BERLIN, Germany, September 20, 2022 (GLOBE NEWSWIRE) – The STYLE Protocol today announced the release of its white paper outlining their vision, values, who they are, their distinct launch, the different participants in their ecosystem, and how they will solve current challenges and problems with the NFT industry. The STYLE Protocol’s vision is to become the backbone of a multiverse that helps increase the usefulness and value of smart digital assets and virtual goods.
Online environments are growing. The number of active players and people with identities in virtual worlds is steadily increasing. The growth of decentralized, crypto-powered metaverses has unleashed a wave of open worlds. Availability of devices that enable blended experiences will accelerate use cases and therefore adoption among the population. Finally, the gaming industry is growing rapidly and the number of active players among the world is increasing exponentially. It is reasonable to assume that a small part of the “classic” games will evolve in the direction of decentralized participation models of players and their distinct systems. Existing metaverses are marketed as open and accessible, but various core technology combinations, blockchains, and 3D virtual engines prevent these worlds from being compatible.
The STYLE protocol aims to solve the basic interoperability problem and connect worlds beyond their virtual boundaries to allow full use of users.
NFT technology has been hailed as the future of virtual identification and functions as an essential asset verification technology. But there are still some challenges:
- NFTs are not automatically compatible with any environment
- NFTs lack the usability of Metaverse and web3, as they have no automated 3D counterparts
- NFTs cannot be used for continuous monetization in relation to virtual worlds
In addition, there are a few virtual worlds (games) that use NFT technology to verify individual ownership of digital assets or “virtual goods”. There is a deep split between game assets, metaverse assets, and published 2D NFT-Collections, and here’s why:
- NFTs and assets are unusable and interoperate automatically.
- Assets are not compatible with 3D immediately.
- Virtual assets and NFTs have limitations on how they can be monetized.
- Foreign use of virtual assets has no timestamp option
- Example: Crypto Punk, BAYC, or Neo Tokyo Citizen can be turned into a multiverse skin that people can now rent to wear in the game or virtual world of their choice.
The STYLE protocol itself is the solution to all of these problems. It can be overcome by the decentralized 3D virtual asset usage protocol and sub-licensing, which by definition is what the STYLE protocol ecosystem is.
The main principles of the protocol are:
- NFTs can be placed on the Open Protocol to unlock advanced usability across the multiverse.
- Assets can be traded and used across the multiverse.
- Assets can be monetized through ease of use and sub-licensing across multiple virtual worlds.
- The Decentralized Autonomous Organization (DAO) regulates the supply chain and protocol principles.
- The benefits of the protocol are freely available for anyone to use and participate in the ecosystem – creators, owners, tailors, metaverses, games….
The protocol is primarily intended to make digital assets available with advanced usability in a range of different environments, including games, virtual worlds, and metaverses. To enable this, a new asset technical tool is being introduced, which can best be described as a sub-license/derivatives.
Each world, game, or metaverse that communicates with the STYLE protocol has different engineering principles and systems. They may run on different blockchains, have different operating logic or run on different 3D engines.
To overcome these difficulties, the STYLE protocol pulls derivatives or sub-licenses for assets and NFTs to make these versions applicable to different environments at the level of 3D virtualization and blockchain. Anyone looking to bring this utility to their assets can connect to the STYLE protocol.
This means that initially licensed versions and derivatives of NFT are viable and usable with different blockchains and thus related games. Also – and this is the main point – they are converted into functional assets within the metaverse or the game and can also be rented as such to other players in these virtual worlds.
An NFT or virtual asset becomes available in every world through three main pillars/participants in the ecosystem. The three pillars of an ecosystem are:
- Owners = NFT owners who store NFTs for interoperability or anyone who brings digital assets (such as 3D files) to the STYLE protocol. Anyone, from an initial NFT creator or owner of a “non-sequential” 3D asset, such as a brand or designer, to a holder with an NFT in their portfolio, can submit this asset for multiverse connectivity on the STYLE protocol.
- Tailors = Anyone interested in obtaining US dollar STYLE tokens by shaping and modifying 3D assets within the protocol to adjust versions to different games and metaverses. Designers 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 ultimate assets and creations for sale in their environments. Customers and players in these ecosystems will be able to use all assets from the STYLE protocol supply chain such as avatars, skins, costumes, objects, etc…
The above mentioned participants work together to make the ecosystem work harmoniously. However, they created their token $STYLE to incentivize the various participants in the ecosystem and allow the continuous flow of the supply chain on a completely decentralized system
The $STYLE token is designed to be the backbone of the participants and the flow of value within the ecosystem. The primary beneficiaries of the token are the people who hold it and are closely involved in the protocol’s activity. In addition, the $STYLE token allows participation in the DAO’s vote on the future development of the protocol.
The token will be launched publicly with LBPs (Liquidity Boot Up Pools). Public launch date will depend on market and project readiness. Distribution will be as inorganic as possible through LBPs once it is operationalized by the community. Anyone can unlock pools and a stake of their token in exchange for the first 12% of the total token supply worth $STYLE.
The ecosystem is organized as a DAO and anyone can join the future Decentralized Autonomous Organization (DAO) of the STYLE protocol. However, there are different levels of participation. Three layers of participants exist.
- Level 1 – Executive Board decision makers at a higher level for the strategic development of the Protocol. The people on the executive board must be voted on.
- Level 2 – Highest US Dollar Pattern Holders Anyone who earns a minimum token can join the secondary decision tier in order to vote on changes and future development of the protocol.
- Level 3 – Each $STYLE holder or people wishing to vote on future collaborations and subsequent projects can do so after verifying that they are an active token holder.
Once the protocol flows are set up and the ecosystem for users and environments up and running, a DAO decision-making web interface will be launched for token holders and elected decision makers to connect wallets and participate in decision-making for protocol development. Therefore, if a person 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 a portion 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 use cases for their NFT suites. One of the most recent cases is the use of NFTs as useful tokens in staking platforms. For example, in some game rules, NFT collectors can participate in NFTs to enhance the abilities of their characters in the game and earn additional 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 passive income while maintaining ownership of their NFTs. Locking NFTs onto a platform can issue bonuses depending on the APR, storage period, and number of NFTs accumulated.
Staking NFTs along the lines of $ is a new opportunity for NFT owners to monetize their assets, and is likely to attract more people to participate and increase market demand for staking NFTs. Stacking NFT on STYLE is similar to storing Bitcoin (BTC) or Ether (ETH). All that is required is a cryptocurrency wallet with NFTs. The main purpose of installing NFTs on a STYLE is to allow Tailors to create NFTs derived on another metaverse such as the Bored Apes T-Shirt on Decentraland coming from the original bored ape that was put on STYLE. The newly created NFTs that can be used across other virtual worlds are essentially NFTs derived from the proto-origin.
The STYLE Protocol aims to empower the economy of emerging young creators and designers by adding facilities, monetization opportunities, and interoperability for their artwork. To build use cases for communities to use assets across different platforms and to provide access to virtual wearables for brands and designers. Finally, they aim to convert existing NFTs into skins, avatars, or wearables for various games and metaverses, which act as a decentralized metaverse exchange.
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