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DAO-enabled NFT Platform:
How to Implement DAO in your NFT
Marketplace?

What is a DAO and How does it benefit NFTs? | DAO-enabled NFT Platform

Introduction
The growth of the NFT market in recent days raised the scope for entrepreneurs
to deliver their competing NFT business. Imagine a video or Gif getting sold for
millions. Isn’t it worth investing in this lucrative market? According to a statistics
report, the NFT market is expected to reach $80 billion by the year 2022. The
NFT market is spiking up with larger revenue generation. The concurrent
scenario is unfurling opportunities for budding entrepreneurs like you to venture
into the NFT space. The NFT space is witnessing several advancements that
keep them going further in the market.
When you develop your NFT platform, make sure you adopt something
different to make it interesting for the users and creators. How about dealing
with governance and community handling in your NFT marketplace
development? This blog will take you down by explaining on developing a
contending NFT platform.

DAO - Well Explained!
The flow of digital currencies is not governed by any institutions like the
government and central bank. They are divided among various computers,
networks, and nodes. Digital currencies utilize decentralization to ensure privacy
and security for individuals. This inspired the developers to come up with the
concept of creating a decentralized network for a group of communities.
DAO or Decentralized Autonomous Organization is an organization for
developers to automate the decisions and facilitate Cryptocurrency transactions.
The organization is developed to act automated and decentralized. It is a form of
venture capital that acts on the open-source code that can operate without any
typical management structure or board of directors. In DAO, the communities will
be involved in making collective decisions to vote for the future of the
organization. There are several NFT projects that lie on the lines of DAO, where
a group of token holders is gathered in a community to share the incentives.

Why So Much Emphasis On Integrating DAO With The NFT
Platform?
• Are people just questioning the hype for DAO in blockchain technology? Is it
creating a revolution in a blockchain, or is it just hype? These questions have
to be addressed before getting started with developing an NFT marketplace.
• DAOs will emerge as a rising solution to those challenges that come with
Cryptocurrencies. In a decentralized setup, the decisions are not partial,
whereas the decisions are neutral in approach. In DAO, the community will
have a transparent voting system where they can share their opinions and
values among a large crowd audience. Through DAO, every single
participant will get a chance to speak out for themselves.
• DAOs are the next biggest thing happening in blockchain technology.
Coordination and democracy are the two important aspects that are reached
through this DAO.

The Story Between the NFT and DAO
• NFTs are digital assets, whereas DAOs are the way to govern sources. Now
you might wonder what the case in linking DAO with your NFT marketplace
development is. Both of them enable ownership over the assets. As we all
know that creators can tokenize their assets into NFTs using blockchain.
Through this, the creators will get the verifiability and security of the assets.
However, the buyers will get the ownership rights. DAOs will help in
governing the NFTs.
• When both the DAO and NFT come together, it creates a new form of
decentralized avenue and investment source in the market. The DAO in NFT
platform development ensures transparency through a distributed decision-
making system. It will automate the governance of the NFT marketplaces
where the users will take part in deciding the future of the marketplace. DAO
plays a major role in eliminating the barriers from decision-making
authorities. They will, in return, get the authority to vote for the board of
directors and other important authorities.

Perks Of DAO Enabled NFT Marketplace Platform
There are quite a lot of differences between a normal NFT platform
and a DAO-enabled NFT marketplace platform. Understand the
benefits that come with launching an NFT platform with DAO
enabled features,
• Ownership details:
• Right to vote
• Income and rewards

The Use Cases Of The DAO Enabled NFT Platform
The DAO-enabled NFT platforms operate in a similar way to other
NFT platforms, and their use cases are also widespread. Take a
look at the domains where they are focused on,
– NFT Collectibles
– NFT Sports Platform
– NFT Gaming
– Real estate

Wrap Up
When you start your NFT venture, it is important to adapt yourself to the
ongoing trends prevailing in the market. DAOs are recent advancements that
have been receiving much acclaim in the market. Before approaching a
reputed NFT marketplace development company, know every nuance about
DAO-enabled NFT platforms.
SOURCE: https://bit.ly/3PwcRaM

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What is a DAO and How does it benefit NFTs? | DAO-enabled NFT Platform

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What is a DAO and How does it benefit NFTs? | DAO-enabled NFT Platform