Creator/Influencers and consumers economy is broken. Their payment is the most broken element when it comes the interaction of both parties. There is no way to asses the price of the time of creators. Apart from that there are few other problems like:
- Creators pay around 30% of the money to the payment processing and platform provider.
- Creator has to bear the charge of the international txn fee.
- Creators economics are always dependent on country economics policy
Solution --> Turn your time into NFT
A decentralised P2P platform to reduce the barrier between creator and consumer on XRPL ecosystem.
- It will have the power to create its own token.
- Book time/slot of creators for a personalised session. Since every time is unique in itself, can be turned into NFT.
- Pay creators in their token.
- Bonding Curve makes the whole economics interesting.
Bonus: Creator token will be the function of the value they are putting in the ecosystem.
How we built it
- Spent time going through XRPL , hooks, SDK docs
- Did some experiment
- Idea validation with creators
- Build a working prototype and tested with creators/influncers
- Iterated again and built on XRPL ecosystem
- Pushed everything on Git and Devpost
Challenges we ran into
- Learning Hook was a bit challenging in the first place but it was a cakewalk after some hand's on.
- For integration, it was taking some time.
Accomplishments that we're proud of
- Deployed things in XRPL
- Built Frontend
- Idea validation with users
- Learning Hook.. It hooked us :)
What we learned
- API specs of XRPL
- Internal working on XRPL
What's next for TimeFi
- Get feedback from judges via one to one conversation
- Apply for grants