- Is DAO Becoming the Cornerstone in NFT Marketplaces ?
Is DAO Becoming the Cornerstone in NFT Marketplaces ?
DAO - The Quick View
We, The people of the world, strongly believe blockchain brings decentralization. yeah, it’s true but now, we are in the need to analyze the depth of this truth. When it comes to any kind of Decentralized platform, the transactions made alone are decentralized yet, the authorized people behind the blockchain or the person who owns the platform holds the whole right to take decisions in that particular platform which might be a change in protocol, adding features, or anything. Here, the user doesn’t have any deal here.
In Decentralized Autonomous Organization, the regulatary is distributed evenly to all the users of the platform. Meaning that each and every user of the platform owns voting rights in decision making which promotes transparency and equality. The individual voting power differs among the users. Thus, this quality attracts many more users and everything from crypto exchanges, NFT Marketplaces, staking platforms, businesses are taking measures to enable DAO in their respective platforms.
DAO Enabled NFT Marketplace Development
DAO enabled NFT marketplace development is the complete process of building a NFT marketplace under the concept of DAO, Decentralized autonomous organization. Here in DAO enabled NFT Marketplace, users of the platform have full authority to take part in decision making via voting.
Is DAO bringing evolution to the NFT market ?
DAO's are considered revolutionary not only in the NFT marketplace but for the whole blockchain industry. Consider in general, NFTs are implemented via smart contracts in the blockchain. Every minted token is unique ahd holds the unique metadata. Thus, we can't say that NFT marketplaces are 100% decentralized. Thus the concept of DAO brings equality to the platform which is quite revolutionary. For instance, In Binance Smart Chain, the individual can't participate in any kind of decision making, only the owner of the platform has the access to do that.
Why does DAO matter in the NFT Marketplace ?
NFTs might arrive late but it has undergone astonizing growth. The current market cap of NFT is nearly 41 billion and there is no sign of fading. Thus the intervention of DAO in the NFT industry will swift the NFT industry to the new milestone.
DAO offers transparency through distributed decision-making in the NFT marketplace. it provides rights to all the users of the platform to decide themself for the platform. It widely helps in eliminating the barriers and hurdles in the decision - making process. The controlling power is given wholly to the users of the platform rather than the CEO of the platfrom.
Depending upon the business model, the enterprise can choose the DAO and build it accordingly. Here is the list of DAO that enterprises can choose for their business.
Operating Systems:To build and create standalone platform
Protocol DAOs: Special DAO to implement protocol changes
Investment DAOs: Investment DAO is designed for DeFi applications like Staking and pooling
Service DAOs: This kind of DAO is built for individuals and other operations
Collector DAOs:Collector DAOs are concerned for fractional as well as complete NFT ownership
Social DAOs: For the kind of social networking and other platforms
Media DAOs: It is for news aggregator based upon consumer's interest.
Benefits of DAO in NFT Marketplace
The user can get countless benefits in DAO. especially, when it comes to the NFT Marketplace, the benefits usually get doubled.
- User get the whole right to review any policy
- Moving on from the old concept of Management
- Users are allowed to stake NFT and also earn from it
- The User can participate in important aspects like NFT auctions, game launching, etc,
The only difference between DAO enabled NFT marketplace and ordinary NFT Marketplace is governance. The voting process in DAO has three stages like Proposals, submitted votes and results. The result of voting would be the final decision of the organization. This design seems to welcome community members and also promotes uniformity
The Crypto Industry provides many more opportunities to earn passive income and rewards. The most popular ways to reward are Play to Earn games, Staking, etc. As technology evolves, there are many more ways to monetize the assets. Both gaming as well as staking provides good possibilities for earning.
ZooDao is a special DAO enabled NFT platform that is primarily designed to generate passive income for users which has special functionalities for NFT battles and Yield farming.
Why Bitdeal ?
Bitdeal, being the dominant company in the cryptocurrency industry, is never afraid to initiate trending business models to deliver the best to our clients. We strive to become the DAO Development Company and believe that the Decentralized Autonomous Organization has the power to revamp the entire industry. Hope for the best in the upcoming days.
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