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

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DAO-enabled NFT Platform

• How to Implement DAO in your NFT Marketplace?

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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. Isnt 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.

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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.

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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.

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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.

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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

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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

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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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