Place/Date: - November 9th, 2021 at 10:16 am UTC · 4 min read
Source: Space Knight Club
The NFT market is experiencing rapid growth in 2021, with new projects entering the market daily. According to Reuters, NFT overall sales increased to $2.5 billion in the first 6 months of 2021. It clearly shows the growth of the NFT business and how it has come to stay inside the blockchain and cryptocurrency environment. The growing market has resulted in an increased number of several unreliable projects, whose founders are mainly interested in taking a piece of the massive market share.
Regardless, there are NFT projects that are transforming and challenging the industry for the better. These are the initiatives that people show interest in and get engaged in. You can browse some of these projects in the OpenSea NFT marketplace.
However, we now have fairly recent NFT initiatives with creative concepts that have the potential to impact the entire NFT industry. One of these initiatives is the first NFT project to completely embrace the Decentralized Autonomous Organization (DAO) model. That is the NFT project of Space Knight Club (SKC).
Space Knight Club is an NFT project in which elite NFT holders have an exclusive level of access and control of 100% of the royalty funds using a Gnosis multisig safe. This is in fact, the first NFT project that is entirely DAO and is developed as a two-layer NFT platform. The first layer represents the “public” component of the club which can be accessed for those with the Spacewalker NFT. Then we have the “private” sector which is the second layer and where new members can be chosen by existing private members only.
What distinguishes the SKC concept is that the community has complete control across all royalty funds all being done in a safe and secure way. As a result, the founding team is unable to rug pull the project. The community has absolute control here, which is in fact a first in the NFT industry. The purpose of a DAO is to guarantee that the platform is decentralized and not controlled by a single entity. The rules and governance model are defined in a smart contract and are accessible to all. The founding team of the Space Knight Club believes that NFT DAO will become more widespread in the future as people share more interest in decentralized networks over centralized ones.
The Space Knight Club community is divided into two layers of members, each with a specific setting, and they are as follows:
The Spacewalkers are the SKC members who own the main NFTs. The Spacewalkers put forth recommendations on how to efficiently make the most out of the royalty funds using snapshot.org, which is by far the most secure and widely used DAO platform. Besides from making recommendations, Spacewalkers can evaluate and vote for them. Every suggestion that receives more than 30 votes moves to the next round.
The Knights are members of the SKC private club. The nature of each and every proposal that progresses to the following level is determined by the Knights. When more than half of the Knights agree on a proposition, it is carried out directly. All of it unfolds on the blockchain network, on the gnosis safe directly.
When aiming for becoming an SKC Knight, you must hold the Spacewalker NFT for a period of time that is greater than the holding duration. The holding period of the Spacewalker NFT has a range between 30 to 300 days. When you have held the NFT for more than the holding duration, you are eligible to become a Knight. To actually become a Knight, you must either go through a trial facing existing Knights or be vetted by existing Knight Members. When you are accepted into the Knights of Columbus, two things will unveil:
The initiative is undoubtedly on track to disrupt the NFT business, based on what it already has in place.