Article Summary, Automatically Generated By AI
About X
- X is a multi-chain decentralized NFT marketplace owned and operated by the X community.
- Governance is provided by the X DAO with voting rights given to users who have staked their X tokens for the veX governance token.
Principles
- Self-expression: Celebrate individuality and respect the rights and liberties of others.
- Communal Effort: Value creative cooperation and collaboration.
- Civic Responsibility: Value civil society and communicate in a civil manner.
- Participation: Commit to radical participatory ethic and transformative change through personal participation.
Differences from other NFT marketplaces
About X: Empowering a New Era of Innovation
X is a decentralized, community-driven NFT marketplace, where ownership and operation are entrusted to the X community. The X DAO assumes a governance role, with voting privileges extended to users who have staked their X tokens in exchange for the veX governance token. As a community, we proudly champion radical self-expression and inclusivity, welcoming all participants without prerequisites.
X’s guiding principles are rooted in its essence as a haven for the unconventional, the extraordinary, and the brilliant. At the heart of our vision for the future lies a set of core principles that shape our approach: Self-Expression: We celebrate the unique talents and gifts of each individual. No one, except the individual or a collaborating group, has the authority to dictate content. When shared, this gift should be offered with respect for the recipient’s rights and liberties. Communal Effort: Our community thrives on creative cooperation and collaboration. We strive to create, promote, and protect social networks, public spaces, artworks, and communication methods that foster meaningful interaction. Civic Responsibility: We value a civil society where open discussions and respectful communication are paramount. Event organizers within our community assume responsibility for public welfare and strive to instill civic awareness in participants. Participation: Our community is built on a radical participatory ethos. We believe that profound transformation, whether personal or societal, can only occur through deeply personal engagement. Everyone is invited to contribute, to play, and to shape the world through heartfelt actions that bring people together.
What sets X apart from other NFT marketplaces? Our vision is to create a fundamentally distinct NFT marketplace that diverges from the competition across three pivotal areas: Decentralization: X is impervious to shutdowns, as all listings and transactions are decentralized. Cross-chain compatibility: X has already successfully integrated Ethereum and Fantom, with additional chains slated for integration. A marketplace should empower users to transact on their preferred chain, rather than imposing restrictions. Community Ownership: X is a decentralized autonomous organization (DAO) and will be community-owned through X tokens, earned during the bootstrapping period. Users can stake X for up to four years to obtain VeX governance tokens, thereby granting them the authority to submit proposals and vote on the direction of X.
What challenges does X address? As the NFT ecosystem continues to evolve, four pressing issues plague current marketplaces: Centralized platforms raise reliability concerns, as they are susceptible to censorship and are controlled by the platform rather than the users. Furthermore, centralized marketplaces are resistant to forks, thereby stifling innovation. The practice of ring-fencing participation excludes artists and users, putting them at risk of de-platforming if they fail to meet performance expectations, as dictated by the platform rather than the community. Moreover, the limited cross-chain compatibility of today’s platforms hinders artists and collectors from participating across different chains, thereby stifling innovation and user choice. Lastly, artists and users lack true ownership and involvement in the direction, growth, and future of the marketplace. The only solution to these problems is a genuinely decentralized NFT marketplace owned and governed by the NFT community itself. This is why we created X.