The growing industry of non-fungible tokens, aka NFTs, has been racking up plenty of firsts. Blockchain specialist Metis is catching up with the trend, having today announced the first-ever community-minted non-fungible token (NFT).
Dubbed "Rebuilding the Tower of Babel," the NFT aims to create a versatile ecosystem that brings together a community of incentivized contributors. The purely digital artwork consists of 256 puzzle pieces, with every piece representing a different Tribe.
Once the NFT-based digital work of art is minted, OpenSea, the largest marketplace for NFTs, will host the token auction.
Each bidder will have the opportunity to uncover a mystery box displaying three cards. Next, the participant gets one choice to pick a card, which will have a reward attached to it. These rewards are presented as keys depicting the pace at which users can mine Metis Tokens in the incentive pool.
In most cases, each bidder will be granted 1x mining power, but a few lucky users will receive a key with 3x mining power. They also have the option to increase their mining power by creating a Tribe on the blockchain and receive Metis tokens as an airdrop incentive.
All auction proceeds will be shared among contributors, effectively giving back 70 percent to participating Tribes, with the artist (StarCloud AI) receiving the remaining 30 percent.
Metis Offers a Disruptive Layer 2 Blockchain Technology
Metis explains that the entire event will span five steps. That will begin with a reserve airdrop, which lasts for up to five days, followed by "Claim Tribe NFT" phase and community NFT minting, and finally the auction event and rewards.
Moving forward, the final artwork NFT will be uploaded to the OpenSea marketplace for auction.
Elena Sinelnikova, Metis CEO and co-founder, comments:
"By bringing power back to users, Web 3.0 will vastly improve financial inclusion and help bring the world together. We may speak different languages and come from different cultures, but people around the world can achieve amazing things through decentralized collaborations. We’re excited to watch the rebuilding of the Tower of Babel and show just how much power communities can have when they band together."
Established in 2018, Metis is building a governance and management mechanism-embedded Layer2 protocol to fully support the application migration from Web2 to Web3. Using the Metis protocol, anyone can create a decentralized company in just three easy steps. As such, the technology behind it enables a true breakthrough in blockchain business operations with a full suite of management and community governance tools.
As non-fungible tokens have been getting lots of buzz in the crypto community, Metis wasn’t behind the curve and now turned to be bullish on their growth. Its newest initiative aims to establish a larger community-oriented NFT effort at a time when the mainstream art world has become transfixed by the fast-moving, speculative market for NFTs.