OpenSea Grant Application



OpenSea Grants Application 
Updated March 15, 2022

 

Summary of Project: 


Conceived in BanklessDAO, UltraSound Merch brings digital artwork and web3 communities into the physical world with the world’s first ‘on-chain supply chain’ merch platform. USM offers opportunities for creators to gain additional income streams and provides a streamlined process for crypto-native artists and communities to easily create, produce, and ship custom-designed evergreen apparel and merchandise. 


The UltraSound Merch Supply Chain includes the ‘Bankless Checkout,’ our custom-built, Layer-2 payment gateway. Bankless Checkout enables USM to accept payments in a range of cryptocurrencies and community tokens. Plus, it features an automated, on-chain, revenue-splitting mechanism that transfers proceeds directly to the wallets of the artists, contributors, and suppliers, eliminating credit and intermediaries from the supply chain.


UltraSound Merch is also pioneering NFT receipts, another advance for the crypto-commerce space. NFT receipts provide immutable proof of authenticity and ownership for physical goods. Moreover, they also unlock incredible new web3 opportunities for:

  • Future airdrops from USM and/or the artist 
  • Token-gated access to exclusive content 
  • Community building 
  • Bundling merch and digital NFT art purchases together 
  • Verifiable reviews
  • Resale activity metrics
  • And many other possibilities

Our evergreen blanks—meaning always available in all sizes—are ethically sourced and certified organic cotton, produced in facilities paying living wages. We’ve partnered with crypto-friendly printers that utilize efficient and vibrant printing techniques to provide unparalleled customization and quality. USM uses no plastics or single-use packaging, making our products truly UltraSound.

USM launched the beta version of the UltraSoundMerch.com store at EthDenver in February 2022, featuring 5 genesis artists.


UltraSound Merch Team:


UltraSound Merch was co-founded by Gregory Lalonde (aka groggy.eth) and Dionne Meisterling as a response to the lack of quality custom crypto-native merchandise in the market. 


Gregory has 20 years of retail, luxury clothing, and supply chain experience, working with world-class brands like Zegna, Reigning Champ, and Eton, among many others. Focusing on USM’s product and supply chain organization, Gregory also draws from experience working with factories to design, develop, and incubate private-label brands for distribution across North America. 


Dionne uses her extensive experience in project management to lead the team towards the mission-stated goals. Dionne has an MBA in finance & entrepreneurship and bachelor's degree in chemical engineering. She has worked in manufacturing, production, software design, VC deal analysis, and investing. 


The UltraSound Merch team includes several other experienced industry professionals with expertise in:

Solidity programming and smart contracts
Supply chains

Apparel sourcing and production

Art and design

Product marketing and branding

Banking and AML

Front-end and e-commerce software development 


UltraSound Merch is not itself a DAO, although our Discord server is our HQ, and our remote team is deeply connected across the worlds of DAOs, NFTs, crypto, and web3. We are pursuing the formation of a legally recognized Co-Op organization structure that will enable us to more easily conduct business in the US while remaining aligned with the spirit and decentralized ethos of a DAO.

Roadmap and Milestones:

Stage 1 (complete)

  • Define and establish MVP for the UltraSound Supply Chain: all production participants (blank apparel supplier, printer, and artists) able to transact in cryptocurrency.
  • Produce multiple iterations of MVP products and suppliers to find the best product fit.
  • Build MVP Shopify site and develop artist and community web pages.
  • Launch HQ server on Discord and attract talented Bankless DAO members to contribute to the project.
  • Connect supply chain partners to Discord server. 

Stage 2 (complete)

  • List and sell t-shirts designed by a crypto community or artist and sourced from the UltraSound Supply Chain.
  • Establish Social media channels (Twitter, Instagram).
  • Build and test revenue-splitting mechanism, including capabilities that enable all input variables and wallet addresses associated with individual products to be dynamically calculated to achieve accurate percentages to output to database format for smart contract integration.

Stage 3 (complete)

  • Build and test a Layer 2 (Polygon) community token in Bankless Checkout.
  • Successfully use $BANK tokens to purchase products. 

  • Stage 4 (in progress)

    • Develop USM branding, and explore various implementations and product-market fits
    • Form legal Co-Op structure to establish ownership mechanism and liability protection.
    • Enable automated revenue-splitting mechanism on the Bankless Checkout.
    • Enable NFT receipt customization.
    • Establish system for t-shirt redemption with crypto projects using token gating.

    Stage 5 (future) 

    • Upgrade website to scale to more communities and artists.
    • Onboard UltraSound Supply Chain partner printers in Europe, Australia, Africa, and Asia.
    • Expand ecosystem of UltraSound Supply Chain supplier partners to broaden the product mix and options.
    • Continue to explore Web3 and crypto technology innovations that add value to customers.


    Benefits to NFT Ecosystem:


    UltraSound Merch is establishing new use cases and expanding the utility and value of NFTs. First, by providing a seamless way for artists to extend the reach and value of their digital NFT artwork onto physical goods that fans and collectors can enjoy IRL. 


    In addition, we are developing a novel, blockchain-based supply chain that ensures that records of all transactions—from sourcing through product delivery—are open and traceable on-chain. We believe that this transparency will lead to greater efficiency and fairer, more ethical business practices in the merchandise industry. 


    Moreover, we’re piloting and innovating the use of NFT receipts, which we see as holding tremendous potential for customer engagement, proof of authenticity, bonus-content unlocks and other new models and use cases that are yet to be imagined.

    We also believe that merch is just the beginning for the model USM is building. We’re confident it can be replicated, repackaged, and adapted for a broad range of product categories beyond merchandise, helping to accelerate the adoption of NFTs to new audiences while increasing the value and utility of NFTs.


    Proposed Budget:


    Total Budget Need: $275,000 


    Breakdown:
    Stage 1 - $10,000


    Stage 2 - $15,000


    Stage 3 - $15,000


    Stage 4 - $95,000 

    • $8,000 - Develop USM branding and refine brand guidelines
    • $12,000 - Form legal Co-Op to establish ownership structure and liability protection.
    • $5,000 - Enable automated revenue-splitting mechanism on the Bankless Checkout.
    • $2,000 - Enable NFT receipt customization.
    • $8,000 - Establish system for t-shirt redemption with crypto projects using token gating.
    • $20,000 - R&D - Continue to explore Web3 and crypto technology innovations that add value to customers.
    • $40,000 - Annual fee for AML/Sanctions blockchain analytics feed. 


    Stage 5 - $140,000

    • $50,000 - Upgrade website to scale to more communities and artists.
    • $40,000 - Onboard UltraSound Supply Chain partner printers in Europe, Australia, Africa, and Asia.
    • $30,000 - Expand ecosystem of UltraSound Supply Chain supplier partners to broaden the product mix and options.
    • $20,000 - Continue to explore Web3 and crypto technology innovations that add value to customers.

    LFG!