# Introducing Treespace

**Published by:** [treespace](https://paragraph.com/@treespace/)
**Published on:** 2022-05-16
**URL:** https://paragraph.com/@treespace/introducing-treespace

## Content

Last year NFTs exploded in popularity. While collectibles got the most attention, 1/1 art NFTs got to shine as well with the biggest sale ever happening around march of 2021 for $69 Million. For many artists, it became a way to make a living by simply creating. For us, it became clear that this technology is one of the best ways to directly monetize digital art. But as of writing, there are not many completely decentralized NFT Marketplaces focused which is why we are building treespace.What is Treespace?Treespace is a decentralized 1/1 NFT Marketplace focused on Art built on Optimism. The community, through the governance NFT, can vote on changes to protocol parameters, elect “admission officers“ to manage artist applications, and control the treasury where 100% of the marketplace fees flow into. Currently, most NFT marketplaces are centralized. Some even have control over your assets. This partially defeats the purpose of decentralized cryptocurrencies like Ethereum. Moreover, artists and buyers are at risk if the company behind the NFTs goes bankrupt or turns out to be malicious. If you don’t believe that there are many benefits to decentralization when it comes to NFTs check out what happened to hicetnunc last year. Treespaces’ goal is to become the gold standard for 1/1 NFT Marketplaces by focusing on community ownership and decentralization while preserving the curated experience.The ProtocolThe Treespace Protocol consists of three different components. The NFT contract (ERC721), the marketplace contract, and the governance contracts. These will be non-upgradable to preserve decentralization but new contracts can always be deployed. Adoption of these contracts cannot be forced, however.GovernanceThe governance system is what makes treespace unique. Every parameter can be changed by the community. Furthermore, the treasury, where all generated revenue is held, is also controlled by the DAO. Since the ERC721 contract only allows approved addresses to mint, every 30 days “admission officers“ are elected by the community. They will be responsible for verifying the legitimacy of the artist. After being approved, users can mint unlimited NFTs on the platform but can always be removed as well. Already minted work cannot be deleted but has to be regulated through the frontend. A “Leaf” is a governance NFT that represents ownership in the protocol. They are used to vote on proposals. There is no supply cap and they can be minted and sold by the DAO to generate revenue, dilute the share of a malicious actor, or reward contributors. If the revenue is high enough the DAO can decide to pay a percentage of the fees to Leaf holders. This incentivizes users to contribute to the success of the protocol. It also results in Leafs being a sustainable productive asset.

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