[RFW0002] NFT for Customer Feedback and Tradable Content

[ProfilaMitchell]

Table of Contents

• Housekeeping
• The Problem
• User Story
• Request Type A/B
• Owner
• Summary
• Is This Really Necessary?
• Motivation
• Named concepts
• Examples, Risks & Assumptions
• Success Metrics
• Conceptual Design
• Drawbacks
• Alternatives
• New Data
• Business Release Date

Housekeeping

Make sure to clearly understand Type-A and Type-B requests, and the relavant limitations. Failling to follow the guidelines pertaining to the two acceptable types of RFWs will automatically lead to disfqualification of the RFW.

Take time to complete each section below with as much detail as is required to establish a comprehensive understanding about the underlying product specification.

ALL BELOW FIELDS ARE REQUIRED

The Problem

There is no blockchain enabled solution for the purchasing of user moments

User Story

As a Profila user, I want to make a moment tradable to monetise my content

• Medium severity - A source of income for the business and a key draw for users
• Medium Priority - Core feature of the Profila platform

Request Type A/B

Type B

Owner

Michiel Van Roey

Summary

The creation and sharing of customer moments as NFTs with one specific brand or to the NFT marketplace. This RFW facilitates the blockchain element of this feature (minting), and builds upon the existing sharing (but non commercial or blockchain based) of moments as feedback.

Is This Really Necessary?

The implementation of an NFT layer into moments facilitates easy purchase of the content from users, as well as easily determining ownership as the NFT layer acts as a contract.

Motivation

By allowing people on Profila to create moments and, subsequently through this RFW, allowing companies to mint these moments as NFTs, we deliver on the promise of creating a bilateral communication method between brand and consumers. This will be achieved through the use of a smart contract developed by Mlabs. The scope of this request:

• The minting of a shared moment by a brand

Named Concepts

Moment - A moment, or 'consumer moment', is a photo or video that can be created and shared in Profila. The user can attach a comment and/or emoji to express their associated thoughts and sentiments. Moments can be shared directly with brands in a private 1-1 manner.

Examples, Risks & Assumptions

1. Explain concretely what will manifest as a result of this RFW.

• Profila users will be able to share their feedback about a brand’s product/service, which the brand can then mint to generate an NFT of the moment. The user is compensated for this when the brand mints the NFT.

• Brand will use the backend to mint NFT’s that they can then use for their own purposes.
   

2. Explain how is it different from what is already manifesting i.e. what we already have?

• There is currently no way for Profila users to commercialise their moments and directly sell them to brands on the platform. Whilst users can share moments with tagged brands and categories, they do not have the capacity to be minted.
   

3. Explain what Profila users/brands will experience as a result of this RFW. How will they feel as a result of it? How will they benefit as a result of it?

• Profila users, by creating moments to share with one specific brand for commercial purposes, will have a closer connection with the brand in the event the brand purchases the moment. The user also feels a sense of accomplishment in having a favourite brand purchase their content.

• Profila users, by creating moments to send to industry specific categories on the platform, will have a monetizable way of creating content. This is fun for the user as they are being creative. This also has the potential to become another platform for content creators to monetize without restrictions like those on TikTok, YouTube, or Vimeo.

• Brands, by purchasing moments of Profila users for commercial purposes, will have access to new user generated content to use for promotional reasons. The brand will feel more confident in the terms of use as the user is deliberately offering a tradable piece of content.

• Brands, by having another library of category specific content that they can purchase, subsequently have an increased variety of media they can use in promotional campaigns. It also allows them to see which elements of their product/service are most prominent for consumers to gauge whether a focus shift is needed internally.
   

4. If applicable, provide sample messages for any new messages the system will display as a result of this RFW.

All messaging designs are found in conceptual design.
 

5. Define what is out of scope in this request.

• The process of moment creation is out of scope of this request
   

6. What are the data protection, privacy and security assumptions made for this request (example, should this be GDPR, HIPPA (healthcare), NIST compliant etc. - Speak to Michiel or Ipek!)

N/A
 

7. Explain how this user story will be supported (i.e customer support - if the user story fails technically, how will the user be supported).

Support Flow
If the minting of the moment cannot take place due to a technical reason, the tech team will need to be notified to resolve the issue.

Brand Logic

• There is a message to say that the moment could not be minted
• Profila automatically receive notification that there had been a failed mint attempt

Tech Support Logic

• Needs to resolve issue

8. Explain how this user story impacts revenue or billing (if applicable).

Minting an NFT is a cost. This minting cost should be taken into consideration and paid by the brand when minting user content
 

9. State any additional risks identified as a result of this user story.

N/A
 

Success Metrics

A brand being able to mint a shared moment

Conceptual Design

This RFW encapsulates the tradable aspect of the Moments feature, which through use of our developed smart contract, will allow for users to generate content and then sell it by having the other party (brands) mint the moment into an NFT. This RFW encapsulates what happens when a brand actually creates an NFT from a moment.

The moments can be tagged with brands, sentiment, text, and/or categories. They are rich media.

• For the user, the process of moment creation is described here
• For the brands, the process of purchasing a moment from a user is described in RFW0026

Logic:

Each minted NFT should contain the following metadata:

• The users name, last name
• The a link to respective IPFS location
• The fixed length of time the brand has access to this moment
• The payment amount and currency (stable coin, fiat, or ZEKE)
• The date of the agreement

Flow:

From brand backend

• Brand selects to purchase a moment
  • In this screen there is an option for permanent ownership or temporary
  • They input the amount offered to the user for this moment (in fiat)
  • They send the offer
• The user receives the offer within the Channel of Communication with that particular brand
• If the user accepts, the moment is minted and the NFT then acts as a contract of the agreement
• The NFT resides in the Brand's linked wallet

Drawbacks

• Minting costs of NFTs
• The term 'NFT' is famously used but not understood to its fullest extent by the general population. It is important that moments are accessible to all Profila platform users, even if joining the platform with no crypto knowledge prior.
• Having brands attach a wallet may cause friction

Alternatives

The brand could offer the user a typical contract and payment for their content and its use.

New Data

Tradable moments [private with brand] - Moments created and sent to brands privately

Tradable moments [marketplace] - Moments created and tagged with a category

Business release date

Q3 2023