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An Insight Into How Galaxis.xyz Has Created a Monetization Strategy for Creators and Communities With NFTs

Besides enhancing the relationship between any creator and their community, the inception of nonfungible tokens (NFTs) has unarguably enabled a proper business model and monetization strategy that benefits both creators and community members. 

Community members can now own a stake in creators and project content in the form of utility-driven NFTs that return value to holders from the success of the content itself. Galaxis.xyz is one of the pioneering projects making this possible for creators around the world. 

Galaxis is a decentralized platform that provides creators with toolkits to design and create dynamic utility-driven NFTs and manage their communities in a safe token-gated environment. 

“Galaxis started with the idea to change how people or companies or entities will fund and monetize their project, their service, their community, their anything,” said the founder and CEO, Andras Kristof. 

Andras
Andras Kristof, Founder and CEO of Galaxis.xyz

Haven worked with with artists, communities and projects, including but not limited to Val Kilmer, Mike Tyson, and the NBA, Galaxis has gained lots of traction despite only launching an invitation-only beta in 2022. 

Now, the project is gearing towards its mainnet release at the ChainLink Smart Con Conference on 2nd October 2023. Cryptopolitan managed to get the Galaxis founder to answer some questions on how Galaxis has evolved into its present stage, its value proposition to creators and community and the overall features of the project. 

How did Galaxis evolve from its inception to its current form?

The idea for Galaxis was conceived out of the need for a proper business model and monetization strategy, according to Kristof. 

“While working on the project, we realized that it was missing a proper business model and monetization strategy. We also realized that it would be possible to monetize it properly if the creators of the courses in the educational community would be able to incentivize their community to support the creation of the material of the course,” Kristof said. 

Galaxis leveraged utility-driven NFTs to address this problem, enabling the community members who supported the creation of the material to benefit from the actual course once it is out and generates revenue.

What are Galaxis unique advantages over others?

Creators on Galaxis have complete ownership of their communities and control over the monetisation strategy to the extent that the platform itself will not be able to shut creators down. Galaxis’ focus on utility also sets it apart from other platforms. 

“The razor-sharp focus on utility and sustainability, the ability to give an ownable object to community creators to hand to their communities, and create sustainability within a community is a unique trait of Galaxis,” said Kristof. “As long as you can provide value towards your community, they will keep supporting you, which is our biggest value proposition.”

What are “Utility Traits,” and how flexible are they?

Due to its priority on utility for creators, Galaxis offers so-called “Utility Traits” that provide community owners with the option to add to their NFT-membership cards physically redeemable, digitally redeemable, and online meeting traits, depending on the needs of their community.

Community owners can also add their autographs to the membership cards, besides other utility traits to come.

“Obviously, each project may have its own specific needs, so we’ll continuously develop new traits, also being open to custom development projects,” Kristof added. 

Can Community NFTs be traded off the platform? Are there penalties?

NFTs or digital cards from communities can be traded off the Galaxis platform, according to Kristof. However, there are penalties set in place against such action in order to protect the interest of the community at large. 

“The very essence of the penalty system is that people are and should be allowed to interact with cards only if they are contributing to the community treasury,” Kristof noted. 

“The treasury is planned in a way to help upkeep all the necessary upkeeping costs of the community and also help to raise money for future developments. This way, communities can become self-sustainable. If community members start trading outside the system, avoiding paying royalties, the treasuries can get empty, and there will be no money for upkeeping servers, and applications won’t be enough money for new development for the community, so they will fail,” he continued. 

How do the token-gated community spaces work?

The concept of a token-gated community is one that allows people access to certain information, content, and connections using NFTs as a pass

“Basically, the community space is a website where all the deployed applications for that community are reachable, and all community members can interact with them while all non-community members can see their existence,” Galaxis founder explained. 

“All the applications start with you connecting your wallet, and based on the Membership Cards you own and the Traits on those cards, will allow you to access the above-mentioned features, and your interaction will depend on them,” Kristof noted. 

The information provided does not, and is not intended to, constitute financial advice; instead, all information, content, and materials are for general informational purposes only. Information may not constitute the most up-to-date information and readers must do their own due diligence and assume responsibility for their own actions. Links to other third-party websites are only for the convenience of the reader, user or browser; Cryptopolitan and its members do not recommend or endorse contents of the third-party sites.

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