Round 11
Winner
FusionPay NFT Application
by

FusionPay is developing an app so brands can easily onboard customers into a Metaverse experience using FREE NFTs.

Budget request:  
$50,000
*
WebsiteCode

Project Stage

Research

Category

Defi & Wallets
Gaming & NFTs

Based in

Uruguay, New Zealand & Germany

Team size

3

Active since

3 months
Products & Services

We’re creating a solution where businesses can launch their own NFT collections, and their customers can setup a wallet to mint an NFT simply by confirming a link in their email.


Taking advantage of Stellar’s low transaction fees, businesses can incentivise their customers with NFTs to unlock exclusive products, discounts or special access through our plugins (Shopify, Discord etc), creating a new way of marketing and engaging with customers, and nurturing them towards a future metaverse strategy.


The current problem with NFTs is that they're too complicated. Setting up a wallet, getting funds in, minting the NFT and then importing the NFT into the wallet is far too difficult for the average user.


Offering a FREE NFT option provides a low barrier to entry, so businesses can implement an NFT strategy without their customers having to buy cryptocurrencies, eliminating the fear of being scammed.  


Using cutting edge cryptographic technology, we will offer the highest level of security without compromising user experience.


Our partnerships with B2C brands will allow us to leverage the trust already built with their existing customer base, bringing new users to the Stellar network.

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Previous Project(s)
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Progress so far
Goals
  1. Setup company in Uruguay’s Free Trade Zone
  2. Rebrand
  3. Refine Proof of Concept
  4. Launch MVP web application
  5. Pilot Free NFT on-boarding strategy
To get there, we  will use our requested budget of  
$50,000
*
  to:
  • Top-up Stellar grant with $50k from private investor (secured)
  • Research legal advice for regulations in Uruguay
  • Secure a contract with 1 brand to implement our MVP
  • Explore industry contacts
Overview

NFTs, the gateway to Web3

Our 10 year goal is to create an application where users can make payments with any currency as well as buy, trade and store all digital assets in one place. One of the biggest factors to launching a successful payment application is building a substantial network of customers and brand partners. Helping businesses onboard their existing customers into an NFT/Metaverse strategy is the most efficient way to grow our network, providing an established customer base when we launch future products.


Revenue Model & Funding

We will research the pros and cons of different pricing models while refining our MVP. The 3 pricing models our competitors use are:

  • Monthly SAAS fee based on users or NFTs minted.
  • One-time setup fee.
  • % of transaction fee.

We will use one (or a combination) of the above pricing models.


Keeping our project running

We have secured a $50k investment from a private investor on the basis that we secure a $50k grant from Stellar. Our white-label solution with brand partners is the quickest way to generate revenue. This is why we’ve invested time this past year gaining contacts and building relationships with business owners.


Financial Plan (6 Months)

Income

  • Stellar Funding: $50,000
  • Top-up from Private Investor: $50,000


Outgoings

Salaries:

  • Full Stack Developer - $25,000
  • UI Designer - $12,000
  • Sales & Marketing - $18,000

Branding: $10,000

Marketing: $10,000

Events & Workshops: $5,000

Company Registration & Legal Fees: $10,000

Servers / Hosting / Online Subscriptions: $5,000

Accounting: $1000

TOTAL: $96,000


Market & Industry Research

Target Industry:

We are targeting B2C brands who want to transition their existing fans into the Metaverse, and find new, innovative ways to market and engage with their customers. Brands like Dolce & Gabbana, Lacoste, Prada and Adidas have already launched NFT collections and are paving the way for other brands to follow.


In this year’s Metaverse Fashion Week (March 2022), 70 of the world’s top fashion brands participated, confirming the growing trend towards Metaverse wearables. NFTs is the technology connecting all brands to the Metaverse.


What problem do we solve?

Metaverse sales in North America are forecast to hit $1.5 Trillion in 2029 alone, a 4500% increase on 2020. To reach this goal there not only needs to be a simpler way to onboard new customers, they need to be incentivised in a way they understand. Using familiar marketing tools like discounts and exclusive products is the perfect stepping stone for brands to nurture their customers on a journey into the Metaverse.


Market Cap

  • In 2020 the Metaverse market cap in North America was $33.67 Billion.
  • In 2021 it grew 36% to $45.97 Billion.
  • In 2022 it grew a further 39% to $63.83 Billion.
  • Metaverse sales in 2029 are forecast to reach a market cap of $1.52 Trillion (4500% increase in 9 years).

Source: https://www.fortunebusinessinsights.com/metaverse-market-106574


SWOT Analysis:

Strengths:

  • We are a small, flexible and versatile team.
  • Quick to respond to market changes.
  • Low operational costs.
  • Our team has experience with NFTs and building enterprise applications.


Weaknesses:

  • No signed contracts.
  • Small Team (can we beat larger companies to market?)


Opportunities:

  • Few competitors.
  • Emerging market of NFTs and Metaverse wearables.
  • Offer a FREE NFT option, creating a low barrier to entry.
  • Leverage company’s existing customers to bring users to the Stellar network.


Threats:

  • Larger competitors get the majority of the market share.
  • Worldwide shortage of enterprise developers.
  • Unpredictable regulatory issues.


Competition

Our main competitors are Venly and ShopThru.


Venly’s problems are:

Users need to purchase NFTs using either Crypto or Credit Card (minimum deposit of $40 USD). This will discourage a lot of new-comers because of their fear of being scammed. We solve this problem by offering a FREE NFT option (businesses absorb the transaction fee) so customers can seamlessly enter the NFT space.


ShopThru’s problems are:

  • They don’t integrate with Stellar NFTs
  • They don’t have a burn mechanism, so NFTs can be used over and over again (not suitable for vouchers or one-off discounts).


Resources & Relationships

In the past year Valentin has attended many conferences, allowing him to meet key industry contacts and form potential business partnerships. Through long-time friends he has direct links with the Uruguay financial sector, and access to many key contacts to bring FusionPay to Uruguay and South America.


Marketing & Sales

We will utilise our business contacts to find 1 suitable SMB to trial our MVP in the first 6 months. We will onboard this business free-of-charge in order to gain the customer feedback needed to refine our MVP and get ready for market. Once ready, we will implement an email outreach and LinkedIn strategy to onboard brands from Uruguay and South America.


Why Uruguay?

The Free Trade Zone Regime was created to attract offshore companies to do business in Uruguay, with tax advantages and customs benefits. We will utilize Free Trade Zones to entice companies to build their NFT/Metaverse strategy within South America, while at the same time enjoying easy administrative processes and attractive fiscal benefits.


Free Trade Zones puts Uruguay on the world stage of future technologies. New, expansive trade laws positions Uruguay as the South American hub for blockchain and Metaverse companies worldwide. Article about Free Trade Zones: https://www.bizlatinhub.com/benefits-free-trade-zones-uruguay/

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Links:

Team

Valentin Raab - Valentin#1470

Visionary

Valentin lives in Uruguay and has a background in Cybersecurity. His ability to network and create connections worldwide is the key to bringing FusionPay to the world.

Twitter: https://twitter.com/cryptosince2010


Charlie Brown - Charlie B#0001

Marketing

Charlie lives in New Zealand and has 20 years experience in branding and marketing. Working with mainly SMBs, he’s also worked in the music and entertainment industry.

LinkedIn: https://www.linkedin.com/in/charliebrownz


Christian Seebach - adio#0001

UI & UX Designer

Christian lives in Germany and has been a passionate UI/UX designer for over 10 years. He’s worked with Marvin and Valentin on other web applications in the past.


Marvin Wichmann marvin-w#9490

Full Stack Developer

Marvin lives in Germany where he’s spent 9 years as a software engineer building, maintaining and deploying large scale applications to both on-prem and cloud solutions. Certified AWS Developer; Certified Scrum Master; Certified Kubernetes Application Developer.

LinkedIn: https://www.linkedin.com/in/marvin-wichmann-b41457228/