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NFTs and DAO in the Digital Economy

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NFTs and DAO in the Digital Economy

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I. What are NFTs?
II. NFT Use Cases
III. Making Sense of the NFT Market
IV. The Emergence of DAO(Decentralized Autonomous Organization)
V. The Future is NFT DAO

I. What are NFTs?
II. NFT Use Cases
III. Making Sense of the NFT Market
IV. The Emergence of DAO(Decentralized Autonomous Organization)
V. The Future is NFT DAO

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NFTs and DAO in the Digital Economy

  1. 1. NFTs and DAO in the Digital Economy 김종승 SK텔레콤 Digital Asset CO 2021 NIPA 블록체인 콘퍼런스
  2. 2. 2 I. What are NFTs? II. NFT Use Cases III. Making Sense of the NFT Market IV.The Emergence of DAO(Decentralized Autonomous Organization) V. The Future is NFT DAO
  3. 3. 3
  4. 4. 4 NFTs are unique items verified and secured by a blockchain. An NFT provides authenticity of origin ownership,uniqueness(scarcity),and permanence for any particular item. There are standards that dictate what should and can be included in an NFT’s code. NFTs on the Ethereum network are ERC721 or ERC1155 tokens. NFTs contain the following aspects: Name, Main content, Preview content, Description, Traits, Unlockable content, Ongoing royalty, Supply
  5. 5. 5
  6. 6. 6 발행 플랫폼 선택 (Ethereum, Polygon) 이미지, 비디오/오디오, 3D 모델 등 다양한 파일 포맷 지원 (최대 100MB)
  7. 7. 7 Scarcity Authenticity/ Recognition Social Interaction 희소성으로 인한 가치 상승 기대 진본성에 대한 열망과 타인으로부터 인정받고자 하는 욕구 창작자에 대한 후원/ 콜렉터 간의 교류
  8. 8. 8 인간은 개인이든 집단이든 자기 보존을 위해서가 아니라, 자신의 정체성을 인정받기 위해서 투쟁한다. “인간 주체는 인정으로부터 자기실현의 기회를 갖는다. 모든 사회적 투쟁은 인정을 둘러싼 투쟁이다.” ­ Axel Honneth
  9. 9. 9 Digital Certificate Digital Representation Native DigitalAsset Off-Chain상에 존재하는 Physical Property에 대한 정품 인증서 또는 품질 보증서 Off-Chain상에 존재하는 Physical Property의 소유권을 보장하는 디지털 증명서 자산 자체와 해당 소유권이 Off-Chain에 대한 의존없이 On-Chain상에만 존재하는 디지털 자산 Off-Chain과 On-Chain을 연결하는 Oracle 전제 Pure On-Chain Asset
  10. 10. 10 üCase 1) Authenticity 보장 : 짝퉁 유통 방지 목적의 진품증명/품질보증 üCase 2) Digital Asset 판매 : 메타버스 공간에서의 디지털 아이템 발행(루이비통, 버버리, 구찌 등)
  11. 11. 11 실물자산 기반 NFT 발행 (소유권 이전) à 실물은 별도 Custodian에 보관하므로 관세/물류 비용 절감
  12. 12. 12 Axie Infinity § 베트남 스타트업 스카이마비스가 개발한 대표적 P2E(Play to Earn)* 게임 § ‘삼성넥스트(삼성전자의 투자 자회사)’가 1800억원 규모의 시리즈B 투자에 참여 § 초기 자금 100~150만원 필요(3개의 캐릭터 구매), 월 70-100만원 수익화 가능 * P2E : ‘돈을 벌 수 있는 게임’으로서 이용자들은 자신의 아이템을 다른 이용자에게 팔고, 이를 코인 및 현금으로 교환하면서 ‘수익’ 창출
  13. 13. 13 Nifty Gateway § Nifty Gateway teams up with Top artists and brands to create collections of limited edition, high quality Nifties, exclusively available on our platform. § Nifty Gateway is also a centralized, USD based marketplace for buying and sellingNifties.
  14. 14. 14 BAYC(Bored Ape Yacht Club) is a collection of 10,000 Bored Ape NFTs— unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board.
  15. 15. 15 The next evolution in NFTs is moving from static NFTs to dynamic NFTs— perpetual smart contracts that use oracles to communicate with and react to external data and systems.
  16. 16. 16 Nonbankable Assets Assets such as rare collectibles(fine art, antiques, classic cars, jewelry, and the like), real estate, and intellectual property (copyrights, patents, and trademarks) are considered nonbankable. We can create liquidity for these higher‐priced nonbankable assets by tokenizing them and thus fractionalizing the ownership. No matter what the nonbankable asset is, it can be “NFT‐ed.” And this opens up a huge opportunity for high net worth individuals to create liquidity for these assets that they have trouble using as collateral for a loan or selling off.
  17. 17. 17 Are NFTs Securities? 실물 자산 기반 NFT의 경우 증권으로 해석 가능 (자산 처분 시 발생하는 수익 배당이 있을 경우 à 투자계약증권) Fractional NFTs 분할소유/배당을 지원하는 토큰의 경우도 증권으로 해석 가능 Intellectual Property Rights and NFTs NFT를 구매하는 것과 해당 NFT의 Copyright을 구매하는 것은 별개
  18. 18. 18 총 거래액 기준 2Q 대비 656% 성장
  19. 19. 19 주간 최대 16.5억불 내외 거래
  20. 20. 20 주간 최대 44.2만 건 거래
  21. 21. 21 주간 최대 19.9만 건 거래 (2차 시장 기준)
  22. 22. 22 Digital Collectables In-Game Items Entertainment Content Digital Claims on (Physical) Assets • 디지털 예술품, 스포츠 트레이딩 카드, NBA Top Shot 등 • 거래 규모 : $3,700억 (‘20년 기준, 글로벌) • 게임 캐릭터 스킨/옷/ 액세사리, 캐릭터 무기/방패, 기타 소모품, 부동산 소유권/사용권 등 • 거래 규모 : $500억 (‘20년 기준, 글로벌) • 뮤직비디오, OST, 연습 영상클립, 음악앨범 사진, 드라마/영화 클립, 포토 카드 등 (팬 커뮤니티 기반) • 콘서트/시사회 입장권 • 부동산 자산 소유권 • 럭셔리 제품(자동차, 시계, 가방 등) 보증서 • 실물자산 이용 쿠폰 • 금융상품 관련 증서
  23. 23. 23 Aggregator와 NFT Financialization 사업자들이 시장 주도
  24. 24. 24 Open Marketplace Curated Marketplace Opensea Rarible Nifty Gateway SuperRare MakersPlace ü 글로벌1위(M/S90%상회) ü 월거래액$3.4B돌파(‘21.8기준) ü 기업가치$1.5B로$100mil.투자유치(‘21.7기준) ü SocialNetworkServiceModel(Follow기능) ü RARIToken기반(GovernanceToken) ü 시리즈A투자유치(‘21.6) ü 아트컬렉션중심(유명아티스트/브랜드협력) ü 일반체크카드/신용카드/달러결제지원 ü 시드라운드투자유치(‘21.7) ü 갤러리수수료15%(1차판매시),거래수수료3% ü 크리에이터로열티10%(판매시마다) ü 시리즈A투자유치(‘21.3) ü 서비스수수료15%,크리레이터로열티10% ü 디지털아티스트비플작가활동 ü 시리즈A투자유치(‘21.8) • 거래수수료2.5% • 누구나발행/구매 (즉시구매+경매) • 이더리움체인기반 • 수수료체계다양 • 허가받은크리에이터만 발행 가능 • 경매방식 • 이더리움체인기반
  25. 25. 25 NFTs have a bright future, not just because digital art is a massively underappreciated asset class poised to dominate the art market; rather, NFTs have a bright future because they’re providing a bridge to digital economies that will touch everyone in the future. Real Economy Digital Economy 두개세계를연결하는 자산으로서의NFT
  26. 26. 26 The defining characteristic of a true Metaverse is that it needs its own economy and currencies native to it, where value can be earnt, spent, lent, borrowed or invested interchangeably in both a physical or virtual sense and most importantly without the need for a government.
  27. 27. 27 크리에이터 경제 Peer to Peer 경제 데이터 자기주권 시대 매체와 정보의 독점 감시 자본주의 경제
  28. 28. 28 A decentralized and fair internet where users control their own data, identity and destiny Web3 does not require “permission,” meaning that central authorities don’t dictate who uses what services, nor is there a need for “trust,” referring to the idea that an intermediary does not need to facilitate virtual transactions between two or more parties.
  29. 29. 29
  30. 30. 30 iNFT는 NFT에 AI 기반 지능과 인격이 입혀진 완성본 (지속적으로 진화하는 존재)
  31. 31. 31 Incentive Creative Interactive Shared Goal Extended Experience Collaborative Platform Metanomics Production Side Consumption Side
  32. 32. 32 Interactive UX + Crypto Wallet à 3D/Metaverse형 NFT Wallet
  33. 33. 33 Decentralized Autonomous Organizations(DAOs) are digitally native communities that center around a shared mission. •Decentralized(탈중앙화), because they’re community-owned, grassroots-driven, and loosely organized(in contrast to a hierarchical, tightly-structured centralized org like a bureaucratic agency or company). •Autonomous(자율), because their shared rules and shared treasuries are encoded and automatically enforced on the Ethereum blockchain. •Organizations(조직), because they’re groups of people that associate and coordinate around specific purposes.
  34. 34. 34 American CryptoFed DAO(와이오밍주 DAO법에 따른 최초 승인) 사례 KYC/AML을 거친 개인/기관은 Locke를 통해 CryptoFed의 미래/거버넌스 문제에 대한 투표 참여 Governance Token •Every action is a transaction. •Each transaction is a vote. •This vote is represented by a token. •Smart Contracts execute the token.
  35. 35. 35 MetaCartel Ventures DAO Case MetaCartel Ventures DAO는 소속 멤버들이 관리하는 Delaware 유한책임회사(LLC, limited liability company) 포트폴리오 후보 제안, 실사, 투자 심사, 투자 집행 과정을 Smart Contract 기반으로 진행
  36. 36. 36 Soft Consensus : Achieved through some ‘implicit signal of preference’ depending on the scope of impact. (암묵적 선호도 시그널) Hard Consensus : Achieved through a collectively accepted signaling mechanism. (시그널 프로포절 à 핵심 프로포절) 투표 여론 조사 채팅/댓글
  37. 37. 37 Traditional Centralized Organization DAO One Central Authority NO Centralized Entity
  38. 38. 38 Hierarchy System Anarchy System vs. 이사회 없음. 의사결정은 Bottom-up 커뮤니티에 기반 토큰 보유자의 투표를 통한 컨센서스 확보 이사회 중심 Top-down 의사결정 조직별 역할에 따른 업무 수행
  39. 39. 39 초국가적 협력 전체 구성원의 의사결정 참여 단일 장애점 문제 제거 조직 운영의 투명성 알고리즘의 의한 소유권 배분/이전 새로운 투자자 유치 메커니즘 투표에 의한 투자 집행과 자금 관리
  40. 40. 40 ü What are the most pertinent values or circumstances of your DAO? ü What is your relationship to the contributor to be incentivized? ü What is the nature of the work or activity to be rewarded? 1. Decentralization of the Incentive 2. Oversight of the Incentive 3. Reputation of the Contributor 4. Definability of the Task 5. Time Commitment to Complete 6. Complexity to Complete 7. Frequency of the Task 8. Impact of the Task 9. Value of the Task 10. Urgency of the Task
  41. 41. 41 ü Game theory provides a structured language that helps in analyzing interactive situations; when several individuals have to make decisions, and the outcome depends on each person’s choice. ü The general purpose of mechanism design is to design games in order to achieve specific outcomes. ü Market Design : Auctions and matching or assignment problems are in fact special cases of mechanism design. Game theory, behavioral economics, and market design all allow us to look at rules, and how people interact with them, understand them, circumvent them, and change them.
  42. 42. 42 The goal function is the main "given", while the mechanism is the unknown. Therefore, the design problem is the "inverse" of traditional economic theory, which is typically devoted to the analysis of the performance of a given mechanism.* Mechanism design is a field in economics and game theory that takes an engineering approach to designing economic mechanisms or incentives, toward desired objectives, in strategic settings, where players act rationally.
  43. 43. 43 ü How to lower the barrier to meaningful contribution. ü How to maintain operational efficiency as they decentralize. ü How to coordinate decision-making at scale.
  44. 44. 44 다양한 참여자의 협업, 투명한 거버넌스, 후원형 투자펀드 모델 지향
  45. 45. 45 DAO 운영을 위한 거버넌스와 보상 체계 구축이 필수
  46. 46. 46
  47. 47. 47
  48. 48. 48 Creator Story-teller Collector Story-Transmitter Creator ­ Collector Social Interaction (StorySharing,Branding) Connection/ Social Solidarity Association/ Collaboration Fan / Investor / Supporter Social Media Marketing Digital Art Luxury (Fashion) Entertainment Content Gamification (Minting, Airdrop) Economic System (Incentive Mechanism for Creator and Collector) Reputation/ Recognition
  49. 49. 49 Social Capital Utility Entertainment NFTs are social capital with skin in the game. NFTs have utility as investments, as tickets for access to the fan communities. It’s fun to watch the sales, and some people are already building personas starring their Apes or Punks. Social Position/ Influencer Ticket to the Clubhouse (해당 커뮤니티로 진입하기 위한 필수 조건) New Culture NFT는 소셜 네트워크의 핵심인 소셜 자본의 역할 수행!
  50. 50. 50 Attention Economy Creator Economy vs.
  51. 51. 51
  52. 52. 52 Layer 1 Birth of Media Platforms Layer 2 Emergence of Influencer Marketing Layer 3 Creators as Businesses
  53. 53. 53 블록체인(NFT)이 Creator Economy에 핵심적 역할 수행
  54. 54. 54 Token NFT Governance Ownership
  55. 55. 55
  56. 56. 56 Unicly brings a revolutionary and unique way to combine your NFT collection, tokenize it and make it tradable. After each sale of the NFT from the vault, the premium value obtained between the bid and ask price will be distributed to all DAO members according to their % share in the DAO.
  57. 57. 57 AUM 237.7M, Token Holders 69, Voter Participation 86.96%
  58. 58. 58 How is Flamingo structured? Flamingo is organized as a Delaware limited liability company. The rights and obligations of Flamingo Members are set forth in an operating agreement and are supplemented by the Delaware Limited Liability Company Act. How can I contribute to Flamingo and become a Member? Membership in Flamingo is currently limited to accredited investors, as defined under U.S. law. The total number of members will be capped at a maximum of 100 members. Members have the opportunity to contribute Ether to Flamingo by purchasing between 100,000 and 900,000 units representing an ownership in Flamingo("Flamingo Units"). How are voting rights determined? Voting rights will be based on the total number of Flamingo Units that each Member holds for any relevant vote posed to Members.
  59. 59. 59
  60. 60. 60 “NFT는 어떻게 진화할 것인가?” 자유주의적 소유권 크리에이터 경제 디지털 아이덴터티와 자산의 결합 커뮤니티 기반 의사결정 인센티브 합치성 직접 민주주의의 부활 인정투쟁 서비스와 데이터 소유권의 분리 21세기 정치경제학적 대전환 투자/대출/보험의 탈금융자본화 기업 거버넌스의 탈중앙화 디플랫폼
  61. 61. 61 The NFT‐ification of Everything

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