A New Type of Income Stream
Open Koi provides NFTs with new income streams while expanding and optimizing NFT capabilities via “Koi Assets”. These revenue streams can be thought of as a type of yield farming for NFTs. Content (like NFTs) stored on Koi are permanent, and the owners of the content are rewarded with $KOI tokens in proportion to the amount of attention their content receives, forever. Koi’s attention reward mechanism, enables creators to capture even more value from their work. Imagine if your favorite artist was paid everytime someone viewed their paintings in a gallery.
Moving Beyond ERC-721
The accessibility of the ERC-721 standard has led to an explosion of digital art, but as we’ve discussed in a previous blog, this is imperfect. Currently, a small number of marketplaces house the majority of these NFTs, mostly as ERC-721 contracts.
The launch of the Atomic NFT standard on the Arweave allows for digital creators to mint permanent assets that provide attention-based income streams in the form of $KOI rewards. Not only does this standard provide creators with new opportunities to earn a “yield” on their NFT, but it closes the loop on digital creation. The integration of Arweave’s censorship resistant permanent storage layer and Open Koi’s attention reward function is a remarkable innovation that expands the potential of the NFT ecosystem.
By registering their NFTs on the Arweave with Koi, collectors and creators will be able to earn a secondary revenue stream in the form of attention rewards, and ensure long term preservation of their assets with implicit permanence.
Creators can upload their creations directly to the permaweb as Koi assets, or transfer their ERC-721 NFTs to the Koi NFT portal. This means that ERC-721 NFTs can now earn passive dividends forever, just by being displayed in a Koi-compatible gallery. NFTs can also be minted directly to the permaweb via the Koi network, bypassing the need for the Ethereum blockchain and wasteful gas cost.
Is your NFT not-for-sale? You will earn $KOI, forever.
Is your NFT for sale? You will earn $KOI, forever.
The ability to monetize authentic digital creations based on attention has exciting implications. We can’t wait to show you.