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2022 Prediction #7: NFTs-Based Communities – DAO 1.5

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There are many debates about how much NFTs are actually worth it. Perhaps the question is not about NFT itself but what runs behind the NFT. NFTs-Based Communities are ideas that NFTs create for membership and identification of a group or organization to believe something together. It becomes a new way to identify yourself to belong in digital communities.

TL;DR

NFTs-Base Communities are using NFTs as their identification tool and gather members together to work or play or interact within the digital communities. They share the same beliefs and work together to toward the same goal. Those NFTs are the proofs.

Here is a 1 min summary of the article if you want to skip the reading.

What Is NFT

NFT or Non-fungible token is a type of cryptocurrency. The difference is that NFT is not divisible like cryptocurrency does. 1 NFT equals 1 NFT. NFT has its unique properties assigned through a smart contract. NFT creates a way to easily identify creators, easily create scarcity and easily reward creators.

Why NFTs

NFTs minted through blockchain. They created with certain value to reflect on creators. NFTs are very illiquid and hard to transfer their ownership unless owners want to. It cannot divide into fractions to sell too. NFTs themselves are worthless (it is still a debatable statement) but they can create a unique identification and ownership of digital assets so that people can share and display them to communities. It does not follow old rules of copyrights or intellectual property rights that hinder creativity but to encourages to create more and make a better community for everyone to work with.    

How NFTs Help to Build Digital Communities

NFTs are tickets to enter communities. Owning unique NFTs can prove you are part of something and inclusive of certain communities. The idea may come from collectible trading cards but it spins off and become a digital badge to enter certain communities. To work in communities, one may need to contribute their work. Owning NFTs is one way to fund communities and have initial investments to fund more projects.

The Trend of NFTs-Based Communities

Well-known NFTs are all started with communities. Bored Ape Yacht Club, Pundy Penguins, and many other famous NFTs in the crypto community have their own communities to support projects. With Web3 ideas and Metaverse hype, NFTs will play more important roles in the future. Also, the crypto gaming industry will use NFTs to create digital assets and showcase them. Gaming will have other disruption ideas that combine with NFTs and communities to support their future projects.

Check out my another article 2022 Prediction #6: Defi Insurance

The DAO 1.0

DAO or Decentralized Autonomous Organization was introduced through the crypto community because the traditional organization with a hierarchical structure was not able to provide everyone with satisfaction. More importantly, DAO was built to work with communities who are not related as employees but a community members to work toward the same goal. It eliminates the hierarchical problem with a single point of failure when one person controlled all resources and operates their own way that costs the companies every other try to build up. Pudgy Penguins community currently vote to force out founders because they fail to deliver promoted projects on time.

The DAO 1.5

When DAO introduced its NFTs into the community, it became one of the funding resources to help the community to have the budget to work on certain projects. It also changed DAO from unidentified members with recognition to becoming NFTs owners to showcase their membership. It provides identification and branding image as a part to join and reward community without actually paying through monetary rewards. When NFTs value rises, the community rises with them.

The Future of NFTs

In the Metaverse, NFTs can be an identification of membership, a piece of art that you digitally own, or a crypto footprint that you contributed certain crypto community. With large brands entering Metaverse, NFTs show the promise for people to join and demonstrate their loyalty to the brand through digital proof by owning branding’ NFTs. It will become a new way of supporting your favorite brands or creators or even your favorite communities.

In Conclusion

Whether NFTs have valuation by themselves or not, is an unsettling debate. However, communities built around their NFTs will flourish and offer unique opportunities for their members to rise together with the NFTs they created.

Stay tuned for the 2022 Prediction #7: Metaverse and NFTs


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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit

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Cryptegrity DAO (ESCROW) is Now Available for Trading on Hotbit


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Hotbit Exchange, a global crypto trading platform, officially listed $ESCROW (Cryptegrity DAO) on January 27, 2023. The ESCROW/USDT trading pair is now available for all users of Hotbit Exchange.

To increase trust and protect the funds of buyers and sellers, Cryptegrity DAO (ESCROW) has introduced a means to trade crypto for goods and services without fear of theft or services not rendered, providing Security via smart contract technology. Its native token $ESCROW has been listed on Hotbit Exchange at 07:00 AM UTC on January 27, 2023, to expand its global reach further and maintain a secure and reliable platform for the exchange of goods and services using crypto.

INTRODUCING CRYPTEGRITY DAO

Cryptegrity is a blockchain-based platform that aims to increase trust between buyers and sellers of goods and services. The platform utilizes smart contract technology and cryptographic techniques to ensure transactions’ integrity and funds’ security. 

Cryptegrity’s web3 platform offers transparency and peace of mind that is impossible with traditional web2 competitors. Buyer funds are locked in an audited smart contract and released to the seller only when goods are received or services are rendered. This ensures that buyers and sellers can have confidence in the security of their transactions and reduces counterparty risk.

25% of revenue is distributed to $Escrow holders in real-time through smart contract technology. This revenue sharing continues for the lifespan of the platform or until all tokens are repurchased from public circulation. The Cryptegrity platform incentivizes the community and holders to help create liquidity and earn rewards by offering $Escrow for creating $Escrow LP pairs and staking them. Additionally, the Cryptegrity DAO rewards participants for contributing and resolving issues on the platform.

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In conclusion, Cryptegrity is an innovative platform changing our thoughts about online identity verification. With its cutting-edge technology, user-friendly interface, and listing on Hotbit, this project is poised to make a big impact in the industry.  

About $ESCROW Token

The Escrow Token serves dual purposes: it distributes platform fees to Token holders via revenue sharing and functions as a governance token with voting rights in the Cryptegrity DAO. It is the native token of the Cryptegrity Platform and is built on the Bep-20 and Erc-20 standards.

ESCROW has a total supply of 100 million tokens, with the following allocation: 10% to founders, 10% to the team, 10% for marketing and development, 10% for promotions, 10% for partnerships, 10% for liquidity for future DEX and CEX, and 40% available for sale to the public.

The ESCROW token is now available for trading on Hotbit Exchange starting at 07:00 AM UTC on January 27, 2023. Investors can easily buy and sell the token in relation to the Cryptegrity Project. The listing on Hotbit Exchange will aid in expanding the project’s reach and increasing market attention.

ABOUT HOTBIT

Founded in 2018 and holding Estonian MTR license, American MSB license, Australian AUSTRAC license, and Canadian MSB license, Hotbit cryptocurrency exchange is known as a leading trading platform that continues to develop and integrate various forms of businesses such as spot trading, financial derivatives, cryptocurrency investment and DAPP into one platform. Hotbit has already gained over 8 Million registered users from more than 210 countries and regions. Based on its globalized and unified strategies, Hotbit continues to focus on world’s emerging markets, such as Russia, Turkey and Southeast Asia markets and was ranked one of the top 3 most welcomed exchanges by Russian media in 2019. Hotbit is constantly introducing and listing high-quality crypto projects so its users can directly trade, manage, track, and analyze cryptocurrencies, making the entire experience easier for ordinary people.

Start Trading Now: Hotbit.io

Telegram: https://t.me/Hotbit_English 

Twitter: https://twitter.com/Hotbit_news



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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.

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Centralized Exchange Tokens Post Solid Gains in January Despite SEC Interest; Bitcoin, Ether, in the Red.



“If demand for trading on the FTX platform increased, demand for the FTT token could increase, such that any price increase in FTT would benefit holders of FTT equally and in direct proportion to their FTT holdings,” the SEC wrote in its complaint. “The large allocation of tokens to FTX incentivized the FTX management team to take steps to attract more users onto the trading platform and, therefore, increase demand for, and increase the trading price of, the FTT token.”



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Australian Government Flagged FTX Concerns Eight Months Before Downfall

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Australian Government Flagged FTX Concerns Eight Months Before Downfall


A new report shows that the fallen crypto exchange FTX had already caused concerns with the Australian regulator months before its collapse. According to a document on The Guardian Australia’s website, the ASIC (Australian Securities and Investments Commission) started investigating the firm’s local operation last March.

An article in the Australian Financial Review prompted the concerns. The article outlined the now-bankrupt exchange’s plans to launch in Australia within a few weeks. FTX caused more concerns when rumors that it would allow users to purchase cryptocurrencies with margin loans of 30 times their investment started making rounds.

In early April 2022, several Australian regulators held meetings with FTX leadership, and at that time, the exchange promised to operate under the stipulated while cautioning its customers about potential scams. However, the regulators somehow remained concerned about the FTX business.

Report Shows ASIC Issued Several Notices to FTX Australia Within a Few Months

In a span of four months, the ASIC had issued about four notices to FTX’s Australian subsidiary, requesting more information about its business operations. However, to avoid interfering with its law enforcement activities, ASIC did not issue the notices via a freedom of information request.

The Guardian Australia’s briefing document released on November 12, 2022, a day after FTX had filed for bankruptcy, indicates that, indeed, the ASIC had been carrying out what’s described in the document as a ‘surveillance activity’ on the fallen exchange since last March.

The document stated that since March 2022, the Australian regulator has been requesting information from FTX Australia regarding its financial offerings. Among the issues raised included the firm’s compliance with the ASIC’s product intervention order alongside pricing and how it registered new users.

FTX Licensing Strategy

It has been discovered that FTX Australian began its operations without ASIC’s approval because it evaded the usual licensing procedures by buying out an existing firm that had possessed an Australian Financial Services License since 2021.

Another revelation shows that IFS Markets, the company acquired by FTX, had also gotten the license by taking over another financial firm called Forex Financial Services a few months earlier.


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