Why does DAO matter in the NFT Marketplace ?

Posted by alicejenifferze on April 13th, 2022

NFTs might arrive late but it has undergone astonizing growth. The current market cap of NFT is nearly 41 billion and there is no sign of fading. Thus the intervention of DAO in the NFT industry will swift the NFT industry to the new milestone. 

DAO offers transparency through distributed decision-making in the NFT marketplace. it provides rights to all the users of the platform to decide themself for the platform. It widely helps in eliminating the barriers and hurdles in the decision - making process. The controlling power is given wholly to the users of the platform rather than the CEO of the platfrom.

Depending upon the business model, the enterprise can choose the DAO and build it accordingly. Here is the list of DAO that enterprises can choose for their business.

Operating Systems:To build and create standalone platform
Protocol DAOs: Special DAO to implement protocol changes
Investment DAOs: Investment DAO is designed for DeFi applications like Staking and pooling
Service DAOs: This kind of DAO is built for individuals and other operations
Collector DAOs:Collector DAOs are concerned for fractional as well as complete NFT ownership
Social DAOs: For the kind of social networking and other platforms
Media DAOs: It is for news aggregator based upon consumer\'s interest. 

Many business brands shift their business under DAO, By joining hands with DAO Development Company like Bitdeal, one can kick start their own business instantly and easily.