The asset is a real world sailing yacht
The yacht is insured meaning that the NFTs are indirectly insured by the yacht
If something happens to the yacht the value of that yacht gets paid which can be used to payout NFT holders or build another yacht to replace it
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Alright thank you, wishing you all the best
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How do you plan to ensure transparency about ownership, insurance and all the other key aspects of the project? The NFTs live in the blockchain, but the yacht is in real life, you need to convince the users that they are actually buying something real. Itâs not easy.
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The yacht will have registration and insurance documents tied into the metadata of the NFT contract
There will be serial numbers, registration documents etc and once the yacht is out in the world people will be able to see it on social media etc
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Hereâs an example of what I meant by a glitch/malfunction in the system; Iâm a holder of a token that recently did a burn of 10b tokens and my token value wasnât reflecting the same way, had something to do with the smart contract I was told by the admin. Now, my question is in cases where thereâs a glitch in shares allotment, like the common NFT shares being allotted to a few holders of rare NFT, how would this be solved?
Below is attached proof of the incident I faced with the token I had for clarity, had to blur out the token name for discretion. 
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Ok I see, well the main difference there is in that case they were using ERC20 tokens which was pre-minted based on what they planned, then burned a bunch of tokens. Personally, it seems like some project do this on purpose. They mint oversupply of tokens and âBurnâ most of them after to launch to make it seem that the tokens are worth more because there is now less of them, but the circulating supply remains the same anyway.
NFT (ERC721 / ERC1155) work differently, the total supply only changes when a token is minted or burned, so if we sell 10 000 nfts the supply will be 10 000, likewise if we premint 10 000 NFTs and burn 2000 the supply will now be 7000. NFTs supply is always based on how many are minted
which is different to ERC20
However, if there is some such error in the NFT contract, we can swop it out for another based on voting and proposals done with the community
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Do you personally think my previous and ofcourse ongoing scenario with my tokens not reflecting as such is an inside manipulation type thing with the devs?
Glad I shared my experience, tho I already took chunk of my Capital out.
And again, you did mention âvoting and proposals done within the communityâ, I can only help but ask; whatâs the governance model of Crypto Sailing Quest like?
Thank you!
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Did you participate in other hackathons previously?
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Governance would work like any other DAO
A proposal get listed and the holders will be able to cast a vote whether they accept that or not
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As an update, we are currently in discussion with a Luxury Rental company in the Philippines , who is interested in purchasing a yacht from us for use in their holiday / rental programs !!!
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@ClintonK When we are talking about NFT backed by Physical item. They will be getting rent upon their share. Who will be covering maintaince charges or in case any damage occur how it will be impacting NFTâs ?
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Maintenance is covered as part of the charter services and therefore doesnt affect the NFTs
Insurance covers the physical items for damage etc as mentioned in the main post. In the event of damage occuring the insurance covers the repairs and in a case of total loss, either the NFT holders will get paid out the insurance value (like a user would have burn NFT to claim insurance value) or we will build a new yacht to replace the old one
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Has anyone downloaded the game demo from google drive (600mb) ?
We would love some feedback / funny moments etc based on your experience
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I see you have participated in multiple hackathons in the past and are also active on different chains. Can you tell how many yachts have you sold already ?
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Currently we are only in testing phase and are not actually live on any blockchain. We are hoping to partner with a chain like BTT / Tron, who can support our project with sponsorships and promotions to grow a community to make a launch successful.
Currently we have sold yachts only to private buyers, no NFT / fractional ownership. We are currently building hull number 3
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Seeing you have participated in so many hackathons as is shown in the picture . Why did you not manage to go live on any of the blockchains ? Did you not need to deliver a ready product on those hackathons ?
| TIME | HACKATHON PARTICIPATION HISTORY |
|---|---|
| 2023.08.01 | Polygon DevX [EMEA] Hackathon X DoraHacks [Europe, the Middle East, and Africa] |
| 2022.09.28 | Dora Grant DAO Round 5 - Submission time |
| 2023.07.13 | BNB Chain Hackvolution: Empowering next-gen dApps with opBNB and BNB Greenfield |
| 2023.09.15 | ABC ALL 'BOUT CODING HACKATHON |
| 2023.09.21 | MultiversX Gaming Hackathon 2023 |
| 2023.10.10 | Klaymakers 2023 Global Virtual Hackathon, Powered by Klaytn, DoraHacks and Partners! |
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No we were not part of those but only joined to see what kind of projects are out there as part of research. We have only entered the game into one other, which was the Mantle Hackathon
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We actually started as Salient Yachts using NFTs for tokenization of the yachts. The game âCrypto Sailing Questâ is an addon / branch of the project to give users an additional use case for the NFTs so that those who cannot travel or experience yacht charters can still enjoy the game.
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Thank you for sharing. I am reviewing this project using the video, the provided intro, the video and the shared code.
This project promises fractional ownership in yachts that can be âyoursâ after you purchase enough tokens. Also I game is shown that relates to playing with a virtual representation of these ships.
It seems like this entire project existed already before the Season 5 HackaTRON, as evidenced by this tweet on the project project account:
The tweet claims they are already using IPFS and NFT tech over a year ago.
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Something new and caters to the gap in the industry. Kudos 