1inch DAO approved $380k fund for the creation of an NFT marketplace

1inch DAO approved $380k fund for the creation of an NFT marketplace

The 1inch Decentralized Autonomous Organization (DAO) plans to fund an NFT marketplace for around $380,000 after the governance proposal was approved by 71% of the community.

NFT marketplace scheduled for 80 days

1inch’s 1IP-21 was passed during the weekend after the majority of the users, with 71% voting yes for the idea. The proposal asked for $387,022 to develop the 1inch NFT marketplace, with an initial payment of $92,000.

The money will get into product management ($55k), business development ($30k), design ($40k), dev costs ($155k), and corp ($23.5k). Meanwhile, the yearly operational cost for marketplace maintenance is $50k.

The marketplace will consist of an aggregated marketplace for Ethereum, Polygon, BNB Chain NFTs, a launchpad, a unique 1inch marketplace, and educational tools for the community. 

Meanwhile, the platform’s NFT aggregator and analytics will be delivered in 80 working days. Then, the rest of the products, such as the launchpad, 1inch wallet integration, and admin panel, will come within 20 working days.

Building a more accessible marketplace

The 1inch Network Labs is in charge of developing the NFT marketplace. The new 1inch subsidiary will allow users to trade, create, and store NFTs. It will leverage 1inch’s liquidity aggregator and DEX aggregation protocols to give users access to the best prices across various NFT marketplaces.

After the initial development with the $92k initial funding, the rest of the funds will come about based on milestones. There are five milestones, and the new funding will come about depending on the success of the preceding milestone. The project will bring about more accessibility and the NFT ecosystem to the blockchain space when complete, based on the announcement.

Meanwhile, despite the massive support, some DAO members are against the NFT market funding. One of the members, khbw, mentioned the competition is already stiff in the NFT market. The member added that the chances of survival are very small and suggested that 1inch enters a field more aligned with its current technology accumulation and positioning.         

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