HypeX

HypeX Mystery Box is the first NFT + Defi streetwear mystery box game platform. In HypeX our mission is monetizing all physical assets in HypeX metaverse.

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Inspiration

     Me and my Co-founder Ian have been sneakerheads since we were in high school. A few months ago, we came across Hybe.com (an online streetwear mystery box website) and found that there are many negative reviews about the website. Many people are complaining about the low transparency of the odds of winning and expressed the feeling of being scammed by Hybe. In this case, we realized we can solve this problem by disclosing these odds on blockchain.

    Furthermore, we are big fans of collecting sneakers. And I was in the sneaker reselling business for 2 years. There are many collectors like us who have tons of collections at home. For some collection resellers and personal collectors, they may be forced to sell some of their rare collections because they need cash flow to purchase more collections. We want to help them out of such a dilemma, so we thought, why don't we build a platform for them to stake their collections to earn yields and get a loan? Therefore, we built HypeX not only as a mystery box platform, but also as an ecosystem that monetizes all real-world assets.

What it does

    HypeX Mystery Box is the first NFT + Defi streetwear mystery box game. By connecting streetwear, mystery box, game, and blockchain, HypeX allows users to earn profits while playing games. Our mission is to monetize all real-world assets in the HypeX metaverse.

    In HypeX, players can purchase different types & levels of mystery boxes at various prices. Each mystery box has a certain probability of drawing branded merchandise or merchandise fragments. The amount of mystery boxes that will be released on HypeX is limited. All information regarding mystery boxes is transparent on the blockchain. The odds of winning will be 100% secured and proved by the third party Chainlink VRF via blockchain. Both the probability and the purchase history of each mystery box will be recorded and made searchable on the blockchain.

     Other than the mystery box, HypeX provides games for users to leverage more of their NFTs. In the Fragment Refiner, users can upgrade their fragments to higher-value fragments. In the Melting Factory, users can melt their merchandise into fragments. And in the Forging Factory, users can forge their fragments into merchandise. In the future, HypeX will release more games for users to play & earn.

    In HypeX, users can stake (deposit) Mystery Boxes, merchandise, and fragments (NFTs). Users will earn yield and other benefits with greater staking amounts. Users can also deposit their NFTs for collateral Loans.

    Users can also display their NFTs in the metaverse. We will partner with Decentraland, one of the biggest metaverse games to allow users to display their NFTs in Decentraland’s gallery.

    Furthermore, users can deposit real-world products or collections for authentication. Our certified partners such as Sole Stage, Shine Marketplace and Check Check will authenticate the items. Once the authentication process is completed, HypeX will create digital NFTs of the real-world assets. These NFTs will be available for users to use in HypeX.

     By establishing a Decentralized Autonomous Organization (DAO), HypeX allows users to vote on system upgrades, select merchandise, purchase the newest fashion drops, participate in special events, and have access to early testing.

    In the future, HypeX will build a cross-chain marketplace for authenticating and trading physical NFTs. HypeX aims to create an ecosystem that monetizes all physical assets. HypeX is committed to use blockchain technology to connect the physical world with the metaverse by virtualizing and digitizing physical products.

How we built it

HypeX Technical Architecture

    Terra: We will use TerraUSD as our stable coins to support our in-app blockchain transactions. Users can deposit USD in various ways to HypeX. Once we receive users' deposits, we will send them the equivalent amount of TerraUSD to their default in-app wallet. Users will use TerraUSD in every transaction in HypeX. Simultaneously, we will burn the HypeX native token ($HXC) equivalent to 20% of each transaction. Users can stake Terra $UST for $HXC yield rewards and other benefits.

    Chainlink Price Feed: In HypeX, each merchandise will be priced based on the real-world merchandise market price provided by a third-party marketplace platform (i.e. StockX, Goat).     After we talked to Chainlink engineers, the Chainlink team will be able to build an oracle for us to get price data from a third-party platform.     Every time we need to update our merchandise price, we will send a request to Chainlink. Chainlink will then request the data through the API of the third-party platform. Once they receive the data, Chainlink will send the data directly to us so we can update our merchandise price.

    Chainlink VRF: In order to provide users full transparency on the odds of winning, we will use Chainlink VRF to generate random numbers for every transaction.     Whenever we need random numbers, we will send a request to Chainlink VRF. When they receive our request, they will send back random numbers for us to use in our in-app randomness functions.

    Decentraland: We will build a protocol between HypeX and Decentraland for users to add and display their NFTs in Decentraland's gallery.

    NFT: In HypeX, users can acquire NFTs (Mystery Box, Merchandise, and fragments) in various ways. We will mint NFTs right before we issue them to users. Therefore, all the transaction fees that will occur during the minting process will be covered by HypeX. Even though users can trade NFTs in any marketplace, they need to connect the HypeX NFTs with HypeX in order to use these NFTs.

    HypeX aims to build a cross-chain platform for users. For advanced users, they can choose where to store their NFTs. Therefore, we are trying to build our NFT protocol between different blockchains. In our first stage, we are trying to build our NFT protocol with Polygon, NEAR, DigitalBits, and Solana.

    On polygon: We will use the polygon NFT minter to mint our NFTs at the first stage. We will use our address to mint NFTs and send them to users once the NFTs have been minted. Users can stake $MATIC for $HXC yield rewards and other benefits.

    On NEAR: We will use the Mintbase API to mint our NFTs at the first stage. We will use our address to mint NFTs and send them to users once the NFTs have been minted. Users can stake $NEAR for $HXC yield rewards and other benefits.

    On DigitalBits blockchain: We will use the Litemint to mint our NFTs at the first stage. We will use our address to mint NFTs and send them to users once the NFTs have been minted. Users can stake $XDB for $HXC yield rewards and other benefits.

    On Solana: We will use the MEtaplex to mint our NFTs at the first stage. We will use our address to mint NFTs and send them to users once the NFTs have been minted. Users can stake $SOL for $HXC yield rewards and other benefits.

Challenges we ran into

  1. Initially, we started out by trying to build a StockX-like NFT marketplace for real-world assets. However, after talking to many investors, we found that the NFT marketplace is too big to start with. So, we pivoted to building a mystery box game as our phase 1 product.
  2. We learned about the Next Top Blockchain Startup Hackathon less than a week before the due date, leaving us only 5 days to build our product prototype. Thus, we did not have enough time to build a complete product with the backend.

Accomplishments that we're proud of

  1. In the HypeX family, we have a group of young talents who have the same vision and are working together to achieve the same goal.
  2. Our fans are extremely supportive of us from the beginning. They are giving us the confidence and faith that encourages us to create an amazing product.

What we learned

  1. Participate in a Hackathon earlier!!!
  2. Always think from the perspectives of our customers. We did not notice that so many people have zero knowledge of blockchain. In order to improve user-experience, we built our product blockchain more user-friendly and seamlessly.

What's next for HypeX

  1. Getting funds to start our product development
  2. Starting to develop our beta product
  3. Looking for more partners

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Check our Litepaper: link
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