The non-fungible token (NFT) market has experienced massive growth and boom since the beginning of 2021. According to a report published on Reuters, the NFT sales volume surged to $10.7 billion in the third quarter of 2021 alone. Today, we have many NFT projects being launched into the market, and a significant number of them are just a flash in the pan. However, there have been great NFT projects like the CryptoPunks, Bored Ape Yacht Club, etc. 

Some of the relatively new NFT projects are employing innovative ways to disrupt the market and create value. One of such new projects is the Space Knight Club (SKC) NFT. SKC is the first NFT project to fully adopt the Decentralized Autonomous Organization (DAO) model in the NFT space. 

Overview of the Space Knight Club NFT Project

Space Knight Club is an NFT project that was developed to create a balance between publicly accessible clubs and private clubs. It is a 2-layer club that is publicly accessible to anyone with an NFT and private at the same time. To become a member, you will have to be selected by the already existing SKC members. The interesting thing with the SKC NFT project is that the private club members control 100% of the project’s royalty funds via a Gnosis multisig safe. The members will submit proposals on how best to spend the funds, and then they vote for the best proposal among the rest. 

The fact that 100% of the funds are under the control of the community means that the founding team cannot rug pull if they want to. This is the power of DAO. The two layers within the Space Knight Club ecosystem have different roles. 

1st Layer: The Spacewalkers

Spacewalkers are the people that own Spacewalker non-fungible tokens (NFTs). The Spacewalker NFTs are a collection of 1969 unique collectibles created (living) on the Ethereum blockchain network. With the Spacewalker NFT, you have a membership card that grants you the exclusive opportunity to become a Knight within the SKC ecosystem. The Spacewalker NFT is an ERC-721 standard. The holders of the NFT can submit proposals on how to spend the funds, and they do that using the most secured and used DAO platform known as “snapshot.org.” They also cast votes for the best proposal to accept. If a proposal gets more than 30 votes, it will be moved to the next stage. 

2nd Layer: The Knights

The Knights are members of the private club of the SKC platform. Members are only selected from Spacewalkers by already existing Knights. If more than half of the Knights agree on any proposal, the proposal will be executed directly via the multisig safe. 

Becoming a Knight on The SKC Platform

Before anyone can become a Knight, there are certain requirements, and they include:

• You must own a minimum of one Spacewalker NFT.

• Hold the Spacewalker NFT longer than the locking period, between 30-300 days.

• Now you are qualified to become a Knight.

• Go through the vetting process by already existing Knights

• If you are successful, you will receive a proof-of-Knight NFT

With the Proof-of-Knight NFT, you can have access to the private club and unlock its exclusive benefits. The Proof-of-Knight NFT cannot be traded; therefore, being a Knight is priceless. Some of the Proof-of-Knight NFT privileges are that it unlocks access to private channels, access to Knight meetings worldwide, and access to Knight registry across the world. With such access, you can reach out to the Knight community for help or advice irrespective of the part of the world you are in at that moment.