Savage
Video NFT marketplace
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About the client
Details
- Website:savage.app
- Location:USA
- Date:2021
Project goals
- Develop an NFT platform that will focus on high-quality videos (8K and higher)
- Ensure responsible and sustainable NFT minting and hosting
- Construct and implement an effective tokenomics model
- Provide a smooth user experience for NFT enthusiasts and newbies alike
Work done
- A video NFT marketplace for filmmakers
- Development of monetization mechanisms
- Implementation of the platform’s own utility token
- Integration with Ethereum wallets
Project features
- Carbon-neutral ecosystem
- Use of Proof of Stake protocol to minimize environmental burden
- Exclusive access (video creators can join the platform only by invitation)
- Optimal payout structures
- Payment with both cryptocurrency and fiat money
- Use of the platform’s own token – Savage token
- Low NFT minting fee ($10)
- Simplified registration for inexperienced users
Details
PixelPlex developed an NFT marketplace that allows users to buy and sell high-resolution videos. The platform guarantees intuitive navigation and a smooth user experience, for NFT novices as well as adepts.
Concept development
To validate the project's vision and strategy, unpick the requirements, and choose the most optimal tech stack, we started with a discovery phase lasting 4 weeks. Together with the client, we identified business and functional needs for project implementation.
Curated marketplace
The client wanted to make sure that only the best, high-quality videos are sold on their platform. That is why we decided to build a curated marketplace, so users can join the platform only by invitation. To become a Savage community member, a user fills in an application form, including the link to their showreel, which is further reviewed and approved or declined by the admin.
Carbon-neutral ecosystem
Another distinctive feature of the platform is its carbon-neutral ecosystem. Any CO2 released into the atmosphere from the company’s activities is balanced by the equivalent amount of CO2 being removed. With each transaction on the platform, carbon credits and donations will be sent to environmental protection organizations, such as SeaLegacy. At the same time, a portion of the company’s revenue will be donated to green funds like Carbon180.
Proof of Stake consensus algorithm
Having consulted the client, we decided that the solution should be based on the Polygon framework.
The key reasons for choosing Polygon were:
- Polygon leverages a Proof of Stake consensus algorithm, so it uses over 50 times less energy than the most popular Ethereum blockchain
- It eliminates the barriers of interoperability and scaling of many blockchains
- It ensures increased security and openness
After defining the key aspects of the solution, our specialists prepared wireframes for the platform and established user roles and flow diagrams.
Monetization mechanisms
Our blockchain consultants assisted the client in implementing an effective tokenomics model for their marketplace.
Savage token
After discussions with the client, we decided that the platform would have a utility token, called Savage token (SAVG).
The development of the platform’s own token will help Savage Stock Media derive more revenue while increasing brand awareness and status
The client will be able to equip the token with additional features (for example, offer discounts or bonuses), thus increasing user loyalty
The platform’s users can acquire SAVG tokens and use them right away to sell and purchase NFTs. They will also be given a 20% discount for using SAVG to complete their purchases, which will lead to higher user engagement and increased token liquidity.
Demand and supply points
To help the client create a thriving tokenomics system, we mapped out demand and supply mechanisms.
blockchain consultants recommended the client use NFT videos for demand points. This means that when a user sells NFT videos through the platform, it will charge a specific percentage of the cost of the video.
Our team also created token supply mechanisms to ensure a stable economy within the system and suggested the client use the following supply points:
Filmmakers reward
Filmmakers receive a specific percentage of the cost of an NFT video when they sell it
Token trade
The platform’s token holder will be able to trade the SAVG token on decentralized trading venues
Token sales
The SAVG token can be sold to the filmmakers at the point of smart contract creation or execution
Discounts
Buying an NFT via the SAVG token is 20% cheaper than buying it with another cryptocurrency
Got an idea? Let’s work together
MVP implementation
To ensure faster time to market we agreed with the client to start with an MVP, which would encompass the solution’s key functionality, and then gradually extend the product’s features. As a result, within 12 weeks we implemented an NFT marketplace for video creators and enthusiasts.
NFT marketplace for high-resolution videos
The platform offers only high-resolution videos that become available to end users via a specific link after the purchase of an NFT. It has a low NFT minting fee ($10) and provides video creators with rewards for each sale, thereby making it an attractive venue for professional filmmakers.
High-level process description
Ease of use for both experienced NFT users and beginners
Multiple payment options
The client wanted to provide a legacy experience for end users who don’t have any experience in buying and selling NFTs via cryptocurrency. To bring this about, we integrated the platform with the Stripe payment service and enabled NFT purchase with a credit card. Another option presented to users is using the SAVG token. In this case, it’s the user who calls the contract and makes the payment without the mandatory participation of the system.
Now, the platform offers 3 key payment options.
Payment with cryptocurrency
Payment with a credit card- Payment through the Savage token
Simplified registration
Our team also simplified user registration on the platform. We integrated it with the Magic SDK that enables passwordless authentication through magic links. As a result, inexperienced users can register via their email and the platform will automatically generate a custodial wallet, while NFT enthusiasts can simply connect their Metamask wallets to the platform.
Platform architecture and technologies used
The Savage marketplace is implemented via a microservices-based architecture to ensure increased flexibility and scalability. PostgreSQL is used as the platform’s database and RabbitMQ as a message broker between services.
As the system doesn’t involve processing complex computational tasks, it is written in Node.js and built on top of the Nest.js framework. The token contract is implemented via the ERC-721 standard, using the OpenZeppelin Contracts library due to its code quality and security.
The backend of the platform consists of the three key services, including:
- API service - responsible for the interaction between UI and the system
- Payment processors - responsible for accepting payments on the platform; it is built with a modular approach to provide for integration of additional payment providers
- Data Publisher - provides functionality for sending data to the blockchain and IPFS network
Key project technologies
Integration with third-party services
Our team integrated the Savage marketplace with a range of different third-party tools and solutions, including:
To ensure a secure file storage
To distribute content with low latency while ensuring increased security
To provide quick and reliable access to the blockchain network
To access the IPFS network
To process payments in fiat
To accept payments in cryptocurrencies
Development approach
The PixelPlex team applies agile development best practices following the Kanban methodology, with regular planning meetings and daily standups. To ensure extra transparency during the project, our PM sends weekly reports to the client.
We also regularly help the client with ad-hoc tasks. For example, our team developed a new landing page for the client’s existing video marketplace, when their previous version went down. Within 4 days our specialists created a new design for the page and added all the desired integrations.
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