In 2021, the NFT market experienced a huge boom, and more projects entered the market every day. In fact, Reuters reported that the NFT sales volume within the first half of the year surged to $2.5 billion. It further goes to show the growth of the NFT market and how it has come to stay in the blockchain and crypto space. The booming market has caused the influx of many unfounded projects where the founders are only seeking to take a bite of the huge market share.
That notwithstanding, there are NFT projects out there to revolutionize and disrupt the space for good. Such projects are what people pay attention to and get involved with. You can visit the OpenSea NFT marketplace to have a look at some of these projects. However, today we have relatively new NFT projects with innovative approaches capable of disrupting the entire NFT marketplace. One of such projects is the first NFT project to adopt the Decentralized Autonomous Organization (DAO) model fully. It is the Space Knight Club (SKC) NFT project.
What is Space Knight Club (SKC) NFT?
Space Knight Club is an NFT project where special NFT holders gain exclusive access and control over 100% of the royalty funds using a Gnosis multisig safe. It is the first NFT project that is fully DAO and is designed as a 2-layer NFT platform. The first layer is a “public” sector of the club that can be accessed by anyone having the Spacewalker NFT. The second layer is the private sector, where new members can only be selected by already existing private members.
What makes the SKC project unique is that the community is in total control of 100% of the royalty funds in a safe and secured manner. Therefore, the founding team cannot rug pull the project. Here, the community is in total control, and that’s the first of its kind in the NFT space. The idea of a DAO is to ensure the platform is decentralized without any central body controlling it. All the rules and governance are clear and available to all and are written in a smart contract. The Space Knight Club founding team believes that NFT DAO is going to be fairly common in the future as people become more interested in decentralized communities rather than centralized ones.
The Space Knight Club community is split into two categories of members with different roles, and they are:
These are the members of the SKC community that own the project main NFT known as the Spacewalker NFT. The Spacewalkers submit proposals on how best to spend the royalty funds using arguably the safest and most used DAO platform called snapshot.org. Aside from submitting the proposals, Spacewalkers can also go through the proposals and upvote them. Any proposal that has more than 30 votes goes to the next stage.
They are members of the private club of SKC. The Knights decide the fate of any proposal that gets to the next stage. Once more than 50% of the Knights agree on a proposal, it is executed directly. Everything takes place within the blockchain network, on the gnosis safe, and is decided by DAO vote.
How to Become A SKC Knight
To become a Knight, you have to hold the Spacewalker NFT longer than the holding period. Each Spacewalker NFT has a holding period that ranges from 30-300 days. Once you hold the NFT longer than its holding period, you become eligible to become a Knight. At this point, you will have to stand trial in front of existing Knights or be vetted by the already existing Knight members. Once you get accepted into the Knight membership, two things will happen:
- You become the owner of the Gnosis multisig safe that controls 100% of the royalty funds.
- You will receive a Proof-of-Knight (PoK) NFT that cannot be transferred, sold, or even bought. This means that the PoK is priceless.
With what the project already has in place, it is arguably on course to disrupt the NFT marketplace.