Empowering NFTs on Theta

As OpenTheta, pioneers in developing an NFT platform on the Theta Blockchain, we've identified three key components of this community: Developers, who build innovative products; Creators, who leverage blockchain technology to engage with their community; and Users, the vital community members who interact with blockchain and NFTs. Together, we are all driving the Theta Blockchain ecosystem forward.

When Theta announced this hackathon, it prompted us to think beyond our NFT marketplace. Our goal was to build tools that can be utilized by various groups of users while integrating them into an expansive ecosystem centralized around the existing OpenTheta Marketplace, built on the Theta Network. We decided to create multiple tools leveraging our robust NFT database running in the backend, which currently holds information on all 2.6 million NFTs of the Theta blockchain. These tools, while standalone in their functionality, are deeply interconnected and rely on similar API endpoints that we've also made accessible as part of this initiative.

The following tools are four parts of a puzzle to enhance the NFTs on Theta making the Theta Blockchain more engaging and functional for its users:

NFT-based Video Platform powered by Theta Video API and Theta DRM
NFT-based Discord Bot ThetaGuard (Token-Gating Bot)
NFT Tax History Export (for all Theta marketplaces like ThetaDrop and OpenTheta)
- Theta Pass (ThetaDrop)
Public NFT API for Developers

Video Platform for Theta - Powered by Thea Video API and Theta DRM

To integrate the capabilities of the Theta Video API with NFTs, we've created a token-gated video platform. This allows creators to offer videos to users in a manner akin to platforms like YouTube or Patreon. Creators can specify which ERC-721 tokens are necessary for viewing their content. For instance, a trading-focused creator could permit only those who possess at least one of his issued NFTs to access his content.

Additionally, creators can utilize Theta DRM to offer an extra layer of security for significant videos. The OpenTheta video feed displays users the videos they can access based on their NFT holdings, providing an experience comparable to other video platforms.

The following GIF showcases the user's video feed. The personalized video feed at https://opentheta.io/videos presents all videos accessible to the user based on the NFTs they own. After clicking on a specific video, the user is prompted to unlock it for viewing, as this video is secured by Theta DRM in addition to token-gating. After unlocking the DRM, the video starts playing.

Videos also contain a description and a feature for users to engage with the creator by liking the video. Under each video title, the page indicates which token unlocked the video. As the video feed is personalized, other users may see different videos based on the different NFTs they hold. When publishing a video, the creator can link any contracts. Creators can publish videos at https://opentheta.io/videos/create.

Our approach allows creators to engage their community via ERC-721 tokens, enabling them to enhance the utility of existing smart contracts and NFT projects. At the same time, it underscores the ability to host videos on the Theta blockchain. Starting today, the personalized video feed is open to everyone. Video publishing is currently restricted to creators who have a project listed on OpenTheta (to prevent misuse). However, the technology allows videos to be linked to any ERC-721 token on the Theta blockchain. We welcome anyone interested to reach out to us! ❤️

ThetaGuard (Token-Gating Discord Bot)

In addition to the token-gated video platform, which empowers creators to securely share their content with NFT holders, we also introduce ThetaGuard. This Discord bot incorporates token-gating, allowing creators to limit access to specific channels based on the quantity of NFTs a member owns. This provides creators with a high degree of adaptability and customization.

Once a role is created on Discord, it can be selected via our admin interface. From there, creators connect the associated smart contract that will be verified. They can set the minimum and maximum (optional) number of NFTs a user must hold.

If an NFT project is listed on OpenTheta, we also track each NFT's metadata. This allows creators to grant roles based on the ownership of an NFT with a particular attribute.

From a user's perspective, they need to verify their wallet via signing a message. If they hold the necessary NFTs, they receive the Discord role. We utilize Wallet Connect and ThetaPass, allowing users to use not just MetaMask, but also the Theta mobile wallet and their Theta Drop account.

The ThetaGuard discord bot is built on top of our public OpenTheta NFT API, showcasing the use cases and the easiness to build new products on the API. Additionally, we also used discord.js to interact with discord and enable users to interact with our bot.

The first community already utilizing ThetaGuard is ThetaPunks, incorporating both ThetaPunks from OpenTheta and ThetaPunks Unchained from ThetaDrop.

Tax Export/CSV Export

Given that most crypto tax tools only support a limited number of blockchains, many users on the Theta blockchain are struggling when filing their taxes. To address this, we've developed a tool that lets you export all your NFT transactions into a single CSV file. This file can be used for tax purposes and to create a detailed record of your NFT history in programs like Excel.

The following GIF demonstrates how to export your NFT history data. On https://opentheta.io/settings/export, users can choose the year and the transactions they wish to export. Furthermore, users can link their ThetaDrop account via ThetaPass to include the blockchain history from that exchange as well.

The exported CSV file can be opened in software like Excel to generate custom statistics or to prepare taxes. It contains information about trades, mints, burns, and any other transfer events. We've also integrated the capacity to view the history of ThetaDrop trades, including transactions conducted in USD. The export includes data such as currencies, block height, amount, token IDs, contract addresses, and more. Any information stored in our OpenTheta database can be downloaded by the user via the export.

There are, however, two current limitations to the export: it doesn't include the fees charged by marketplaces nor the minting prices of NFTs on ThetaDrop. Since we derive all information from the public blockchain and these details aren't included in the public data, we're unable to provide them at this time. Despite these limitations, the data export significantly simplifies tax preparation and is the first tool to enable users to create custom statistics on their NFT history.

Public Developer API

As part of the CSV Export, we decided to open up our closed API for other developers. In the past, multiple creators and projects have already reached out to us and used our (so far closed) API. Many projects on the Theta blockchain including ThetaRarity and several community market tracking bots have relied on the APIs of OpenTheta. Today, we are opening up most of our endpoints to all Theta developers.

The documentation is available at https://api.opentheta.io/ and contains detailed query information and examples. Multiple endpoints are documented and with the tool Redocly, we provide snippets and cover many use cases. Our public API makes it even easier for developers to use the Theta blockchain. Instead of building their own database of NFTs, developers can use the OpenTheta API to query information about smart contracts, events on the blockchain, and more.

Challenges we ran into

Challenges faced during the development process included the experimental nature of the Video DRM API. Building a huge database of all NFTs on the blockchain was another challenge that we encountered during the development process. This required significant time and effort to ensure that we could accurately track all NFTs on the Theta blockchain.

As of today, our database contains all 2,605,199 NFTs as well as the metadata of all NFTs on the Theta blockchain including their events like mints, transfers, etc.

What’s Next

We will persistently strive to enhance the various features we provide for creators, users, and developers. As for the video platform, we are currently working on adding support for livestreams and comments; both are expected to strengthen the bond between creators and their communities. Another significant tool for creators to engage with their community is ThetaGuard, and our goal here is to roll out the Discord bot to an increasing number of Theta communities.

Regarding the Tax/CSV Export feature, we aim to incorporate fees to reduce the time it takes for users to perfect their sheet. We will continue to expand the Public Developer API with new features and more endpoints as we identify the need for them.

In essence, our primary objective is to optimize user and developer experience on the Theta Blockchain. With your support in this hackathon, we believe we can make these visions a reality, opening up a new world of opportunities in the Theta community and beyond. Together, let's shape the future of NFTs on the Theta blockchain.