Within the ever-growing world that is blockchain, the NFT market has experienced massive growth since the beginning of 2021 where sales volume surged to 10.7 billion USD in the third quarter of 2021 alone according to a report published on Reuters. Today a lot of NFT projects are being launched onto the market, but a significant number of them find themselves plummeting faster than their newfound success. There are however a great number of NFT projects in the likes of CryptoPunks or Bored Ape Yacht Club, just to name a few, that have found themselves more long-lasting. The project called Space Knight Club is now climbing the ranks within the NFT community and looking to join them.
Some of the relatively new NFT projects are engaging innovative ways to stand out from the rest of the market and create value. There is a lot of talk about the uncertainty surrounding NFTs relying on certain individuals or central forces. That is until a group of developers came up with the idea, decentralized autonomous organizations, also known as DAOs, that eliminates the manipulation of investor funds. In other words, human error. Some of the projects have thrived upon the model. One of the projects that have found great success is known as the Space Knight Club, also referred to as SKC. The project is the first on the market to fully rely on the DAO model.
Space Knight Club Project
Space Knight Club is an NFT community with a two layer membership structure which consists of the outer, more public, The Spacewalkers and the inner, more private, The Knights. To first become a member in Space Knight Club you need to mint one of their unique spacewalker NTF collectibles, in which there will be a total of 1969 in existence, created and living on the Ethereum blockchain network.
Once purchased, you are given the opportunity to submit suggestions on what is to happen with the community funds, which all 100% come from the royalty fee when SKC collectibles are sold in various NFT marketplaces. If a suggestion gets more than 30 votes it moves onto the next stage of the process. The Knights then choose what is to happen with the funds within the Gnosis multisig safe and distribute it based on the suggestions. This is done using the most secure and used DAO platform known as snapshot.
This is the beauty of the DAO model. The ecosystem of the two layers that is embodied in the community within The Space Knight Club is in control of a hundred percent of the funds and acts as a failsafe for any rug pulling or so-called pumps and dumps.
Furthermore becoming one of The Spacewalkers also grants you the opportunity to climb the ranks within the outer circle and join The Knights. To join the more private inner circle of The Knights you need to have held a Spacewalker NFT for longer than the locking period which is between 30-300 days. Secondly, you go through a vetting process that is done by the already existing Knights. When successful, you are able to access the private channels, Knight meetings and Knight registries. You shall also be granted with the proof-of-knight NFT. This is a non-tradable NFT which means it is priceless.
