Non-fungible tokens, otherwise referred to as NFTs, and decentralized autonomous organizations [DAOs] have become some of the hottest trends in the crypto space. Thanks to the Mike Beeple and CryptoPunks artwork sales, NFTs have become the go-to trend for digital artists seeking to not only monetize their craft but gain total control. DAO, on the other hand, leveraging on the immense potential of blockchain technology is pioneering a necessary shift in how organizations function — attempting to decentralize systems, in the process eliminating the need for a central authority.
These potential-laden trends, for the first time, are being compounded, Space Knight Club [SKC] pioneering this change.
Albeit individually replete with outstanding facets, this Club, as reported by the team behind it, is offering a new use case — a world where DAO and NFTs can be integrated for advanced features.
Consisting of two separate layers, Spacewalkers and Knights, the SKC team is leveraging these billion-dollar trends to create a platform that is both public and private.
Decentralized Autonomous Organization; Its Impact on the SKC Chain
Utilizing DAO’s core principle of decentralization and self-governance guided by smart contracts, the Space Knight Club team, in a recent press release, revealed that the platform will implement DAO in community sharing of 100% of the royalty funds earned by the project.
The usage of DAO is seen in the platform’s first layer — Spacewalker. As further revealed by the team, a series of Spacewalker NFTs will be released and owners will be referred to as “spacewalkers”. This section of the SKC community reserves the right to submit and also vote for proposals on how funds garnered will be used. As reported further, this is made possible by Snapshot.org, one of the most secure DAO voting platforms.
The second implementation of DAO is evident in the project’s second layer — Knights. Per the project website, all proposals that receive at least 30 spacewalker votes will proceed to the second stage, the Knights phase. Here, proposals would be discussed by Knights, members of the SKC private club community. Submitted proposals that receive as much as 50% of Knights’ votes will be executed, thanks to the multiple signatures [multisig]-safe integrated by the SKC development team.
Attaining the Knight status, as revealed by the team, is straightforward. Prospective investors must hold Spacewalker NFTs for a period of 30 to 300 days. Once that period elapses, they can try to become Knights. As a Knight, you will become owner of the Gnosis multisig and receive the Proof of Knight [POK] badge.
A few of the perks of earning the POK badge include, but are not limited to, access to the Knights registry, private channels, Knights’ meetings, votes, et al.
All of these take place on the blockchain and are powered by DAO.
How Space Knight Club Will Leverage NFT Technology
Born out of the need to completely own and control how your work is used, NFTs offer creators absolute control, dispelling the need for intermediaries, admins, and censorships.
Banking on these core properties of NFTs and others, the SKC team is taking an untraversed route by using these non-fungible tokens as proof of ownership. Additionally, these ERC-721 tokens will be used to submit proposals and also control funds on the chain.
With more people showing interest in NFTs and with tons of tools springing up, the billion-dollar market is offering developers an opportunity to create countless amazing projects, and the SKC tech team seizing this fine opportunity, has mixed NFT and DAO to create a public / private club with literally no entry barrier.