The role of DAOs in the NFT space
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NFTs have come a long way since “Quantum” first hit the blockchain in 2014. The market has grown prolifically, providing investors with the ideal intersection between cryptocurrencies, traditional assets, and digital property. As of May 2022, over one million crypto users have bought or sold NFTs, and the global NFT market is expected to grow from $3 billion in 2022 to $13.6 billion by 2027.
Non-fungible tokens are unique digital assets held on the blockchain, giving holders of physical assets the ability to extend ownership into the digital realm for the first time. Such ownership can include a range of “real life” collectibles ranging from art to fashion, sports and even physical items. Since the introduction of the ERC721 token standard in 2018 and the groundbreaking sale of "Everydays: The First 5000 Days" by Beeple in 2021, which marked the entry of NFTs into mainstream culture, NFTs have empowered communities of developers to invest, create and empower themselves. -keep their own creative financial assets. NFTs are also considered to represent the next level of digital rights management. The increased hype surrounding the digital ownership of these assets has also attracted art collectors, exploiting the divide between traditional art and digital art while broadly beginning to attract large audiences, from gamers to celebrities and more. by crypto enthusiasts.
NFTs are the new IP brands and franchisesIt is important to understand that NFTs are not just collectible images. The biggest NFT collections, like Bored Ape Yacht Club, Azuki, RTFKT and Loaded Lions, have become mainstream brands and IP franchises with ownership shared between their creators and the owners of each NFT unit. Each conveys a specific worldview, brand narrative and visual imagery. Much like Marvel characters or Transformer toys, they appear on branded merchandise, feature in physical and virtual events, and are expected to spawn video game franchises.
Shared ownership means these brands have the potential to generate much deeper engagement with fan communities than traditional brands, which is why mainstream brands like Nike, Hublot and DC have created or invested in NFT initiatives.
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register hereFrom the perspective of NFT unit holders, shared ownership means that having an NFT in your crypto wallet does not simply provide access to exclusive experiences (also known as token-access experiences). This creates an expectation that the incumbent will have a voice in the direction and governance of the brand and participate in the long-term value creation of the franchise.
How does this governance work? Enter the DAOs (Decentralized Autonomous Organizations).
CAD and NFTDAOs replace formal corporate hierarchies with community-owned structures without centralized leadership. Although still in their infancy, they are growing in popularity and ultimately supporting the Web3 view that the value of a network is redistributed to its users.
Couldn't attend Transform 2022? Check out all the summit sessions in our on-demand library now! Look here.
NFTs have come a long way since “Quantum” first hit the blockchain in 2014. The market has grown prolifically, providing investors with the ideal intersection between cryptocurrencies, traditional assets, and digital property. As of May 2022, over one million crypto users have bought or sold NFTs, and the global NFT market is expected to grow from $3 billion in 2022 to $13.6 billion by 2027.
Non-fungible tokens are unique digital assets held on the blockchain, giving holders of physical assets the ability to extend ownership into the digital realm for the first time. Such ownership can include a range of “real life” collectibles ranging from art to fashion, sports and even physical items. Since the introduction of the ERC721 token standard in 2018 and the groundbreaking sale of "Everydays: The First 5000 Days" by Beeple in 2021, which marked the entry of NFTs into mainstream culture, NFTs have empowered communities of developers to invest, create and empower themselves. -keep their own creative financial assets. NFTs are also considered to represent the next level of digital rights management. The increased hype surrounding the digital ownership of these assets has also attracted art collectors, exploiting the divide between traditional art and digital art while broadly beginning to attract large audiences, from gamers to celebrities and more. by crypto enthusiasts.
NFTs are the new IP brands and franchisesIt is important to understand that NFTs are not just collectible images. The biggest NFT collections, like Bored Ape Yacht Club, Azuki, RTFKT and Loaded Lions, have become mainstream brands and IP franchises with ownership shared between their creators and the owners of each NFT unit. Each conveys a specific worldview, brand narrative and visual imagery. Much like Marvel characters or Transformer toys, they appear on branded merchandise, feature in physical and virtual events, and are expected to spawn video game franchises.
Shared ownership means these brands have the potential to generate much deeper engagement with fan communities than traditional brands, which is why mainstream brands like Nike, Hublot and DC have created or invested in NFT initiatives.
EventMetaBeat 2022
MetaBeat will bring together thought leaders to advise on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
register hereFrom the perspective of NFT unit holders, shared ownership means that having an NFT in your crypto wallet does not simply provide access to exclusive experiences (also known as token-access experiences). This creates an expectation that the incumbent will have a voice in the direction and governance of the brand and participate in the long-term value creation of the franchise.
How does this governance work? Enter the DAOs (Decentralized Autonomous Organizations).
CAD and NFTDAOs replace formal corporate hierarchies with community-owned structures without centralized leadership. Although still in their infancy, they are growing in popularity and ultimately supporting the Web3 view that the value of a network is redistributed to its users.
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