What is Communifty (CNFT) ?Complete Guide Review About Communifty

What is What is Communifty (CNFT) ?

Communifty (CNFT) is a DEX protocol that lets people create, buy and sell non-fungible token memberships that provide access to DAO communities. The community membership non-fungible token assets are bought and sold on a bonding curve and there are configurable royalty payments that can be sent to the DAO creator with each buy and sell transaction.

Communifty (CNFT) Monetizing DAOs has been a challenge for community leaders in the crypto space, but Community is one of the first ways DAO creators can earn revenue from managing a community. The NFTs on Community are compatible with Open Sea and can be used as an access pass into token-permissioned online spaces such as Telegram groups and on chain DAO governance.

Communifty (CNFT) Since the creation of the web, the major online apps that have reached billions of daily users worldwide have been rooted in two user needs: how share information and how connect with others. Cryptocurrencies and block chain add a completely new layer to the internet that changes how store and exchange digital assets of value without any intermediaries. Up until today, we’ve seen broad acceptance of Bitcoin as a store of value and as a potential diversification against fiat and other legacy assets.

Communifty (CNFT) However, there is an emerging and vibrant developer and user community around how smart contract protocols like Ethereum enable a broad set of other peer-to-peer programmable value use cases, such as DeFi, digital art, digital collectibles, digital game assets and more. The potential impact for how Ethereum changes online value exchange and communal derived digital assets is extremely emerging and at a forefront of possibilities, growth and innovation.

Communifty (CNFT) Coin Storage Key Points

Communifty: A Place to Explore, Create, Buy and Sell DAO Memberships

Communifty (CNFT) In the current web landscape, there is no mainstream application that lets people launch and trade country club-like membership assets that grant access to private online communities. Community is executing on being first-mover in creating a framework to create and trade DAO membership assets. Communifty.org will be the designated website to both explore and join membership NFTs that permit entry into DAOs.

How The Product Works

Communifty (CNFT) is a DEX framework on Ethereum that allows any community creator to launch a membership NFT for their DAO community. The price can appreciate and depreciate according to a bonding curve, which is a predefined slope for how much each NFT should sell for based on the number of tokens bought.

Communifty (CNFT) In addition, there’s a parameterizable royalty payment sent to the DAO creator with each NFT bought or sold. There is also a 5% Communifty fee on all trades that is used to buy back $CNFT tokens on the market. Also, if any NFT creator removes liquidity for their token, there is a 24 hour window between the onchain action and when liquidity is removed to prevent a rug pull event.

NFTs Used As Access Permission to DAOs

Communifty (CNFT) The unique value proposition of Communifty is it allows any DAO leader to mint NFTs that will serve as membership keys to grant access into the DAO’s Telegram group, onchain DAO governance, or potentially other permissioned online space. NFTs are an immutable asset on the block chain, and it makes sense to represent one’s involvement in a community in something that feels timeless and permanent.

The NFTs are minted each time there is a purchase, and any amount of NFTs can be pre-minted as well to distribute to an existing community. All the NFTs minted on Community are compatible with Open Sea so people can view their Community NFTs there as well.

CNFT Token Utility

Communifty (CNFT) There’s a 5% Community fee on all sells and buys, which are using to buy back $CNFT tokens. Future plans for CNFT utility is to be decided. The token symbol is CNFT, with the letter C representing community.

Minting NFT With Each Purchase 

Communifty (CNFT) contract allows for individual NFTs to be pre-minted, only while there is 0 liquidity and before the market is open, to prevent arbitrarily inflating the supply. NFT tokens will be minted on-demand with each purchase, except for when there is an existing supply that has been sold back to the contract.

Smart Contracts

Communifty (CNFT) NFT contract is an ERC721 token and liquidity pool, all in one. Buy / Sell / Liquidity functions are built directly into the ERC721 contract. An NFT is initialized with the name, symbol and IPFS URI for the asset metadata. Along with the NFT parameters, there are bonding cure parameters ‘m’ and ‘n’. M and N determine the price curve using the formula price = m(x^n), where ‘x’ is the current number of tokens in supply