NCLive #6 Recap: Curating a New Era — the Landscape of Genify’s Future
💡 TL;NR
Genify is an NFT platform aimed at connecting more and better artists, collectors and traders.
Genify has introduced two new mechanisms, including a new contract and a curation mechanism, where incentivizing transactions is the core design of the new contract.
Genify has also launched a community-recommended artist mechanism. These mechanisms help achieve decentralization and robust growth of the platform, while also bringing more benefits and incentives to platform participants.
Two new friends: Nico Yang & Dr. Li
Nico Yang is an old friend of the Genify core team and is about to join the core curation team of Genify, along with Shaun He and Jimi Wen, to connect more and better artists and discover more talents who have not yet entered the art NFT field.
Nico Yang comes from Puzzle Ventures, which has established a deep connection and friendship with the team during the seed round investment process. Puzzle Ventures, like Multicoin Capital and Delta Capital, has provided valuable support for the development of Genify and Lambda.
Dr. Li, from Web3 University, is another old friend of ours who will be an important partner of Genify, planning and operating generative art education with us.
Just like the city college and children’s college created by Artblocks, Genify also attaches great importance to popularizing and training in generative art, allowing more Chinese participants to have a deeper understanding of and participate in generative art.
Two new mechanisms: new contract and more curators
Genify has been officially launched for several months, gradually becoming a “popular game” from a “niche activity”. The early experimental stage has ended, and in the next stage, platform growth will be a more important goal for Genify. To achieve this goal, we are introducing two new mechanisms and intensifying our development and promotion activities.
First, Genify will set up a new contract. On the one hand, the distribution and confirmation rights of royalties and the list will be transferred from artists to the platform, even to third parties, to ensure that the platform mechanism is more rigorous, regular, and decentralized. On the other hand, we will optimize the allocation mechanism of transaction fees and regulate asset prices to a certain extent.
Genify has always believed that collectors and flippers are as important as artists in a mature NFT platform, and the platform should set certain mechanisms to benefit all participants.
Incentivizing transactions is the underlying design concept of this new contract, so there will be several measures:
- 20% of the transaction fee from each transaction of NFT assets minted will be put into the incentive pool to compensate for the opening costs of the previous traders;
- The earliest traders of each NFT asset have a chance to receive a larger share of incentives;
- In the process of sharp price increases of NFT assets, the platform may timely open limit order trading to stimulate more frequent transactions;
- The transaction amount of each address involved in the transaction will be recorded, and this amount will affect the airdrop share of the Genify platform coin.
Genify will also introduce a new curation mechanism. In addition to the most influential curators introduced by the platform (e.g. Shaun He, Jimi Wen, Nico Yang, etc.), other platform users can also obtain curator identity and permissions through staking $LAMB tokens. The more successful the curation, the more transaction fees can be earned.
The introduction of these two new mechanisms will ultimately contribute to the price growth of $LAMB. On the one hand, the curation mechanism will incentivize more staking, and on the other hand, a large part of the platform’s received fees will be directly burned.
Starting the Community-Recommended Artist Mechanism
For the sustainable development of Genify, it is necessary to continuously introduce more and better artists. We also welcome community members to actively recommend artists who share the vision of the development prospects of art NFTs and the design philosophy of Genify.
Discussions can be initiated at any time in the #shaun channel on Lambda Discord.
