We created a NFT Utility Deligation Protocol which allows BAYC NFT owners to delegate certain utilities to others that they would not use themselves. This is done by making it easy for anyone to add utilities to BAYC but allowing only the current BAYC owners to manage its utilities on-chain individually using the new EIP that we also wrote on this ETH-Tokyo hackathon. Whole process is completely decentralized and permissionless. Also we have integrated the Lens protocol considering the needs of stakeholders interested in expanding the NFT community and those who wish to engage with NFTs.

< How this benefits Participants >

@. BAYC Owner

- Able to generate profit by delegating specific utilities to others that they’ll never use themselves.

- Original BAYC NFT itself remains completely untouched even if delegate utilities thanks to new EIP.

@. Utility User

- Able to experience the specific utility of BAYC without buying one.

@. Utility Creator (Event Host)

- Able to invite BAYC holders to their events / platforms very easily.

@. BAYC Community

- The higher the community value, the higher the barrier. But if you make it more accessible by ‘inviteAPE’, more people will experience the benefits temporarily and it will immediately benefit the BAYC community. It's like a high-end car becomes much more desirable by offering a test drive.

inviteAPE App <-- Click to experience demo

There are three parts to our project.

First, we sought a simple method for enhancing the utility of NFTs. We discovered a way to increase their utility without transferring the original NFT. With this in mind, we researched the process of writing an EIP, aiming to develop a successful one. Although there is still much work to be done, we have completed the First Draft: https://hackmd.io/@HxaSeEhDRX2AOjXinPg2dw/rJ6Yr_ufn

During this process, we realized that even if we increase the number of NFT utility, a single user will never be able to extract and utilize all the utilities of NFTs, so we created the NFT Utility Delegation Protocol to solve this problem and allow multiple users to delegate the utilities of a single NFT. To do this,

1. We heavily referenced the Seaport Solidity code. Through this code, we learned a lot about various signature algorithms and efficient smart contract operations.
2. Analyzed the solidity code of NFT rental marketplaces including reNFT. This gave us a clue as to how the utility can be transferred to another party without the original NFT itself being transferred to another party. Based on these two studies, we were able to write the smart contract code for a sustainable and functioning NFT Utility Delegation Protocol.

Lastly, we experimented with a new library called Wagmi, which offers a range of convenient hooks to simplify interactions with the blockchain. We can build on this to make interacting with contracts more convenient.