Project Listing
Listing: Summary and Explanation
The Listing Protocol is a revenue-generating blockchain protocol designed for the NFT Inspect platform, streamlining the listing application process for NFT projects. By integrating the Listing Protocol, NFT Inspect aims to create a decentralized and transparent system for listing NFT projects while generating revenue through application fees paid in major currencies and its native token, INSP, with discounts applied for payments in INSPECT.
This protocol enables NFT projects to apply for listing on the NFT Inspect platform, ensuring a fair and transparent listing process through community governance. DAO members vote on the approval or rejection of applicants, with approved projects being listed on the platform. The collected fees are then allocated to the DAO treasury and distributed as individual rewards for participating DAO members.
Protocol Mechanism:
Application Submission: NFT projects interested in listing on NFT Inspect must complete an application form and pay a listing fee, which is locked in a smart contract during the application process.
Community Voting: DAO members review the applications and vote on approval or rejection. Each member's voting power is determined by their INSPECT token holdings. A minimum threshold of votes is required for an application to pass.
Application Outcome: a. Approval: If an applicant receives the required number of votes, the project is listed on the NFT Inspect platform. The locked tokens are transferred to the DAO treasury, and participating DAO members receive individual rewards in INSPECT tokens. b. Rejection: If an applicant fails to meet the vote threshold or is rejected by the community, the project is not listed. The locked tokens are returned to the applicant, minus a nominal processing fee that is transferred to the DAO treasury.
The Listing Protocol offers several benefits:
Decentralized Governance: Empowering the community to participate in the listing process, ensuring a fair and transparent system for evaluating and approving NFT projects.
Revenue Generation: Charging a listing fee in INSP tokens generates a sustainable source of income for the DAO treasury, supporting the platform's growth and development.
Incentivizing Participation: Rewarding DAO members for participating in governance, encouraging active involvement in decision-making and fostering a sense of ownership among community members.
Enhanced Security and Transparency: Leveraging blockchain technology ensures the security and transparency of the application process, from submission to voting and final outcome.
In conclusion, the Listing Protocol integrates a revenue-producing and decentralized listing process into the NFT Inspect platform. By charging INSP tokens as listing fees and leveraging community governance for project evaluation, the Listing Protocol fosters a transparent, secure, and fair system for listing NFT projects, generating revenue for the DAO treasury, and incentivizing community participation, further solidifying NFT Inspect's position as a leading player in the Web3 and SocialFi space.
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