Community Managed NFT Collections

What is community managed xNFT?

A collection on Xeal can be established at launch with a focus on fairness and decentralization. The key feature is that fee settings are immutable after deployment, ensuring transparency and preventing post-launch modifications that could disadvantage participants.

How are community managed xNFTs created?

The NFT minting mechanism within these collections utilizes lazy minting, a process that democratizes NFT creation by eliminating upfront costs. This allows any community member to propose an NFT for the collection. However, to maintain quality and prevent spam, the NFT must meet a minimum price threshold in xTokens to be officially minted and accepted into the collection. This threshold acts as a form of curation, ensuring that only NFTs with perceived value enter the collection.

What about fees?

Xeal introduces a creator-centric approach in community-managed collections. Unlike traditional models where royalties often go to collection creators, Xeal directs loyalty fees to individual NFT creators. This structure incentivizes ongoing creativity and participation within the collection ecosystem.

To protect creator rights and ensure consistent royalty payments, collections can be configured at launch with a trade restriction feature. When activated, this feature limits trading to Xeal marketplace contracts and a set of community-whitelisted contracts. This mechanism safeguards creator royalties by preventing trades on platforms that might not honor these fees.