NFTs are expected to make a hit by reaching to $80B by the end of 2022. Creating an NFT platform is a billion-dollar business. While you plan to create an NFT platform make sure you offer something new to the users. It creates hype by making users coming back to your platform. DAO-enabled NFT Marketplace is one kind of such thing, as it deals with governance and community handling policies. Continue reading for more insights!
Outlook Of Decentralized Autonomous Organization (DAO)
DAO protocol is exclusively built to give back the power to the user for making decisions. It functions based on a set of protocols and the computer codes by executing a certain set of programmed conditions. The protocols is written in smart contracts and it contains crucial information like community rights about the platform.
How DAOs Connected With NFTs?
You might wonder how DAOs are interlinked with NFTs. Well, both of them enable ownership over assets but DAOs adds governance to the assets. It provides extreme transparency by using a mechanism called a “ Distributed decision-making system ”. It governs the NFT platform by permitting users to make decisions for the betterment of the marketplace.
Highlighting Features Of DAO-enabled NFT Marketplace
Permits users to engage in special events proposed for launching new projects.
It grants the community members to take the power to contribute to the NFT marketplace rather than providing authorization to an authority.
Stake To Earn
Users can stake NFTs for earning passive income also by ensuring to add liquidity to the platform.
Moderation proposal is approved for every valid mistakes in the policies of the NFT marketplace.
Perks Of DAO-enabled NFT Marketplace
Grants access to review policies mentioned in the NFT marketplace by providing access to crucial information like partnership details, contract policies, actions, and more.
DAO enables the provision to vote for making a moderation in the existing policies proposed in the NFT marketplace. It uses a governance model to support this exclusive feature.
It is a simple step fortaken by NFT holders by battling with their opponents to earn rewards by staking.
NFT holders can unlock their NFTs and stake for earning exciting bumper rewards as a token of incentive for their work.
Key Differences - DAO-enabled NFT Marketplace Vs Traditional NFT Marketplace
|Traditional NFT Platforms||DAO-enabled NFT Platforms|
|Deciding power is authorized by the platform owner.||Collaborative decisions are made by integrating with the community members.|
|Owner is only capable of making modifications to the platform.||Changes can be done by the users by taking votes into consideration|
|No transparency.||Offers complete transparency|
|Takes time for implementation as it is processed manually.||Smart contracts are quick to execute changes|
Use-Cases Of DAO-enabled NFT Platform
Use cases of DAO-enabled NFT platforms is similar to the normal NFT platforms. Some of them are.
- NFT Games
- Digital Collectibles
- Real Estate
- Trading marketplace
Top DAO Protocols You Should Keep Your Eye On
- Collector DAO
- Investment DAO
- Social DAO
- Media DAO
- Protocol DAO
Why DAOs In NFTs?
DAOs in NFTs are a fruitful niche that offers neutral decisions as the participants have the right to speak for themselves. In the traditional NFT marketplace, the decisions are partial when it comes to cope up for a solution to the challenges met by the NFT platforms.
Whereas DAOs collaborate with the users directly through voting rights. Every piece of idea is taken into consideration by reviewing the votes. Hence decisions are wise and neutral rather than falling to one side.
How To Develop DAO-enabled NFT Marketplace?
Awaiting to create your own DAO-enabled NFT marketplace?
Here is the time! Professionals in Developcoins are skilled to deliver a DAO-enabled NFT marketplace within a short duration. Experts in our team can step forward to offer the latest functionality by upgrading themselves technically. We are obliged to take the client's recommendations into account to create an enlighted customer-friendly DAO-enabled NFT Marketplace.
Contact our experts!