Crypto Sailing Quest - NFT fractional ownership of IRL Yachts with rewards

TRON Hackathon Hackathon Season 5
1

:memo: Basic Information

  • :bookmark: Project Name: Crypto Sailing Quest
  • :art: Project Track: Artistry
  • :handshake: Team Name: Salient Yachts
  • :bust_in_silhouette: Team Member(s): 3
  • :globe_with_meridians: HackerEarth Project Link: HackerEarth Project
  • :link: Presentation: Salient Yachts

:open_book: Project Overview

Hybrid tokenization is the intersection where radical forward-thinking and real-world implementation meet.

  • Our Project is backed by real world assets which are fully insured

  • Explore island living and sail on the REAL yachts in the REAL world!
    You can use your NFT rewards to charter a holiday on any of our yachts in the real world at exotic locations such as Mauritius and the Caribbean.

  • Explore islands in the VIRTUAL world
    Our 3D adventure game - Crypto Sailing Quest - While sailing near the Bermuda Triangle a storm sweeps you and your yacht into alternative reality:
    *Discover treasures and artifacts in your quest to get find a way back home
    *Explore a world filled with mysterious islands
    *Each island has its own, individual theme and mini-quest
    *Avoid traps and obstacles, fight off enemies and creatures

  • Sail the yachts virtually in our upcoming VR Sailing Game expansion

  • Users become our Boat Brokers earing commissions of NFT sales using our affiliate program.

  • We have global expansion plans for multiple yachts builds and construction marinas

:star2: Project Goals and Value:

:dart: Project Goal :

  • To make innovative yacht ownership accessible to everyone around the world using NFTs and hybrid tokenization of shares, providing asset backed crypto investments with a reliable ROI through our rewards program of 12% APR generated by the IRL yachts being chartered internationally!

:gem: Project Value:

  • :bulb: Innovation:
    NFT contracts give users digital ownership of IRL Sailing Yachts,
    NFTs facilitate asset liquidity in marketplaces and auctions, revenue sharing, and more.

  • :shield: Decentralization:
    Use of the blockchain ensures that NFT owners get direct control over their fractional shares and rewards and allows them trade and sell their shares at any time!

  • :bar_chart: Transparency:
    All transactions are transparent and verifiable by anyone on the network. Know how every NFT share and its rewards are used.

  • :lock: Security:
    Enhanced encryption standards ensure user data and assets are protected.

  • :sailboat: Insurance:
    Each yacht is comprehensively insured!
    This effectively means that the NFT value of the tokenized shares are indirectly insured through its asset backing!

:eyes: Project Info:

CryptoSailing
CryptoSailing1920×1075 201 KB

:open_book: Project Details

The challenge (Problems We Solve):

a. Blockchain and Crypto projects often lack real world or intrinsic value.
b. Most crypto projects only have value during the hype phase and soon fade away such Axie etc
c. No guarantees or third party backing

Our Answer:

a. Our project is backed by 50ft+ $1MM+ REAL assets!
b. Rewards from IRL charters give each NFT value and stability for 10+ years!
c. Insurance on the IRL assets means that each NFT is indirectly insured!

We have a full specialist marine facility with the following consultants:

			• Marine Engineering				
			• Resin-Infusion Composite Engineering
			• Custom Stainless Steel			
			• Mechanical & Electrical specialists
			• CAD Design and Rendering

Yachting Industry Problems:

i) According to the April 2021 report from Grand View Research the global yacht market—valued at $8.15 billion in 2020—is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2021 to 2028. Meanwhile, the global yacht charter market is projected to grow from $6.83 billion in 2020 to $10.82 billion in 2027—a CAGR of 6.6%.

A total of 242 new yachts came to market in Q1 2021, 93 less than the previous year. That is a supply shortage of 39%. Adding an annual growth rate of 5% to the 242 new yachts means there will be a growing shortage of more than 12 yachts each year, compounding over the next 7 years.

ii) The industry has bottle necked due to the increased demand for 50-64ft Catamaran Yachts. Customers are divided into three market segments, namely Charter Companies, Family Leisure Adventure and High Net Worth Individuals. These customers are waiting up to 6 years to get new vessels manufactured and delivered due to fabrication backlogs, some being unable to operate or expand their business while they wait.

iii) Factors driving Yacht demand:
A growing group of YouTuber’s and social media influencers have popularized Pleasure Yacht excursions across every sea, stopping at tropical locations diving in crystal blue water.

iv) Fractional ownership is known to be a more affordable way to own a share in a yacht by reducing the operating and maintenance costs, but it’s also out of reach for the average person.

The Solution:

We are at the forefront of innovation by taking a Yacht Asset and fractionalizing the yacht into NFT shares. We then deploy a NFT collection based on the number of yacht shares which is then represented by each NFT. Yacht ownership is authenticated through the above NFT contract created for the asset, the Title Registration of the yacht will be added as metadata to the NFT collection once built.

The concept of fractionalization in yacht ownership is not new, but our ground-breaking solution using NFTs will revolutionize the way people buy and sell yachts through digital ownership of the asset. This will allow anyone the option to own a share in a yacht and be rewarded. Our system can be implemented to achieve worldwide mainstream adoption, providing large-scale solutions to real-world problems.

Each share is INSURED, receives REWARDS and has VOTING rights. The NFT blockchain technology allows these shares to be easily transferable and liquid, which is unheard of in the yachting industry!

Our Yachts

A Tag 50 Catamaran: LIMITED EDITITION: Hull #2 of 2
Salient One Yacht Video- The Dream
This carbon fibre / resin composite vessel, manufactured by Vacuum Infusion, combines maximum strength with minimum weight. This catamaran, is currently a blank canvas, which represents great value and has already completed a 580 mile coastal voyage.

Ownership

Our primary goal is to make yacht ownership accessible to everyone around the world. Hitherto this was unobtainable. Now it is not only available, but it is a reliable investment option. While investing in the crypto world, with its far reaching potential, you also retain the backing of a FIAT asset, which is insured.

Insurance

Each yacht is comprehensively insured during manufacture against any defects or damage right up until delivery. Furthermore, Charter Yachts are also comprehensively insured during its use.

This includes damage or loss due to accidental means, including perils of the seas or other navigable waters, stranding, sinking or collision; fire, earthquake, volcanic eruption or lightning; malicious acts; piracy; explosions, contact with aircraft, theft of the entire vessel or her boat(s); theft of machinery, gear or equipment.

This effectively means that the initial value of the tokenized shares are indirectly insured through its asset backing!

Rewards

Our NFT holders are rewarded a minimum of 12% APR built into the NFT Smart Contract for their share of ownership. We named this token WIND. In the same way that wind keeps the yachts sailing, driving them on to their destination, WIND will power us forward and on to success!

Governance (Voting)

The buyers of the fractional tokens can vote on the asset decisions. The voting will be on matters such as buyout offers, sale offers, short or long terms leasing / charters etc.

Revenue Model
The NFT Yachts will be used in our charter partnerships. This varies from day charter, holiday charter and even scholarship / training services. The operational costs, insurance as well as care and maintenance are all taken care of as part of the charter.

Proceeds from charters are used for WIND repurchases. Some of the tokens will be used to add liquidity to the market to increase token stability.
Some will be burned, this decreases the available supply while increases the value of the token. Some will be airdropped to NFT holders as bonus rewards.

All token repurchases, amounts, burn values, average price, etc will be published on the website.

Our community can use their WIND rewards to book charters and holidays on the charter yachts.

Introduction video

Website: Salient Yachts NFT
Telegram: Telegram: Contact @SalientYachts
Facebook: Salient Yachts
Twitter: https://twitter.com/SalientYachts
Blog: https://salientyachts.medium.com
Discord: Salient Yachts
Whitepaper: https://docs.salientyachts.com

:calendar: Project Milestones:

:white_check_mark: Smart Contracts for Demo
:white_check_mark: Launch Website
:white_check_mark: Game Development Initiation:

  • Start of the game development with fundamental game mechanics, character locomotion, and environmental elements.
  • Begin creating the game world based on the storyline and the first island.

:white_check_mark: Game Demo

  • Videos and links for Demo to try out the game in its current development showcasing key features and in-game visuals.

:white_check_mark: First yacht “Salient One” sea trials and testing of 850nm before completion
:white_check_mark: Second yacht “Salient Two” sold outright to private charter company getting it ready to splash the seas in February 2024

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Welcome to Tron Dao forum Hackathon season 5, based on your project I have some important questions.

Q1
Elaborate your plans for developing the virtual world and VR game, and in what way will you integrate the virtual world and VR game with the NFT shares.

Q2
Enumerate your plans for expansion, such as adding more yachts or expanding to new locations, and in what way will you handle the maintenance and upkeep of the yachts.

Q3
By what means will you ensure that the NFT shares are backed by the real-world yachts,and how will you determine the value of each NFT share.

Q4
What happens if a yacht is damaged or destroyed,and in what way will you market and sell the NFT shares to a global audience.

Q5
By what means will you ensure the security of the NFT contracts and the associated smart contracts, and how will you distribute the rewards from the yacht charters to NFT holders.

Q6
How do you intend to resolve disputes among NFT holders.

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Great Questions, thank you

A1
When you buy you NFT that will give you access to that yacht assets in the game
ie if a user owns 2x different yacht shares they can choose which one they will use in the game

We will also host multiplayer sailing races, where players can race each other to the finish line! The in-game yacht speed and performance will be affected by the wind direction, sea conditions and tack angles. Putting your virtual sailing skills to the test!

A2
Currently we have capacity to manufacture up to 3 yachts per year, which is over $20MM asset growth IRL over the next 4 years (in boats only, excluding charters, marinas and other expansions). Short expansion plans are to Mauritius, BVI / USI and Namibia

The operational costs, insurance as well as care and maintenance are all taken care of as part of the charter company partnerships (which includes crew and staff to operate the vessels)

Salient Two is planed to splash the sea in February 2024

A3
The easiest explanation is similar to Real estate or vehicle finance. Ownership of the vessel belongs to the NFT Contract, which is managed by us as Title holders bridging the real world with that of blockchain.

Just like Artwork NFTs, there will be a built in rarity ranking which determines which NFT has more value than the next and subsequently get a higher reward. Such common, rare and legendary ranking.

A4
In the description there is a subsection about insurance. So in such an event we either pay out NFT holders or build a replacement yacht. NFT holders can vote which way to go. The insurance includes damage or loss due to accidental means, including perils of the seas or other navigable waters, stranding, sinking or collision; fire, earthquake, volcanic eruption or lightning; malicious acts; piracy; explosions, contact with aircraft, theft of the entire vessel or her boat(s); theft of machinery, gear or equipment.

We will market NFTs like every other NFT or Game on our marketplace or others like Opensea. Our secondary advantage is that we attend international Boat Shows like Florida where we can market as well.

A5
NFT contacts will controlled though multisig wallets with MPC for security and redundancy to that there is no single point of failure.

NFT holders can claim reward tokens though a stream contract so that users can claim their rewards at any time

A6
We plan on implementing a DAO governance voting system with gated access for each Yacht / NFT collection. NFT holders can vote on things such as what location to charter in etc.

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Welcome to Season 5, we all hustle for better living and my first thought reading this was; “finally being able to ride in a yacht” :sailboat: haha, I believe dreams come true. I see this is backed by real-world yacht asset so I stand a chance.

Since the project’s primary goal is to make yacht ownership accessible through fractional ownership. My question is; what fraction do I’ve to own to be eligible?

And another one, how does Crypto Sailing Quest plan to ensure the long-term sustainability of the rewards program and maintain a 12% APR over time?

3 Likes
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Well That was my dream too, so I am trying to help others join in!

Our current plan is to have shares based on the rarity of the NFT for example
$50 for a common NFT which is 1 share, giving 12% APR rewards,
$100 for a Silver NFT which is 2 shares, giving 12% APR rewards,
$500 for a Gold NFT which is 12 shares, giving 13% APR rewards,
$1000 for a Rare NFT which is 25 shares, giving 14% APR rewards,
Salient One will have a total of 25000 shares made up of any combination of the above
You can buy as many shares as you like

what fraction do I’ve to own to be eligible?
Any share will do. Your accumulated reward can be exchanged to charter the yacht from a 2hour sunset cruise to 7 day island adventure. The rewards will be swopped out at market value against the cost of the charter.

The WIND rewards token is streamed to the NFT holders automatically. No staking required!
Just buy and hold!

Long-term stability is maintained by constant buying pressure on rewards token. Proceeds from the charter business will be used to buy back and burn reward tokens from the open market on a regular basis. We like the approach of under promise and over deliver! The 12% APR is guaranteed (1% per month) but our 12 month pilot project actually yielded between 2% and 2.7% per month. Meaning there be more buying from us than selling from users and the longer you hold your rewards the more valuable they will be come!

Plus we have other upcoming incentives for users to use the rewards in other ways

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Are we going to own a fraction of yacht in real life?

Are you going to sell nfts and you will acquire yacht from the sales or these nfts or?

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Yes if you buy one of our NFTs, you will own a share in the yacht
The more shares you have the stronger you voting rights are

If you happen to collect or buy all the NFTs for an entire collection, then you own that yacht outright

Yes we will sell the NFTs through our dApp / game and 3rd party Marketplaces

No we dont acquire the yachts, We manufacture them.
The benefit of this is that once 25% of the shares of a collection are sold, we can start manufacturing, meaning that users dont have to wait till the whole collection is sold out before things get started.

1 Like
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Welcome to Grand Hackathon Season 5,
You mentioned that your project is insured by real world assets, please any evidence or an example of what you mean by that?

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The apr looks like a food chain pricing system. The more the rarity, the higher the pricing. Since we’re talking fractional ownership, say I hold a common NFT, can I upgrade to a rare NFT without having to pay the full cost of ownership for a rare NFT?

And the shares system attached to NFT ownership seems really new to me, how would you handle glitches in the system? Where shares alotted aren’t the supposed shares for the tier system
How would the team rise up to the occasion and ensure fair distribution of shares in these scenario? I know @Prince-Onscolo for one doesn’t joke with rewards :laughing:

I was today’s day old when I knew what yacht :sailboat: charters are, please provide more details on the process of how NFT holders can exchange their accumulated rewards for yacht charters, thank you!

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You own a company that manufactures yacht?

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Well the insurance works the same way as car insurance.
There is a mandate from the insurance company and the policy specifies the details of the boat etc

insurance
insurance1380×1943 185 KB

1 Like
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Hello, Yes
Salient Yachts is the manufacturing company
Crypto Sailing Quest is an additional new use case for the NFTs (sadly not everyone can travel and visit the yachts IRL but that doesnt mean they cant enjoy the title and bragging rights of yacht ownership. While still having the opportunity to sail them virtually in the game and interact with the community

1 Like
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Oh nice, have similar project on tron (VBS) from @TuruGlobal, you own a fraction of real estate

1 Like
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Unfortunately not, the rewards are tied to the initial value of the NFT. However, there are multiple ways in which a common NFT gains value for example:

  • we plan to buy back and burn NFTs from the open market from time to time which will make the rest of the available NFT more valuable
  • When the NFT is minted your reward is stream is say 1200 tokens per year @ $0.10
    after 6 months the reward token value is now $0.20, suddenly your common NFT is worth double its value because of the increase in value of the rewards token

I am not sure what you mean, but the whole process is done through smart contracts to avoid issues. Distribution will be fair as each user will choose what NFT type they want based on what they are willing to invest. While there is a limit to the available shares for a specific yacht, there will be multiple yachts so you can but 1x share in yacht A, 5x shares in yacht B and 100x shares in yacht C as your see fit. The only exception being “Salient One” this is a limited edition vessel and there will only be “ONE” hence its name. So those NFT shares should be the most valuable one to join in on, so don’t miss it!

This is a simple one. Yacht charters are open to anyone in the general public, not just NFT holders, which is booked and paid for through normal FIAT channels. The difference is that if you pay with reward tokens you will be given a discounted rate. So even guests who don’t own NFTs can book and pay with the reward token in order to get a discount. the benefits of this is that those guests are adding more buying pressure to the token making more valuable.

1 Like
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Bro that keeps us going hahaha, reward is very important

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We have been working on this project for a years have to tried to make it the best Crypto project it can be

Asset Backed with insurance
Buy and Hold
No staking NFTs in contracts
No deposits of any kind into a platform
Everything stays in your own wallet in your own control
Full self custody
Multiple use cases to add value to NFT and rewards
Multiple ways for users to interact with our project to reach a wider audience

2 Likes
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Cool, it’s good making these possible. I will soon brag owning a yacht :grin:

Will these nfts be affordable to someone like me, earning a few bucks monthly?

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Yes, the closest comparison to our project could be similarities to the property / real estate markets, where other projects have fractionalized houses and apartment buildings.

The problem with that market is:

  • It is limited to certain locations, and the politics that govern that area.
    Imagine if you bought shares of an apartment in a location that suddenly went to war?
  • Where the average return on investment is a mere 5%.
  • Starting buy in price usually high, some starting at a minimum of $1000+ which is out of reach to most people

Our yacht NFTs provide:

  • Location flexibility and sail to anywhere around the world.
  • They will be BVI or USVI registered, meaning they will have full support of the US or British Navy!
  • Our rewards give 4x greater returns!
  • You leave the city behind and enjoy nature at its best
  • Low buy in price of $50
2 Likes
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Yes NFTs will start as low as $50

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That’s cool
Wish you all the best