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Non-fungible tokens (NFT) have significant traction in such a short period that everyone today is curious to invest in this lucrative market. Individuals are fetching millions of dollars simply from a video clip, meme, or JPEG image.
Enterprises are selling virtual clothes and accessories, and people are purchasing land and homes with NFT. NFTs have succeeded in skyrocketing multiple industry segments via digital asset tokenization while unlocking endless opportunities for investors, traders, and global enterprises.
Every day, millions of NFTs are created, minted, purchased, and sold. In fact, revenue in the NFT market is expected to cross $35 billion by this year’s end and make a hit of $80 billion by the year 2025.
With such convincing statistics, more and more entrepreneurs are keen to get into this million-dollar business. However, NFT isn’t limited to this, and collaborating NFT with decentralized autonomous organization development (DAO) is opening doors for countless other benefits.
How is DAO Connected to NFT?
The shortest answer to the connection between NFT and DAO development is collector DAO which pools together funds for acquiring and issuing NFTs. There are scenarios where smaller traders plan to invest in NFT projects but don’t have sufficient capital. At this point, collector DAOs such as Ape DAO allow multiple individuals to own a fragment of NFT and reap the benefits of NFT.
Besides this, DAO blockchain development also holds the capability of providing assistance in creating NFT projects backed by community governance. So, the members get the authority to collaboratively contribute ideas and even become a part of proposing decisions for the future of the NFT projects.
Understanding DAO-Enabled NFT Platforms
DAO-enabled NFT platforms allow customers to make decisions regarding the platform’s upcoming changes where DAO is the facet of the NFT marketplace platform just as in the case of user-end portals. In a DAO-enabled NFT platform, every single decision, whether a minor or a critical one, is taken by community voting only, and no central authority is involved. Well-known DAO-enabled NFT apps usually comprise staking, gaming platforms, and marketplaces.
Different types of DAO-enabled NFT platforms include:
- Operating System DAO
- Protocol DAO
- Investment DAO
- Service DAO
- Collector DAO
- Social DAO
- Media DAO
Benefits of DAO-Enabled NFT Platforms
Backed by DAO smart contract development, there are numerous compelling reasons for modern businesses and customers to count on the DAO-enabled NFT platforms.
Ownership
DAOs allow the users to enjoy authority for reviewing policies related to the moderation of content, auctions, and assets policy. Since DAOs are backed by smart contracts and digital assets i.e. NFTs and ensure autonomy, this further eliminates the concept and involvement of leadership throughout all sorts of NFT platforms.
Moreover, users can unlock the chance to stake NFT and native tokens in dApp for producing rewards. During this, users experience complete control over their respective NFTs while staking or supplying to the liquidity pool.
With no central authority, DAOs give the control to users for proposing decisions and voting on notable parameters of platforms like marketplace decisions, NFT auctions, battle launches, and so on.
Voting Power
DAO-enabled NFT platforms practice different ownership policies and governance models as compared to regular NFT platforms. When users become a part of the critical decision-making process, three stages are followed- proposals, votes submitted, and results. So, the DAO-enabled NFT platform makes use of the votes of the members for issuing grants and further making modifications to the current policies and rules of the platform.
During the decision-making proposals, every member enjoys an equal share to raise their opinion and determine policies for the future of their respective community in a fully transparent manner.
Rewards & Income
DAO platform development accompanies numerous income and reward opportunities for NFT users in the form of NFT staking. NFT staking allows NFT holders to earn passive income where users unlock their NFTs and stake it into liquidity pools. During this, users need not transfer the NFT ownership to others.
This is just the tip of the iceberg as there are numerous other ways to monetize assets.
Complete Decentralization
Users need not bother about the hierarchically-structured authority that makes critical modifications without the user’s consent, rather DAO enables users to enjoy complete authority and be a part of critical decision-making and contribute to the respective community.
Stake and Earn
NFT users get the authority to earn while staking NFTs and native tokens. This in return turns out to be a win-win idea as it benefits the marketplace platform and users with assured liquidity at all times. This is one compelling reason why more and more businesses are getting into NFT platforms and decentralization governance token development.
Review Policies
Everyone gets access to review all the rules and policies followed by the NFT marketplace platform and propose modifications for the respective platform. Furthermore, DAO allows users to grab the opportunity to participate in the NFT marketplace events like sales, launches, community promotions, etc.
Final Thoughts
DAO-enabled NFT platform development is a thriving space, and modern businesses can garner a wide user base and stand out in the digital landscape by partnering with a professional DAO-enabled NFT platform development company.
For the entrepreneurs who find a new tinge of motivation from DAO-enabled NFT platforms, Antier Solutions can be your ideal partner to get started and build the DAO-enabled NFT platform from scratch. We assist global businesses to leverage the potential of DAO and NFT and ensure decentralized models.
Combatting the issues in traditional and centralized business models, our subject matter experts can assist you with next-gen, decentralized, and flawless operations that ensure a seamless experience in the long run.
From building DAO-enabled NFT platforms, smart contract development, and Node development, to dApp development, we excel in comprehensive DAO solutions while going beyond the customer’s expectations. We hold a strong portfolio in dealing with startups, SMBs, and Fortune 500 companies globally backed by a dexterous team of industry experts well-versed in cutting-edge DAO technologies.
Connect with us today to begin your DAO-enabled NFT journey!
