HomeBlogWhat is a DAO and its benefits — $MINT

What is a DAO and its benefits — $MINT

TLDR — Everyone can play a part in building your ideal NFT platform on Mintable

Following our article on Mintable world’s first NFT-governed DAO and Reasons for DAO to be governed by NFTs, let’s take a look at what exactly is a DAO and what can you do with the $MINT voting NFTs.

NFT DAO on mintable

DAO
Through rules encoded as smart contracts, DAO (Decentralised Autonomous Organization) is a computer algorithm that implements token ownership rights and business logic. With these factors in place, a DAO obtains an autonomous, transparent and decentralized protocol governed via smart contracts that distribute ownership among members/participants involved in the DAO.

The goal of a DAO is to create an organization that can function without hierarchical management within the organization. Unlike traditional companies whereby decisions are made by senior executives and the community has no voting rights in the organization, all proposals on DAO will either be approved or rejected based on the community’s decision-making. There is no centralized authority in DAO. Proposals submitted are by the community and not profit-driven individuals.

Due to the lack of centralized management, the innovation process within a DAO could also be significantly better as compared to a traditional organization. Every innovative idea/proposal can be submitted by the community and voted by the community.

More brains, more ideas. More ideas, better proposals.

Organizations using DAO can achieve faster scalability and be leaner without sacrificing the quality of service. In the long run, this will be beneficial to the growth and development of the organization!

There are usually three ways to gain governance rights in DAO-

  • Engaging with the platform by accomplishing certain tasks. For Mintable, you earn $MINT votes in DAO by transacting on our marketplace.
  • Buying governance tokens/votes. Usually, governance tokens are ERC20 and traded on exchanges. However, $MINT is an ERC721 token. You can buy votes on bonding curve here or on NFT marketplace if there is $MINT NFT available for sale.
  • Receiving grants/airdrop during special campaigns. Some projects airdropped governance tokens when the wallet/user achieved a specific set of requirements or tasks. In some cases, projects offer grants in governance tokens to partners or keys members on the platform. During Mintable V2.0 launch, we distributed $MINT to users who participated in our launch campaign as a token (no pun intended) of appreciation.

What are the benefits of participating in DAO? Or Mintable DAO to be specific.

Being the end-users of the platform, the community knows what they want best. As a participant in DAO, you have a voice in implementing changes to the platform. Think of it as you own the platform with a group of like-minded individuals. What is your ideal NFT platform? What do you not like about the existing platform? What new features do you want to add in?

With a minimum balance of 10,000 $MINT votes, you can propose anything. Be it to change our logo or our name, to add a new feature, or to adjust fees on our smart contracts. Fee sharing? Staking? Sell physical items with NFT? Anything.

As long as you submit a proposal on this page, and if it is voted upon by the community, all’s set! Proposals require a quorum of 15% of total votes in order to succeed and then be decided upon their outcome.

Proposals can be used to enact different features on the smart contract if the community wants them. These are all just some examples and ultimately, it will be dictated by whoever from the community is making a proposal. Although 10,000 votes are required to propose, everyone with $MINT NFTs can vote! Votes will be locked during the voting period and will be released back to the user’s wallet when it concludes.

Start accumulating votes by buying/selling on Mintable today or get 10,000 $MINT directly from the bonding curve if you already have a proposal in mind 😉.

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