Metopia Research Report — A dive into Castle Kid NFT by Colin Tilley
Castle Kid by Colin Tilley, is an NFT project consisting of 10,000 hand-drawn art, all boasting various traits and promising a multitude of utility for NFT holders. The Castle Kid NFT project launched in late 2021 and made headlines when they sold out the entire 10,000 collections in under 20 minutes. Colin Tiley is a Grammy-Nominated Director, who has worked with the likes of Kendrick Lamar, Cardi B, Justin Bieber, Chris Brown, Nicki Minaj and more. The initial sales of the collection can be found on the secondary market OpenSea.
Utility
Utility for NFTs have become an essential perk for most communities. In addition to having creative input on the upcoming Castle Kid film, additional benefits include exclusive film and directing educational classes with Colin Tiley, holders will also have royalty-free use of the Castle Kid IP of their NFT, have creative input on the upcoming film, have input on the company expenditure through the Castle Kid Vault. The fund contains the following:
- 20% of film profits
- 2.5% of project royalties
- 100% of merchandise profits.
Governance
NFT collections have evolved from pure, digital art to acting as a gateway to an exclusive community, as creators want to maximize the utility for their collections. Owning a Castle Kid is no different, it gives all holders a vote in the Castle Kid DAO, holders with over 5 NFTs can submit proposals, which is then reviewed and finally sent to a vote. This enables holders an opportunity to have a voice on where they want the project to head. They have already enacted various community proposals via the Castle Kid DAO including naming the character in the Castle Kid film.
The voting procedure is rather simple, members are entitled to have 1 vote for every Castle Kid owned. There are currently 4,549 unique holders (according to Dune Analytics) out of the original 10,000 collections so theoretically there are 4,549 unique voices- however there may be some cases where one user holds their NFT within different wallets, diminishing the concept of a 1-vote 1-NFT system. Despite being the leading governance model of choice today, it still leaves an unbalanced favor for those who have greater purchasing power than other community members.
Metopia is aiming to solve this problem by creating an incentive governance platform that rewards specific activities and expands NFT capabilities to enable customizations. Most governance systems have a 1-vote 1-NFT system as mentioned above, however the problem is what happens to those that don’t actively participate in proposals and other events? Or what happens when a whale decides to sway the votes from the accumulation of a project? Metopia aims to include all aspects attached to an NFT, this includes traits, rarity, on-chain activities/history and more.
By aggregating the metadata and placing it into an index, we are able to adjust voting weights depending on the holder’s activity. An example is that an “inactive holder” may have their voting weight adjusted to 0.9 as opposed to standard 1. Under the current system, a holder with 200 NFTs for example is able to sway community votes by a large margin, so depending on the team, they may decide to adjust that holder’s voting weight by 0.8 per NFT to help dilute the votes and to not completely disregard it.
By collating multiple reference points, users are encouraged to participate in engaging actively in the community, as the number one problem for DAOs is the lack of participation. We believe that we are able to help strengthen communities by creating a fairer system.
Discussion
Metopia will be holding a Twitter Space with Castle Kid on Friday August 12, 8PM UTC to discuss a variety of topics including DAOs, NFTs, governance and more. There will be a co-branded OAT for those that attend the Space.
Space Link: https://twitter.com/i/spaces/1vOxwyrMmprGB/peek
OAT Link: https://galaxy.eco/Metopia/campaign/GCudyUtXe3
At the end of this Twitter Space, the host will release a Google form to collect your wallet address in the #Announcement channel in Metopia’s discord.
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