Litentry weekly: Slot auction plan, the Bottom-up NFT creator economy

💚 Litentry this week:

  • Testnet: token migration security
  • Completed the NFT indexer spike with MongoDB, graphql & the webapp
  • Opinion: 👾 the bottom-up NFT creator economy
  • Parachain slot auction plan update: Litentry will participate directly in the Polkadot auction

Testnet: token migration security

  • Collator fee research
  • Investigated the token migration security
  • AuraExt pallet research
  • Crucial pallet research

Misc:

  • Completed the remaining NFT extrinsic integrations
  • Completed the NFT indexer spike with mongodb, graphql & the webapp
  • Worked on logging system (efk stack)
  • Upgraded Litentry registrar
  • Dockerfile and daemon preparation for parachain

👾 Opinion: the bottom-up NFT creator economy

Loot’s Player-equipped NFT blew up the NFT community. Its creation form is simple text, images, while other functions are intentionally omitted, providing infinite space for the community to further create upon. According to the data provided by the first-class warehouse, until last week, the Loot turnover was 38,753 ETH, ranking fifth in Opensea, and only 6 ETH difference compared with the fourth place APE turnover. The floor price is 19.95 ETH, and the highest price is 250 ETH. Although the success of Loot is attributed to many factors, such as users’ FOMO sentiment and scarcity, its greater driving force and significance are reflected in its bottom-up innovation and relatively fair distribution system.

In the last decade, creative production has gone through several different stages:

  1. The pioneer era. Most of the output needs to be built from scratch, so good fundamental experiences in blockchain knowledge, economic model design, and programming skills are required.
  2. The developer era. Thanks to SDK and middleware contributions from the developer community, developers can more easily leverage existing tools to produce more efficiently;
  3. The pre-creator era. There are a variety of easy tools and templates for creators to use in the market. Starting a project can reduce or even eliminate the need to write code and assist community KOL in content and product output.
  4. The creator of the present era. A variety of online and offline courses and a wealth of toolkits have transformed the creator economy from a top-down, corporate and KOL-led movement into a bottom-up, community-centric creator economy movement.

The fourth model emerges as the content and community complex. This pattern is already evident in the NFT and metaverse. Led by NFT projects with the highest market share, such as CryptoPunk and BAYC, NFT tends to be community-pervasive and socially immersive, with more community members joining in NFT creation. Therefore, we can see a large number of physical and online electronic artists migrating to the NFT market, and NFT art is being re-created and multi-created. Loot’s concept deliberately adds community immersion to gameplay without setting parameters for each piece of equipment, allowing the community to play with it, explore, create and re-create. In addition, we can already see many more Loot-based projects in the ecosystem, which means Loot has achieved a high degree of integration with the community.

For a single NFT project ecosystem, the future of the ecosystem may be to develop new models that continue to attract users and keep the ecosystem thriving, or it may disappear as the buzz fades. However, in the development of the whole NFT industry, this bottom-up community creation model will continue to develop for a period of time, driven by the community, and bringing creative power to the industry.

🔴 Polkadot Parachain slot auction

Considering the time, cost, and resources, Litentry will directly attend the Polkadot parachain slot auction and skip the Kusama slot auction. At the same time, we will have a new staking program for KSM holders to support Litentry in another way.

The Polkadot parachain launch program is under active development. Keep updated with its task checklist at this link: https://github.com/litentry/research-force/issues/23#issue-975449241

About Litentry

Litentry is a Decentralized Identity Aggregator that enables linking user identities across multiple networks. Featuring a DID indexing protocol and a Substrate-built distributed DID validation blockchain, Litentry provides a decentralized, interoperable identity aggregation service that mitigates the difficulty of resolving agnostic DID mechanisms. Litentry provides a secure vehicle through which users manage their identities and dApps obtain real-time DID data of an identity owner across different blockchains.

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