A Guide to the Signifty Platform
Signifty is a unique marketplace that brings celebrity NFT artwork and good deeds together to help make the world a better place. Signifty creates added value for NFTs as copyrighted collectible assets with a platform that provides a bridge between star creators, fans, and collectors, raising funds for charitable missions.
This guide will explain further how the Signifty platform works, the creation, release, and sale of NFT collections, and the fundraising process.
How It Works
Good Deeds and Celebrity Selection
Following application processing and initial negotiations, Signifty’s Good Deeds Center selects a Mission for a unique NFT collection, which then collaborates with a celebrity star (Mission Hero). During the initial stages, selections will be handled by the project team and evolve toward a community proposal and voting-based system as the platform grows.
Each Mission will set out its own roadmap with details of how every step should be fulfilled, including fundraising targets, B2B partnerships, AR/VR metaverse integration, and NFT drop allocation in collaboration with the celebrity.
NFT Creation and Release
The Mission Hero then creates customized content in an audio, video, art, signature, letter, or personal item format for a specific, individualized collection within the Mission, to address a particular need for our planet. The exclusive content is then digitized to create up to 10,000 copies per 1 NFT work, with up to 4 different NFT works in each unique drop, alongside the Mission description. The number and price of NFTs in a collection, therefore, depend on the popularity and involvement of the specific star, mission costs, and the exclusivity of the content.
New drops are planned to be released every 2 weeks, though during the initial stages this will be reduced to once per month. Ultimately, the platform can scale to accommodate 1 drop per week over time.
NFT Collection Sales
NFTs on the Signifty marketplace will be offered for sale via either a fixed price or auction mechanism, though auction functionality will not be available during the initial stages of the project.
Users who register for a drop whitelist can access the NFTs at a discounted price. The collection will only then be opened up to non-registered users after those whitelisted. There will be a limit of 5 units per person per drop for both registered and non-registered users.
Once purchased, NFT ownership is transferred to the user who can keep the asset, rent it, resell it, showcase it to a wider audience and interact with it via compatible metaverses, or use it to generate a passive income via staking rewards. Staking rewards are on offer to both holders of Signifty NFTs and native SIGN utility tokens, which are used to facilitate transactions and voting within the platform ecosystem.
Funds received from the sale of each collection are then used to fulfill its associated Mission via a specific Mission Pool, with the distribution of the proceeds handled automatically and transparently via smart contracts.
The percentage of funds allocated to the Mission varies depending on the level of celebrity commission allocated to the Mission Hero’s Royalty Pool, which may also be donated. Signifty receives a 20% commission via the Platform Fee to cover costs, marketing, management, monitoring, rewards, and to support further growth of the project.
It is important to note that, assuming a full sale, each Mission receives 100% of the funding it needs to be fulfilled, with the additional commissions collected from the total NFT collection sale price. If a Mission budget is not filled, the next NFT drop takes place within the Mission until it is complete. Upon receipt of funds to the Mission Pool wallet, the whole amount is transferred to the Mission itself, such as a charitable foundation, to immediately begin the fulfillment of the Mission, with the entire process monitored transparently by Signifty.
Depending on the Mission, the Signifty community can then also receive future rewards for volunteering, monitoring, and reporting on Missions in their local vicinity, taking the synergy between NFTs and good deeds to the next level.
The whole process from application proposals to initial negotiations, good deed mission and celebrity selections, NFT creation and release, drop collection sales, and fundraising distribution, takes around one month. Once funded, missions will then take varying timescales to complete depending on complexity, transparently supported and monitored at every step of the way.