Berlin, Germany, Sept. 20, 2022 (GLOBE NEWSWIRE) — STYLE Protocol today announced the launch of their whitepaper outlining their vision, values, who they are, their token launch, the different participants in their ecosystem and how they will solve the existing challenges and problems with the NFT industry. STYLE Protocol’s vision is to become the best multiverse backbone that helps maximize the utility and value of smart digital assets and virtual goods.
Online communities are growing. The number of active players and people with identities in virtual worlds is steadily increasing. The growth of decentralized and crypto-powered metaverses has sparked a wave of open worlds. The availability of devices that enable hybrid experiences will further accelerate use cases and thus adoption among the population. Finally, the gaming industry is growing rapidly and the number of active players worldwide is increasing drastically. It is reasonable to assume that a fraction of “classic” games will evolve towards decentralized participation models for their players and tokenized systems. Existing metaverses are marketed as open and accessible, but different underlying technology stacks, blockchains, and virtual 3D engines prohibit the compatibility of these worlds.
The STYLE Protocol aims to solve the underlying interoperability problem and connects worlds beyond their virtual boundaries to allow full usability for users.
Hailed as the future of virtual identification, NFT technology acts as a pillar technology for verifying assets. But some challenges remain:
- NFTs are not automatically compatible with any environment
- NFTs lack Metaverse and web3 usability as they have no automated 3D counterparts
- NFTs cannot be used for continuous monetization regarding virtual worlds
Moreover, only a few virtual worlds (games) use NFT technology to verify the individual ownership of digital assets or “virtual goods”. There is a deep disconnect between game assets, metaverse assets and purely 2D published NFT collections, here’s why:
- NFTs and assets are not automatically usable and interoperable.
- Assets are not immediately 3D compatible.
- Virtual assets and NFTs have limitations on how they can make money.
- Foreign use of virtual assets has no timestamp capability
- Example: A Crypto Punk, BAYC, or Neo Tokyo Citizen can be turned into a multiverse skin that can now be rented by individuals to wear in the game, metaverse, or virtual world of their choice.
STYLE Protocol sees itself as the solution to all these problems. They can be overcome with a decentralized 3D virtual resource utilization and sublicensing protocol, which is by definition what the STYLE Protocol ecosystem is
The main principles of the protocol are:
- NFTs can be staked on the open protocol to unlock advanced usability across the multiverse.
- Assets can be circulated and used across the multiverse.
- Assets can be monetized with ease of use and sublicensing across multiple virtual worlds.
- A decentralized autonomous organization (DAO) governs and regulates the supply chain and the principles of the protocol.
- The protocol’s benefits are freely available for anyone to use and participate in the ecosystem – Creators, Owners, Tailors, Metaverses, Games….
The protocol primarily aims to make Digital Assets accessible with advanced usability in a variety of different environments, including games, virtual worlds, and metaverses. To enable this, a new technical utility is introduced to the assets, which can best be described as sub-licensing/derivatives.
Each world, game or metaverse that connects to the STYLE protocol has different technical principles and systems. They can run on different blockchains, have different game logic or run on different 3D engines.
To overcome these difficulties, the STYLE protocol derives derivatives or sublicenses of assets and NFTs to have these current versions compatible with different environments at the blockchain and 3D virtualization levels. Anyone who wants to bring this tool to their assets can connect to the STYLE protocol.
This means that the sub-licensed versions and derivatives of the original stake NFT are applicable and usable with different blockchains and thus the associated games. Moreover – and this is the main point – they are turned into functional assets inside the metaverse or the game and can additionally be rented out as such to other players in these virtual worlds.
NFT or virtual assets become available in each world through three key pillars / participants in the ecosystem. The three pillars of the ecosystem are:
- Owners = NFT owners who stake the NFTs for interoperability or anyone who brings digital assets (such as 3D files) into the STYLE protocol. Anyone, from the first NFT creator or “off-chain” owners of 3D elements, such as a brand or designer to a holder with an NFT in their wallet, can offer this resource to bridge the multiverse on the STYLE Protocol.
- Tailors = Anyone interested in earning $STYLE tokens by shaping and adjusting 3D assets within the protocol to adjust the versions of different games and metaverses. Tailors can also upload 3D files and creations directly to the supply chain and act as asset creators.
- Environments = Connected platforms, metaverses and games that offer the finished assets and creations for sale in their environments. The customers and actors within these ecosystems will be able to use all assets from the STYLE protocol supply chain such as avatars, skins, fashion, objects, etc…
The participants mentioned above work together to make the ecosystem work harmoniously. However, they have created their own token $STYLE to incentivize different participants in the ecosystem and allow continuous supply chain flow on a fully decentralized
Network.
The $STYLE token is designed to be the backbone of the participants and value flow in the ecosystem. The primary beneficiaries of the token are people who stake it and hold it in close participation in the protocol’s activity. In addition, the $STYLE token allows participation in DAO polls on future development of the protocol.
The token will be launched publicly with LBPs (Liquidity Bootstrapping Pools). The date of public launch will depend on market and project readiness. Distribution will be as organic as possible through the LBPs once they are activated for the community. Anyone can open pools and stake their token in exchange for the first 12% of the total token supply of $STYLE.
The ecosystem is structured as a DAO and anyone can join the future decentralized autonomous organization (DAO) in the STYLE protocol. However, there are different levels of commitment. There are three teams of participants.
- Tier 1 – Executive Board Decision makers at a higher level for strategic development of the protocol. People must be voted into the executive board.
- Level 2 – Supreme $STYLE Holders Anyone who stakes a minimum amount of tokens can join the secondary decision-making level to vote on changes and future development of the protocol.
- Level 3 – Every $STYLE holder or people who want to vote for future collaborations and next projects can do so after confirming to be an active token holder.
Once the protocol flows are set up and the ecosystem is live for users and communities, a DAO decision-making webfront will be launched for token holders and elected decision-makers to connect wallets and participate in the decision-making of the protocol development. Therefore, if one holds the $STYLE token, they will be able to vote in the creative, organizational and administrative processes of the STYLE protocol.
Finally, most NFTs and metaverse projects share part of their revenue with the community of NFT holders. These usually come from secondary market sales and royalty fees. As the NFT market grows, developers, artists and collectors are exploring new uses for their NFT collections. One of the latest cases is the use of NFTs as utility tokens in betting platforms. For example, in some game metaverses, NFT collectors can wager their NFTs to increase their game character’s abilities and earn extra rewards. NFT staking refers to locking NFTs on a platform or protocol to receive staking rewards and other privileges. This allows NFT holders to earn a passive income while maintaining ownership of their NFTs. Unlocking NFTs on a platform can unlock rewards depending on the annual interest rate, stake duration and number of NFTs staked.
$STYLE NFT’s staking is a new opportunity for NFT’s owners to monetize their holdings, potentially attracting more people to participate and increasing market demand for staking NFTs. Staking an NFT on STYLE is like staking Bitcoin (BTC) or Ether (ETH). All it takes is a cryptocurrency wallet with NFTs. The main purpose of staking NFTs on STYLE is to allow tailors to create derivative NFTs on another metaverse like the Bored Apes T-Shirt on Decentraland which comes from the original Bored Ape staked on STYLE. These newly created NFTs that can be used across other virtual worlds are essentially derivative NFTs of the original asset.
STYLE Protocol aims to empower the creative economy and young up-and-coming designers by adding utility, monetization opportunities and interoperability to their artworks. Building community use cases to use assets across different platforms and to provide access to exclusive virtual wearables for brands and designers. Ultimately, they aim to turn existing NFTs into skins, avatars or wearables for different games and metaverses, acting as a decentralized metaverse exchange.
Official links
Website: https://www.protocol.style
Whitepaper: http://whitepaper.protocol.style
Discord: https://discord.com/invite/styleprotocol
Twitter: https://twitter.com/StyleProtocol
LinkedIn: https://www.linkedin.com/company/style-protocol
