Human need and deep desire to help others is strong and needs to be rewarded. Information exchange amongst users on a network should result in a "token" of appreciation and Nibble aims to make that happen.
For most information, including key purchasing decisions, we rely on our family; friends and neighbors for inputs. These information exchanges happen in informal contexts when we meet at events or on calls. They also arise more formally when a purchasing need arises and we end up texting/calling our family and friends or reaching out to them via groups on messaging platforms.
Even when we are not actively reaching out to family/friends seeking information for purchases, oftentimes our friends and family happen to notice a great deal or discount or promotion on offer and notify us via text/call/messaging platforms.
None of the participants involved in the purchasing process benefit from this information exchange even after they have spent hours combing through the web researching and gathering valuable information which they are now sitting on and happily willing to share with family and friends. Every other Web 2.0 party involved in the purchasing decision benefits from the transaction.
To compound problems, merchants/service providers/manufactures for the most part do NOT know who was responsible for the purchasing decision and cannot tie their advertising and marketing dollars to the true influencers/decision makers responsible for purchase.
Bob wants to sell his car and reaches out to a limited group of trusted friends. One of Bob’s friends reached out to his network and someone in that group knows a colleague working for a dealership looking to buy a used car and the connection is established.
Alice seeks help from Joanna and others in her network to find a plumber urgently for a water leakage or plan for an upcoming need viz water heater change or purchasing a water softener unit. One of them or someone from with their network share a service provider's contact information facilitating a transaction.
Gita needs to buy a refrigerator and requests Gurmeet's help as she is good at research. Gurmeet does all the research on the web and shares the product and store information including discounts and coupons which leads to Gita purchasing the refrigerator.
What it does
Nibble is an intuitive, easy to use mobile app that facilitates information exchanges on the Solana blockchain and enables users to earn the "Nibble" crypto token.
Useful information exchanges are flagged by the recipient and tracked by NFT's thereby establishing the chain of individuals involved that led to a key outcome - mostly purchasing decisions.
Valuation of the information exchange is done algorithmically and the "Nibble" token awarded.
We aim to onboard merchants to the platform as user adoption increases so that merchants can benefit from: 1.) True ROI on advertising and marketing spend 2.) Gain visibility and build direct engagement with users 3.) Unleash real influencers - Value generated by users in the network leads to them becoming key influencers and ambassadors for merchants
How we built it
We did an initial market research testing our hypothesis for such a product. Based on the feedback, we decided to build an early version of the product. We picked Solana as the Blockchain platform of choice as it solves the throughput and scalability problem.
Our objective with the mobile app is to strip away the complexity of Blockchain from the users and make it simple and easy to use.
Challenges we ran into
We are in the early days of building this product. The hackathon was a great motivation to focus on key functionality we could present. Zeroing in on this functionality and getting it built in under a few weeks was challenging.
Accomplishments that we're proud of
We are proud of getting an early functioning version of the product up and running in a few weeks. We ran into personal family health challenges but found the strength to still collaborate and get this product out the door.
What we learned
1.) Teamwork 2.) Prioritizing functionality and deliverables 3.) Getting an early version of MVP out the door is critical than aiming for perfection
What's next for Nibble
We will continue to build on the product and get an MVP out the door in the coming weeks. We also aim to get a few hundred early adopters to start using the product and give us feedback.