Welcome to the eXperience Points Non-Fungible Token (NFT) Program
If you’ve paid any attention to the word on crypto-street, you’ve probably come across people talking about NFT’s or Non-Fungible Tokens.
Just a fad? Maybe, but we’ve decided to drink the Kool-Aid too! Join us in this program as we reward our community base with unique assets, create an economy for XP, and push the limits of technology with unique approaches to implementing NFTs for all small-cap currencies.
What are Non-Fungible Tokens (NFTs)?
A full introduction is beyond the scope of what we can quickly cover here, so we’ll focus on the basics.
Non-Fungible Tokens (NFTs ) are unique blockchain assets that can’t be transformed into other things. Unlike cryptocurrency which is fungible because one coin is very much like every other on the currency’s chain, NFT’s are not fungible because they are distinct and different.
In real-world terms, a dollar bill is fungible because you can swap it for another without any real difference; a painting is non-fungible because it’s different to every other painting. Since they are distinct and often unique, the non-fungible nature of NFTs makes them assets that can be traded.
Beyond this difference, cryptocurrencies and NFTs are very similar since they both use blockchain technology. While inherently trustless, the success of any given NFT or cryptocurrency is closely linked to the trust put in the brand publishing the NFT.
Is the brand reputable? Have they tackled the hard problems of addressing counterfeit NFTs? How is this brand helping to improve NFT technology? Can the brand be trusted to honor the uniqueness of the things they create at a later date? There are many things to consider, and no two brands will be equally trustworthy.
The NFT Social Contract
Recognizing the importance of the trustworthiness of the brand, we’ve created and codified what we refer to as the NFT Social Contract. The strength and conviction the team has in this agreement is as much as the strength and conviction the team upholds every day in the integrity of the XP Swap rules.
Our NFT agreement is simple:
NFT technology is still fairly new, and so too are the programs for creating and offering them. In this program, we expect there will be bumps along the way, but we’ve also spent a good deal of time crafting theory. We think we have something that will work. First, we’ll review the program’s philosophy, and then we’ll explore implementation.
The philosophy of the program is focused on supporting multiple platforms, being receptive to all technologies, and following co-existence model principles with other currencies. The program is committed to eliminating or reducing financial barriers to participation. The program will serve as an example to all small-cap currencies looking to enable NFT opportunities for their communities as well. In short, when other communities work to develop their own NFT programs, we want them to say “Let’s start the way XP started.”
The program’s implementation is focused on versatility, flexibility, and adoption. To support this focus and promote the most enriched digital assets, NFT offerings will be made on platforms that serve the best interest of the NFT’s medium. Other factors such as prior releases and prior platform use will be considered, but in general, the program will not dictate to digital asset creators which platforms they should use.
In the event that the best platform is cost-prohibitive and the digital asset creator is willing to consider this issue relative to adoption barriers, the program will engage ZENZO technology to create “wrapped” NFTs in the form of ZENZO Forged Items (ZFI) that will serve as NFT proxies for releases. ZFI’s can be traded like any other NFT, but at significantly lower costs. Should the current ZFI holder of an NFT wish to have the actual NFT, an exchange can be made by the holder returning the ZFI to the Team and covering all costs related to the NFT transfer.
ZENZO will also be used as a standalone platform for releases.