Burn & Earn NFT Launchpad

Why are you participating for Based India?

I am Jayveer from India, and I’ve been deeply passionate about blockchain and NFTs for the past 3 years. As a blockchain developer and trader, I’ve actively participated in this evolving space, from building projects to trading NFTs. However, the rise of NFT scams has become a major issue for both buyers and developers, and as someone who has personally faced such scams, I’ve always felt the need to address this problem.

BASE, with its ~0 gas fees and growing popularity, presents a perfect platform to bring about this change. I’m participating in Based India because I believe this hackathon is the ideal opportunity to launch my innovative NFT launchpad that not only protects buyers but also builds trust between buyers and developers.

What challenges are you focusing on?

The main challenge I am focusing on is the prevalence of scams within the NFT space.

While NFTs on BASE is going crazy these days but there’s a huge trust deficit between buyers and developers due to projects that don’t deliver on promises, leaving buyers vulnerable to financial losses. Another challenge is the confusing and difficult-to-navigate interfaces of existing NFT launchpads, which alienate many users. I aim to solve these issues

How does your submission address this challenge?

BASE NFTs are trending right now, and for good reason. With near-zero gas fees, BASE is quickly becoming a favorite blockchain for NFTs. However, as always, scammers are a persistent problem in the space. That's why I'm excited to introduce our innovative On-Chain Burn and Earn feature, built into our NFT launchpad. Our primary goal is to create a seamless and trustworthy platform where NFTs can be launched without confusion or the risk of scams.

In our system, buyers and developers agree on specific terms—how long the mint funds will be held and the percentage that can be refunded. This feature provides buyers with peace of mind, knowing their investment is protected, while also fostering trust with developers.

Here’s an example to illustrate: Imagine a developer launches 111 NFTs and sets the Burn Time at 3 days with a Refund Percentage of 90%. Buyers mint the NFTs at 1 ETH each. Typically, this is where scams might occur—developers disappear with the mint funds without fulfilling their promises. However, with the Burn and Earn feature, it’s different. The 111 ETH from the mint is held securely for 3 days. If the developer fails to deliver on their commitments during this time, buyers can burn their NFTs and reclaim 90% of their investment.

On the other hand, if the developer is genuine and continues adding value, the burning of NFTs will reduce the supply, increasing rarity and potentially driving up demand for the remaining NFTs. This creates a win-win situation: buyers are protected, and developers can build trust within their community. By integrating the Burn and Earn feature, we’re offering both security for buyers and a solid reputation-building tool for developers.

Challenges we ran into

We’re using Solidity to implement our unique Burn to Earn feature, and after successfully completing the code, our internal tests have shown promising results.

However, building the entire infrastructure—from the backend code to the frontend UI—takes considerable time. While we’ve made great progress in testing and refining the core features, the real challenge now lies in bringing everything together. This includes not only the Solidity-based contract but also HTML for the interface, UI design, and integrating social media and marketing strategies. Managing all these aspects simultaneously has proven to be time-consuming, but we remain focused on delivering a seamless and efficient product.

Additional Features

We came up with this idea about a month ago, before we knew about the Buildathon. It was only two days before the event that we learned about it. Had we known earlier, we would have been able to present a fully functional NFT launchpad, complete with an eye-catching UI, and both the backend and frontend fully integrated. However, due to the limited time, we focused on showcasing demo images and a basic explanation video to convey our concept effectively within the short timeframe.