1. NFTs and DAO in the Digital Economy
김종승
SK텔레콤 Digital Asset CO
2021 NIPA 블록체인 콘퍼런스

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

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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

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6. 6
발행 플랫폼 선택
(Ethereum, Polygon)
이미지, 비디오/오디오, 3D 모델 등
다양한 파일 포맷 지원
(최대 100MB)

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
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
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

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üCase 1) Authenticity 보장 : 짝퉁 유통 방지 목적의 진품증명/품질보증
üCase 2) Digital Asset 판매 : 메타버스 공간에서의 디지털 아이템 발행(루이비통, 버버리, 구찌 등)

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실물자산 기반 NFT 발행
(소유권 이전) à
실물은 별도 Custodian에
보관하므로
관세/물류 비용 절감

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

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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.

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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.

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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.

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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.

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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

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총 거래액 기준
2Q 대비 656% 성장

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주간 최대 16.5억불 내외 거래

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주간 최대 44.2만 건 거래

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주간 최대 19.9만 건 거래
(2차 시장 기준)

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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

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Aggregator와
NFT Financialization
사업자들이 시장 주도

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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

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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

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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.

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크리에이터 경제
Peer to Peer 경제
데이터 자기주권 시대
매체와 정보의 독점
감시 자본주의 경제

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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.

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iNFT는
NFT에 AI 기반 지능과
인격이 입혀진 완성본
(지속적으로 진화하는
존재)

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Incentive
Creative Interactive
Shared Goal
Extended Experience
Collaborative Platform
Metanomics
Production
Side
Consumption
Side

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Interactive UX + Crypto Wallet
à 3D/Metaverse형 NFT Wallet

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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.

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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.

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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

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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

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Traditional Centralized Organization DAO
One Central Authority NO Centralized Entity

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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

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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

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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

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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.

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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
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.

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다양한 참여자의 협업,
투명한 거버넌스, 후원형 투자펀드 모델 지향

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DAO 운영을 위한
거버넌스와 보상 체계 구축이 필수

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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

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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!

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Attention
Economy
Creator
Economy
vs.

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Layer 1
Birth of Media Platforms
Layer 2
Emergence of
Influencer Marketing
Layer 3
Creators as Businesses

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블록체인(NFT)이
Creator Economy에
핵심적 역할 수행

54. 54
Token
NFT Governance
Ownership

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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.

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AUM 237.7M, Token Holders 69,
Voter Participation 86.96%

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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.

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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

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The NFT‐ification of Everything