How Can NFTs & DAO Be Made To Work Hand-In-Hand?
NFTs and DAO both have one thing in common and that is smart contracts that are coded during their development. Undoubtedly, NFTs have gained superior adoption in a brief span leaving behind a benchmark in the digital economy. With each passing day, NFT creators are mushrooming and inching towards trading platforms to showcase and sell their digital pieces. And yes, the number of buyers is also on the surge. However, the entire process seems like one and done, where buyers can resell those NFTs and get only the selling price and not royalties, unlike the initial owner.
But what you could do beyond this is, add a long-term value to the traders associated with your platform. And that’s where DAO can be roped in. Suppose an NFT collection gets sold. When NFTs are backed with DAO, the percentage of the selling price will be directed to the community (DAO) automatically. Such funds from every NFT sale can be utilized for the marketplace’s enhancement. Not just this, but also NFT holders can be allowed to stake their NFTs, thereby letting them gain staking rewards. Overall, the community-backed marketplace can work towards accomplishing its mission through funds.