As the NFT industry continues to grow, DAOs are the best path forward to manage its evolution argues teedubya.
). That was a lot back then! Now the floor is like 80 ETH. All these NFTs — CryptoKitties, CryptoPunks and Bored Apes — made big bucks.When I chatted with Gary early on in 2021 when he was thinking about NFTs, we discussed launching on Wax, which is a blockchain specifically for NFTs. It’s like WalMart but for NFTs. NFTs are much cheaper on Wax than Ethereum. Gary would go on to do a great job raising $90 million on his own putting them on ETH.
There’s also more utilities for NFTs. If you have this NFT in your wallet, and you can prove that it is yours, maybe you can go backstage at a concert. There are a lot of loyalty rewards that can be done with these NFTs. If a band comes to your town, they can drop you something in your wallet, which gives you an additional experience.An NFT is basically a programmable smart contract that can do anything you can imagine.
A DAO is an organization governed by code instead of leaders. That’s a paradigm shift when you consider the fact that these are algorithms and smart contracts taking the place of those traditional corporate structures. They are self-executing in a lot of ways; if this happens, then this. There won’t be fraud in a DAO because it's on the blockchain and programmed into the code. We know who has which NFTs or tokens, and the vote to which that corresponds. It’s undeniable, it’s trustless. It’s the way of the future for voting in organizations.
A roadmap lays out quarter by quarter where you are going to take the project. In Q1, we’re doing this. In Q2, we’re doing that. And guess what? You’re not going to believe what we’re doing in 2023. Having ideas of where you are heading will show your community that you are serious, and it is not a scam. Sometimes very legit-looking projects have gotten big audiences, sold out, and delivered nothing. They just took the money and ran. That’s a rug pull, and they are horrible.
Whether you’re launching an NFT or investing, you don't need to know about every NFT out there — take a deep breath. Many might not be relevant to you and your business model. Yet, there is this element of loyalty and ownership that could engage many-an-audience, and you don’t want to miss out on what could be a valuable opportunity.
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