An Exploration on NFT and New Community Membership Management

TL;DR

  • NFT will standardize data assets, including digital artwork, collectibles, virtual world assets, etc., and is also being explored for non-crypto-native real assets on the chain, which will make the digital economy more vibrant and full of life.
  • NFT will be able to build new types of digital identities and reputations for users, enabling them to make more direct connections with other organizations or brands, and form new social networks and communities based on them.
  • When NFT can better serve as an intermediary medium for brands to connect with communities, the combination of NFT and governance will become justified, and building new digital identities and reputations for users based on NFT will make the membership of DAOs more reasonable and community governance more efficient.
  • With the gradual promotion and popularization of NFT, solving the liquidity of NFT will become the primary problem, and DEX will play an important role in the circulation of NFT.
  • Zenlink plans to launch NFT and explore its combination with a new community membership system. We will give the NFT community attributes and economic attributes, and then cooperate with relevant platforms to complete the launch of NFT.

At the beginning of 2021, NFT has become a hot topic after DeFi and a promising sector for the development of the crypto market.

Just like the great changes that DeFi brings to the financial industry, the emergence of NFT will definitely have a huge impact on the traditional crypto market and beyond.

Recently, NFT has shocked us in a constant way. The price of Unisocks (launched by Uniswap) token backed by real, limited edition socks reached as high as $160,000; Twitter’s founder Jack Dorsey auctioned his first five-word NFT tweet and fetched as much as $2.9 million. Digital artist Beeple’s work “Everydays: The First 5000 Days” was auctioned at Christie’s, a world-famous art auction house, and finally sold for a sky-high price of $69.35 million…

As one of the most open and inclusive communities in the world, the constant NFT Fomo incidents were still a great shock to us. While someone feels incomprehensible about this and even says that “today’s NFT field is full of bubbles.” Others believe that NFT is the future, the short-term price bubble does not mean that NFT has no value. As the impact of NFT on the markets beyond the crypto world increase, it will help the growth of the crypto market in return.

As for whether NFT is only a crypto game or the future trend of the crypto world after DeFi, people have different views from various angles. Zenlink has been following the development of NFT and has some understanding and thinking about it. In this article, we would like to explain Zenlink’s ideas and exploration plans for DeFi and NFT.

The Practical Use Cases of NFT

Non-Fungible Token (NFT), is also known as “irreplaceable tokens”. It is a digital asset recorded on a blockchain, representing ownership of a non-replaceable asset, such as digital works of art. Compared with Fungible Tokens (FT), NFT is unique, indivisible, and unalterable.

Different from other hot topics in the cryptocurrency market in the past, it seems that NFT is able to enter the mainstream market very fast, even faster than Bitcoin, which makes more people beyond the crypto market begin to pay attention to and pour into this field. Now NFT has become the most eye-catching new trend in the current crypto market.

As people are paying more and more attention to NFT, richer ways of plays and experiences and more application scenarios have emerged. At present, the application of NFT is mainly focused on collectibles, art, games, and virtual worlds. At the same time, there is a growing discussion about the possibility that NFT brings real-world assets onto the blockchain.

NFT makes us feel excited as it gives holders more power, which is a new example of group thinking, and many believers even think it has the potential to change the rules of the game.

It is undeniable that the emergence of NFT has provided a new way of value creation for some artists, collectors, and many new investors. With the gradual standardization of a wider range of digital assets, the digital economy will become more alive and full of vitality.

Beeple’s digital work Everyday: The First 5000 Days (2021) sold for $69.35m at Christie’s

But more importantly, NFT represents the coming of a new era, which may fundamentally change our definition of value, our understanding of social relations, and our thinking about the Web 3.0 era.

Since the launch of Cryptokitties and ERC-721 token standard at the end of 2017, many people have intuitively regarded NFT as tokenized art, collectibles, and even real assets and objects. NFT is naturally applicable to these areas, but this is far from its great potential. The practical use cases of NFT should be more extensive, and we also need to look at NFT beyond the digital collections.

As one of entrepreneurs in the blockchain field, we always think that community is the birthplace of the decentralization spirit. So in addition to the integration of NFT into DeFi to create more innovative ways of play, what else can we bring to the community with NFT?

What NFT can bring to users is more than just ownership of a digital work of art, it will be more attractive to users if we can let NFT bring users a more advanced user experience. Compared with buying and trading NFT physical products, if users can build a new digital identity and reputation by buying, holding and trading NFT, and connect with others, other organizations or brands, it will form a new social network and community, based on which community members will explore, interact and communicate in new ways that will bring users a more meaningful experience.

For example, by buying or holding a specific NFT, users can prove that they belong to a certain community, and NFT publishers can also classify community members and interact with the community by grading NFT. As a result, a new type of community membership system and organizational form will be created, which means that NFTs may be able to provide better help in community governance.

It is worth noting that although the role of NFT is not hype in some of the above considerations, it is inevitable that it will be traded and liquidated as it is part of crypto assets. However, NFT does not have an advantage over FT in terms of liquidity, so with the gradual promotion and popularity of NFT, solving the liquidity of NFT will become the primary issue, and DEX may play an important role in this aspect.

NFT and the Exploration of New Community Membership System

Based on the above thinking, Zenlink plans to launch its NFT and explore its combination with the new community membership system.

For us, NFT is more an experience of the product than the product itself, and NFT identity and reputation connect people to each other to form membership, which in turn drives the community to create new experiences and products to strengthen user identity.

Specifically, Zenlink will issue a set of limited edition community NFT with the community and economic attributes. We will cooperate with relevant platforms to complete the creation of our NFT.

With a total supply of 1000, Zenlink limited edition community NFT can be divided into two types: Guardian edition (200) and Explorer edition (800). In the Genesis stage, 50 Guardian edition and 310 Explorer edition will be issued respectively. The following are the details of the issue and attribute the design of NFT:

NFT Issuing

Zenlink limited edition community NFT will all be distributed to community members for free with two issuing ways: targeted issuance and non-targeted issuance, and 36% of the total supply will be issued in the Genesis stage. We will cooperate with NFT trading-related platforms to complete the Genesis issue of NFT.

While targeted issuance (Guardian edition) is mainly aimed at Zenlink community guardians and other community contributors (such as product testing feedback, quality proposal initiators, and other outstanding community contributors), non-targeted issuance (Explorer edition) will be distributed in combination with Zenlink major milestones such as Zenlink beta version testing.

All NFT will claim for free through the whitelist. Community members need to complete the corresponding community contribution behavior to obtain the whitelist before they are eligible to apply. We will announce more details in due course, please follow Zenlink official Twitter @ZenlinkPro to get the latest news.

NFT Attributes and Interests

Zenlink will endow the limited edition community NFT with the community and economic attributes, so holders will be able to obtain certain rights and interests.

Economic attribute: NFT is not issued for hype, but as it is limited, exquisitely designed, and has a strong binding relationship with the future development of Zenlink, the NFT will have the following economic attributes and rights, and interests.

NFT value-added attribute: Zenlink will invite well-known artists to design our community NFT and carry out the issuance in a limited way. Holding the NFT card means that you have a limited edition of NFT art, which will have more room for appreciation as the project develops.

Governance rights: Zenlink plans to establish a DAO organization that will control a separate fund pool in the future. Zenlink limited edition community NFT holders will have higher priority to join this DAO organization; DAO members will have the right to initiate DAO fund pool allocation proposal.

ZLK airdrop rights: users will have the opportunity to win NFT by participating in the testing of Zenlink DEX Beta version. NFT holders will have access to ZLK airdrop rights. Details will be announced soon, please stay tuned.

Other rights: Zenlink limited edition community NFT holders will also have access to Zenlink official peripheral products.

Community Honor attribute: NFT can create a new identity, reputation and it is a kind of self-expression for users. We compare it to Community Building Medal. Holding NFT means that the holder is recognized by the community as an outstanding community contributor and will enjoy higher rights in the Zenlink ecosystem.

We plan to establish a Zenlink NFT community and invite NFT holders to join the Telegram/Discord private group. NFT holders will have different special identities within this group.

Zenlink will initiate meetings in this group from time to time to discuss topics such as project development, community building, NFT integration and so on. NFT holders will get the latest developments and news about the project.

This is a bold NFT community experiment. We hope to give NFT holders more experience by doing this, release more value of NFT and provide our community members with a richer experience and as many rights as possible, rather than just regard the NFT as some kind of collectibles.

In any case, we encourage community members and potential users of future Zenlink DEX to participate in this community experiment and become a forerunner in exploring NFT and new community membership.

📍 — Website | Twitter| Github | Telegram EN | Telegram CN | Announcements Channel

📚 — Whitepaper

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Zenlink

Zenlink

Zenlink is a cross-chain DEX protocol based on Polkadot.