000 USD is excessive.

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Thank you for taking the time to explore PixelPulp and sharing your thoughts. We understand your perspective and would like to provide some insights into our project and why we believe it’s a valuable addition to the NFT ecosystem.

Opensea, while a well-established NFT marketplace, presents certain limitations. Firstly, it involves high gas fees and slower transactions due to its Ethereum focus. Opensea’s primary integration with Ethereum might lead to less optimized experiences for Klaytn users. Additionally, cross-chain transfers through Opensea’s bridge can be complex and costly. Opensea’s dependency on Ethereum could limit its capacity to handle a high volume of Klaytn-based NFTs, and it may lack native KLAY integration, making it less seamless for Klaytn transactions. Moreover, Opensea’s centralized nature raises trust and security concerns. In contrast, PixelPulp is designed to address these drawbacks by providing a dedicated, cost-effective, and feature-rich NFT aggregator for the Klaytn ecosystem.

While it’s true that creating an NFT bridge involves an investment, it’s important to consider the long-term benefits. PixelPulp aims to provide Klaytn users with access to a diverse range of NFTs from various blockchains, all within one platform. This bridge allows for greater flexibility and choice when it comes to NFTs, enhancing the overall NFT experience on Klaytn. It also helps in increasing the utility and demand for Klay tokens, ultimately benefiting the Klaytn ecosystem.

Our commitment to providing high-level data analytics is a significant advantage. Similar to platforms like Dune Analytics and NodeGlass, our analytics tools will offer insights into market trends, NFT performance, and more. This data empowers users to make informed decisions and enhances their overall NFT trading experience.

Regarding the cost breakdown, It’s essential to clarify that the majority of the budget is allocated to marketing and user acquisition. This investment is crucial for building and sustaining a vibrant user base. By actively promoting PixelPulp, we can attract and retain users, ensuring the success and longevity of the platform.

If you have any more questions or suggestions, please feel free to share them with us.

1 Like
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Thanks for the submission, PixelPulp team.

I have several comments/questions on this.

  1. Need to fix the typo: Klatyn → Klaytn
  2. Orbit chain now supports native swap feature. Please take a look into this.
  3. Could you share how to get the data of the impact of PixelPulp? it has 5.0% of the share of what market? We have another marketplace Pala. Is this taken into account?
  4. It seems like PixelPulp already supports different native coins such as ETH. Will you remove the feature to pay in ETH?
  5. Can you explain the reason why users need to buy NFTs on Ethereum using KLAY?
  6. With the recent announcement from KF, we are focusing mostly on how we can encourage the contribution of KLAY value creation from ecosystem partners. Do you have any idea on this? For example, Are you willing to contribute some portion of NFT exchange fee for KLAY burning? We are making collaboration with Klayswap to discuss how they can contribute to KLAY burning using their exchange fee. It would be good if you have some estimation that the value your platform will create should be greater than the value from this KCF grant?

Thanks.

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Hi Mr. Colin Kim,

Thank you for your feedback and questions. Here are our responses:

1. Need to fix the typo: Klatyn → Klaytn

Thank you for pointing out the typo. The correction has been made, and it’s now “Klaytn.”

2. Orbit chain now supports native swap features. Please take a look into this.

We appreciate the information about Orbit Chain’s native swap features. We’ll definitely look into this and assess if it can enhance the PixelPulp platform’s functionality.

3. Could you share how to get the data of the impact of PixelPulp? it has 5.0% of the share of what market? We have another marketplace Pala. Is this taken into account?

PixelPulp aims to capture a significant share of the total total NFT market value, which was $24.2 billion in 2022 (according to Decrypt), which is primarily on Ethereum. The 5.0% share mentioned pertains to our goal of becoming a substantial player in the Ethereum-based NFT marketplace.

Regarding Pala, we’ll take it into account when evaluating our impact. PixelPulp’s objective is to have an impact on the overall NFT market and, in particular, the Klaytn ecosystem by facilitating NFT trading using KLAY. While Pala is part of the Klaytn ecosystem, it’s important to consider the broader NFT market, where Ethereum holds a dominant position.

4. It seems like PixelPulp already supports different native coins such as ETH. Will you remove the feature to pay in ETH?

While PixelPulp does support different native coins like ETH, our primary focus is on promoting and utilizing KLAY for transactions. We believe this approach can help drive the demand for KLAY within the ecosystem, showcasing the efficiency and utility of the Klaytn blockchain.

5. Can you explain the reason why users need to buy NFTs on Ethereum using KLAY?

Buying NFTs with KLAY on Ethereum is a strategic move that offers several advantages:

  • Firstly, this approach introduces KLAY to a wider audience within the Ethereum ecosystem, which is one of the largest and most active blockchain networks. It provides an opportunity for Ethereum users to engage with KLAY, potentially piquing their interest in the Klaytn ecosystem.

  • Secondly, KLAY transactions often incur lower fees compared to Ethereum, making it a cost-effective option for buying NFTs. Users can avoid high gas fees on Ethereum by using KLAY as their transaction medium, enhancing the affordability of NFT purchases.

  • It also showcases the interoperability of Klaytn, demonstrating that KLAY can seamlessly interact with other leading blockchains like Ethereum. This interoperability is a valuable feature for blockchain networks, and by highlighting it, Klaytn can position itself as a versatile and adaptable blockchain platform.

  • Furthermore, this process can stimulate demand for KLAY. Users need to acquire KLAY to participate in NFT purchases on Ethereum through PixelPulp. As more users acquire KLAY for transactions, it drives demand, which can have a positive impact on its price and market dynamics.

This strategy benefits KLAY and Klaytn by expanding their user base, showcasing their interoperability, and boosting the demand for KLAY, ultimately fostering the growth and sustainability of the Klaytn ecosystem in the broader blockchain landscape.

6. With the recent announcement from KF, we are focusing mostly on how we can encourage the contribution of KLAY value creation from ecosystem partners. Do you have any idea on this? For example, Are you willing to contribute some portion of NFT exchange fee for KLAY burning? We are making collaboration with Klayswap to discuss how they can contribute to KLAY burning using their exchange fee. It would be good if you have some estimation that the value your platform will create should be greater than the value from this KCF grant?

Indeed, we’re aligned with Klaytn’s mission to encourage KLAY value creation within the ecosystem. We are open to contributing a portion of our NFT exchange fee for KLAY burning. This would not only support Klaytn’s ecosystem goals but also help maintain a deflationary aspect for KLAY, potentially increasing its value over time.

Assuming that almost 10,000 new users on boarded to the Klaytn blockchain by PixelPulp:

  • Percentage Engaging in NFT Trading: Let’s assume 60% of these users actively engage in NFT trading.

  • Percentage Purchasing NFTs: Among the NFT traders, let’s assume that 40% of them will buy NFTs.

  • Percentage of NFT Fees Collected: We’ll collect fees from each NFT transaction, and let’s assume that we collect 3% of the transaction value as fees.

  • Percentage Allocated for KLAY Burning: Out of the collected fees, we will allocate 10% towards KLAY burning.

We are confident that PixelPulp has the potential to generate significant value within the Klaytn ecosystem. By capturing a share of the NFT market and encouraging users to transact with KLAY, we aim to contribute to KLAY’s demand and liquidity.

Looking forward to your feedback.

Best Regards,

2 Likes
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Thanks for the answer, PixelPulp team!

One last small question is, can you share the current status of your NFT marketplace? how many users and how much revenue it makes daily/monthly/until now?

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Thank you for the question. PixelPulp is currently in its beta testing phase, and we haven’t actively pursued a user base just yet, as our marketing efforts are yet to commence. Our strategic roadmap includes the integration of Klay coin buy/sell functionality, as well as robust analytics features. We’re gearing up for a highly-anticipated launch, where we will implement incentivized tokenomics to drive user acquisition and engagement.

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I took a quick look at your marketplace and it seems very laggy and slow to load. The UI seems to be very basic and quickly put together, so personally not quite sure what this would bring to Klaytn over existing NFT marketplaces. I would see some value it you at least focused on improving some of the UI & UX issues that exist in the NFT marketplaces today, but it looks like you have not.

Also $210,000 to fund marketplace development is high, of which $110,000 seems to be for your own self marketing and operations which I don’t believe funds should be used for.

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We deeply appreciate your time and the valuable insights you’ve shared while exploring PixelPulp.

Our NFT aggregator seamlessly operates across five diverse marketplaces, meticulously optimizing server resources to manage costs and strictly adhering to maximum call limits. Our current primary focus centers on the integration of Kaly Coin into our platform. While our current user interface and user experience may appear basic, we want to emphasize that enhancing user satisfaction remains our paramount goal, as evidenced by our ongoing UI/UX improvement efforts, which you can preview here: https://www.figma.com/file/lbvl0kdv9Cd65HBvydkYUE/KlayPulp-NFT-Aggregator-Design?type=design&node-id=0-1&mode=design&t=oEd9XbH5jKOc4UYP-0

Diverging from the existing Klaytn NFT marketplace, which exclusively handles Klaytn chain-issued NFTs, PixelPulp distinguishes itself as a dynamic aggregator that bridges NFTs from a multitude of blockchain ecosystems into the Klaytn ecosystem. This strategic approach adds substantial value to Klaytn Coin within the thriving NFT space.

We are currently engaged in discussions with potential investors and have received promising expressions of interest. Your support would be instrumental to us, and we would be immensely grateful for a Klaytn grant of less than 65,000 USD in Kaly Coin, which will serve as crucial support for our upcoming iteration. Furthermore, to bolster our development efforts, Genesis IT Lab is prepared to make an additional investment of 45,000 USD equivalent in Klay Coin.

Once more, we extend our heartfelt gratitude for your constructive feedback and unwavering support in our journey.

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Looks interesting but realistically the ask is way to high

1 Like