XLetter is a Media DAO. It’s a participation-based web3 web novel DAO where stories are unfolded reflecting the reader's preference through a voting system.
XLetter is a Media DAO. It’s a participation-based web3 web novel DAO where stories are unfolded reflecting the reader's preference through a voting system. In the case of traditional DAOs, the value of governance gradually declines with time, as there is no clear motivation for users to continue participating. In this sense, XLetter is different from other DAOs as participants are motivated to engage in the DAO based on the content of a web novel. This way, our platform increases the sustainability of the DAO by utilizing the web novel as an incentive medium.
Additionally, the implementation of DAOs in XLetter supports the creators by guaranteeing the writer’s income. Since there is a base Membership fee, a minimum income is guaranteed for the writer, which will become a motivation to continuously create high-quality content leading to the virtuous cycle of the platform.
Finally, unlike other existing web novel platforms in Web2, XLetter increases effectiveness by saving unnecessary charges such as fees or operating costs. The data on chain serves to prevent imbalances in the distribution of profits for writers and unfair contracts in the existing web novel market, which compensates for the shortcomings of the existing market.
XLetter has three main functions: XL Explorer, XL DAO, and Membership NFT.
The first main function, XL Explorer, provides an environment to create DAOs and a ranking of DAOs by collection. After paying a certain amount of XLT, readers get the corresponding Membership NFT, which allows them to participate directly in the DAO by exercising their influence on the story.
The second main function, XL DAO, is the DAO by collection, which is a participation based Media DAO where the story is unfolded reflecting the reader's preference through voting. The readers can access the chapters and vote on the direction of the story line.
The final function is the XLetter Membership NFT. As a governance NFT to participate in the DAO, the Membership NFT is divided in 3 levels depending on the amount of XLT paid in XL Explorer. Each membership level has a different influence on the story’s development.
XLT Token is the default token for all projects used in XLetter. XLT tokens are exchangeable with KLAY, and are used in two ways: to purchase web novel episodes and to have the voting rights to decide the story development by participating in the XLetter DAO.
This the main home of XLetter. Users can check the collection they are currently reading, the editor's pick, and the list of their favorite collections. They can also view the collections through XLT regardless of their participation in the DAO.
On My Page, users can check at a glance their currently participating DAOs and their NFTs, as well as their purchase history. Additionally, users can also check the XLT they own, and manage their account and account information.
By connecting the wallet to MY Page, users can exchange Klay for XLT through the exchange system incorporated in our platform
Lastly, users can check the details and read information of their currently participating DAOs in My DAOs tab.
On XL Explorer, users can check the ranking of the DAO by collection. /여기까지 촬영/ By clicking on the collection, users access to the applicable DAO page, and depending on the amount they pay, they can join the DAO. On the DAO page, users can check the details of the Membership NFT. Through the XLT standard amount by level, the reader can decide how much of its XLT to invest. Additionally, detailed information such as Holders of DAO and Voting List is also provided.
This is the detailed individual web novel page. Readers can read web novels after paying a certain amount of XLT per episode.
This is the screen to be displayed when reading the novel. As the web novel advances, voting is held to decide the orientation of the story’s development. As mentioned earlier, depending on the Membership NFT possessed, voting has a different influence on the story. At the end of the voting, the story reflecting the voting contents is showed with the voting results, and finally, the DAO by collection is operated.
