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NFTs have been continuously rising despite the price actions in the crypto market. These Non-Fungible Tokens are evolving as a topic of interest to a mainstream conversation. Variety of these crypto collectibles are drawing a new audience of enthusiasts. Notably, the entire industry is offering a glimpse into a new layer of social interaction. These tokens being framed as micro social networks, could lead the way to a new form of social platform that is based on creativity, ownership, and contribution.
Community is the epicenter of NFTs
Every week, since the beginning of this year, dozens of groups on social platforms are appearing in support of a new crypto collectibles project. All such groups are acting as the epicenter of NFTs industry, connecting individuals and helping them learn about the industry. Notably, it is the first time when these groups are developing a friendlier onboarding experience that reduces anxiety to get started with cryptocurrency.
It is also worth noting that each of such fragmented communities have established its role, values, and codes of conduct. Often they do things in a way that echoes the animal characteristic or idea in the digital collectibles industry.
Let us enter the NFT metaverse
Social media giants are reaching an inflection point. Regulatory concerns about digital privacy are reducing the users trust while prompting questions regarding the future of these ubiquitous platforms. As our planet is now shifting to a new phase of digital interaction, Metaverse are being considered as the forms of expression and interaction that don’t require giving up digital privacy.
These NFT-based metaverses could be a step towards new social interactions. Recently, TikTok, one of the most mainstream entertainment platforms, has announced a creator-led NFT collection. Simultaneously, Twitter is also embracing digital collectibles verification for profiles. Besides, several crypto firms are also planning or already have established NFTs marketplace. Although bigger players are continuing to play a huge part, the idea of forming in NFT communities highlights a new type of interaction that is built on digital collectibles rather than follows and likes.
DAOs combination with the NFT world
Following several communities finding their own way, a need for governance has brought the idea of decentralized autonomous organization (DAO). The members of these DAOs can reimagine the governance through NFTs ownership. Indeed, the system will empower the members with a one token, one vote approach. Indeed, members of these DAOs with at least 1% of the token supply can then submit proposals on which the community can express their vote.
Notably, as the decentralized ecosystem is taking the center stage, such governance systems are getting more significant in the scenario. Hence, combining the Non-Fungible Tokens with these DAOs seems like a natural alignment of values that rewards ownership and community participation. Ultimately, the scenario explains that NFTs might prove to be the catalyst that is essentially required to usher in a new wave of the digital assets ecosystem.