Bitcoin News
The craze for Non-Fungible Tokens (NFT) has engulfed the blockchain space as more people move towards this unique sector. The ability to sell works of art and tokenize real-life assets has ensured that the NFT sector has grown immensely, with record sales of NFTs witnessed in recent weeks.
However, to this point the NFTs released have been for personal gain or issued by large companies and organizations. Metis, a blockchain project focused on developing Decentralized Autonomous Companies (DACs), plans to introduce a new concept with the launch of the first ever community-minted NFT, named ‘’Rebuilding The Tower of Babel’’.
First community-minted NFT
The ‘’Rebuilding the Tower Babel’’ NFT will bring together a community of incentivized contributors. NFT participants will take part in five major phases: Reserve Airdrop, Claim Tribe NFT, Community NFT minting, Auction, and Rewards.
Community members that participate in the airdrop phase can unveil a mystery box displaying three cards. Each card has a mining power reward attached to it. The mining power represents the rate at which users can mine Metis Tokens within the incentivized pool that will launch when the community NFT project is finished. The vast majority of rewards will offer 1x mining power, while a few lucky participants will receive 3x mining power.
Apart from the reward cards on offer, participants will also receive an option to create a Tribe on the Metis blockchain and receive Metis tokens via airdrops as an incentive. The Tribes are an important aspect of the Metis NFT ecosystem, and a way to increase mining power for the incentivized pool.
Participants can refer friends and other members to increase the Tribe’s Trust with the referrers receiving Metis Tokens as incentives. Furthermore, the higher a Tribe’s Trust, the stronger the mining power. Each Tribe can hold a maximum of 15 members, thus creating a fair and transparent system for all participants.
The airdrop phase will last for five days. Following this phase, the community NFT-minting project will mint the main NFT artwork called ‘’Rebuilding the Tower of Babel’’. The artwork will consist of 256 puzzle pieces, each representing a different Tribe. Each member of a Tribe can claim the NFT piece representing that specific Tribe. As more pieces are claimed, the artwork will be built up until the artwork is fully unveiled.
Once the artwork is unveiled, information regarding Tribes and their members will be minted into the final artwork NFT. Since the NFT is built on the blockchain, it will depict the contributions and information of community members, immutably and forever.
Once the ‘’Rebuilding the Tower of Babel’’ NFT is completed, it will be auctioned on the NFT marketplace OpenSea, with 70% of the proceeds shared among contributors and the artist (StarCloud AI) receiving the remaining 30%.
Interested contributors can sign up to form their Tribes at http://Tribe.MetisDao.org.
Major Milestone for Metis
This is a significant development for Metis, as it aims to establish a larger community-oriented NFT platform that will provide incentives to all participants. The ‘’Rebuilding the Tower of Babel’’ project will be a significant event that will showcase the versatility of NFTs within the Metis ecosystem and encourage community participation in NFT initiatives.
Elena Sinelnikova, Metis CEO and co-founder, believes the project will show the power of communities in building NFTs. “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.”
Metis is a blockchain platform that is building a user-friendly, scalable, and affordable Layer 2 framework for applications and businesses to migrate from Web 2.0 to Web 3.0. The protocol supports a wide range of applications, including decentralized exchange trading, yield farming, and lending via dApps that provide fast, low-cost payments.
Metis makes it easy for developers and creators to build applications, communities, and Decentralized Autonomous Companies (DACs) via pre-set tools that are user-friendly, without the high costs and limitations of the Ethereum network. To learn more about Metis, visit https://metisdao.org/. To explore the company’s demo app on its Layer 2 alpha testnet, visit https://Alphatest.MetisDAO.org.
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via Bitcoin News