Temat: As popularity for Non-Fungible Tokens (NFT) continue to...

With more people getting involved in NFT trading, their purpose for creating and holding non-fungible tokens will vary, beyond just earning money or staking the NFTs for passive income. NFT holders are making millions of money selling JPEG images, video clips, GIFs and other digital arts in the form of NFTs. According to the data from Chain analysis, the market capitalization of NFTs has reached USD 41 billion by the end of 2021.

Due to such an overwhelming craze, many NFTs platforms have also been developed to benefit users and provide them with unique experiences. While every NFT platform is designed specifically to cater to specific needs such as gaming or trading, there’s a buzz around decentralized autonomous organisations (DAO), particularly, DAO-enabled NFT platforms.

Let’s discuss how NFT platforms are powered by DAOs in detail, how it differs from a standard NFT platform, and its benefits. We will also briefly share our breakdown of the concept of DAOs.

What is DAO?
The decentralized autonomous organization (DAO) is a blockchain-based organizational framework regulated through blockchain protocols and smart contracts. Through DAO, a group of people with common goals can come into an agreement to establish and run an organization. DAO provides the members with a safe environment where they can use the internet as a medium for communicating with each other and sharing values.

DAOs also arguably end the concept of bureaucracy, automating decisions through smart contracts and transferring the administer powers such as voting rights and proposals for policy changes to every member, not for some specific designation like CEO or board of directors.

What are DAO-enabled NFT platforms?
DAO-enabled NFT platforms offer features similar to any standard NFT platform, but they differ in regulation and how a platform operates. For example, a gaming-based DAO NFT platform does not require the involvement of any CEO or board of directors to allocate further decisions and execution of existing plans. Instead, DAO allows the members to come together on a decision and propose the changes.

How do DAO-enabled NFT platforms work?
DAOs are designed to bring transparency to the operating mechanism of an NFT platform. By automating the platform’s governance, DAOs remove barriers like interrupting centralized authority from the decision-making system. An NFT platform using DAOs doesn’t need to spend time deciding who can vote, who can propose changes to the NFT platform, and who is superior to whom. Let’s understand the working mechanism of DAO through an example:

An NFT marketplace built on Ethereum is decentralized and open-source. Anyone worldwide can join the platform and contribute to the ecosystem growth or even become a part of their developer community. That being said, the right to major decisions such as feature launch, expansion of tools, and upgrades remains with the original creators. DAO redefines this concept and brings autonomy by making members the “owners” based on how many tokens they own.

Temat: As popularity for Non-Fungible Tokens (NFT) continue to...

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Temat: As popularity for Non-Fungible Tokens (NFT) continue to...

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Temat: As popularity for Non-Fungible Tokens (NFT) continue to...

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Temat: As popularity for Non-Fungible Tokens (NFT) continue to...

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