Non-Fungible Tokens (NFTs) are one-of-a-kind digital collectibles that can become valuable investments. More and more forward thinking creatives are populating the .xyz community and harnessing the power of blockchain technology to create, distribute, and invest in NFTs. Decentralized Autonomous Organization project FlamingoDAO.xyz created a platform for members to pool funds for NFT investments. Publishing platform Mirror.xyz helps writers distribute and monetize their minted work. Crypto art curator FirstEdition.xyz created a blockchain art gallery. In this week’s #WebsiteWednesday, we’ll introduce you to an all-encompassing NFT platform designed to empower artists to mint and sell their digital assets: Universe.xyz.
Universe.xyz is an NFT-based platform built on Ethereum blockchain technology. It is composed of digital solutions aimed to help artists easily create and monetize NFTs. Universe.xyz provides creatives with the tools they may need to transform items like paintings, songs, pictures, videos, and GIFs into NFTs, as well as the necessary means to sell them via auction. In May, they announced that their seed round raised over $4.3M to build a “Non-fungible universe.” This universe is governed by the xyzDAO, a Decentralized Autonomous Organization (DAO), which is like a corporation (set up on the blockchain), except no single person or group has control. The xyzDAO empowers the community by enabling decentralized decision-making regarding parameters of Universe.xyz, such as fees and future upgrades.
The Universe Protocol has two major functions. The first is a method for creating and minting new NFTs, known as Collections. Minting is the process of turning something, such as digital art, into a part of the Ethereum blockchain as a public ledger. The second function is a method for auctioning off those Collections. Universe Minting is where you can create and edit NFTs, and run them through a review process before launching. You can create one NFT or a collection of as many NFTs as you like. You can edit, format or change the styles of your NFTs before uploading the media and filling out the metadata. Once you have completed these steps, you can mint your NFT immediately or save it for publishing later. Universe Auction, a decentralized auction house still in development, is how you will be able to monetize your NFTs. Once launched, you can create a multi-tier reward system where you can compile several NFTs into rewards. You can choose between Platinum and Gold Tiers, and customize your rewards precisely as you want. After designing the details of the reward packages, you can create a landing page for your auction with photos, logos, and sales copy.
Universe.xyz grants voting rights and the ability to buy and sell NFTs to holders of the Universe $XYZ token. $XYZ tokens are the native currency of Universe.xyz which allows users to buy and sell NFTs. It is an ERC-20 token that allows users to vote on DAO proposals and earn rewards through the staking platform. When Universe.xyz launched on June 6, 2021, one billion $XYZ tokens were released. More tokens will be minted each year to accommodate new users in the Universe.xyz ecosystem. The market price of $XYZ as of August 5, 2021 is $0.1099. The total number of tokens in circulation is 168,226,310, while its market capitalization is $19,737,308.
One of Universe.xyz’s co-founders, Tim Kang, began his career as a software engineer for Deutsche Bank and invested a year of savings in Ethereum in early 2016, before becoming an avid NFT collector. He also developed the Sevens Foundation, which hosts grant programs to help emerging artists with the challenges of getting into the NFT space, such as the rising costs of minting an NFT. He recently partnered with Paris Hilton on a grant called “Empowered By Paris: Empowered Women Empower Women Exhibition,” which called on female artists to create a piece that explores the themes of female empowerment and representation.
As blockchain technology and digital assets continue to increase in popularity, we are excited to see the .xyz community grow with artist-focused members like Tim Kang and Universe.xyz. Learn more by following the platform on Twitter @universe_xyz or by visiting Universe.xyz.