NFTalk

There are so many avenues to explore when speaking about NFTs. We just today invested in a DAO which uses NFTs, referred to as tokens, to verify your membership and give you access and rights as a member. What is a DAO? Excellent question, we’re glad to see you’re paying attention. All these acronyms can get confusing LOL. We already explained NFTs to you, now we want to explain WTF is a DAO and how are NFTs related. One of our main intentions with our blog is to educate the public on why and how NFTs are going to become vitally important to our society.

A DAO is short for Decentralized Autonomous Organization. Put simply, it’s an entity with no central leadership, it’s managed virtually, and the treasury, decision making process, and management is all done through smart contracts over block chain technology. A DAO provides owners, or investors, voting rights on possible projects. Owners are provided tokens which are actually NFTs, minted on a blockchain. This token is your proof of membership. Typically, one token equals one vote. For example, the DAO we joined today is a lobbying organization created to bring awareness about Web3, NFTs, and cryptocurrency to Washington DC.

There are DAOs popping up in every corner of interest, from art collecting, to buying copies of the United States Constitution. One particular DAO raised millions of dollars in Ethereum to purchase a copy of the United States Constitution. It raised 20 million dollars and, although they were outbid by a billionaire, we think you can see the significance of these organizations and how the uses for DAOs could be endless.

One of the things that we’re crazy about is art and NFTs. The FlamingoDAO was created specifically to give its members the ability to develop and deploy NFT focused investment strategies. At the time of this post, it has amassed an NFT artworks portfolio that is now worth over one billion dollars.

To buy a FlamigoDAO token, or NFT, to access membership would have cost you $23,000 at its inception in 2020. If you wanted to join today you would need to have the means to fork over around 8 million dollars. However, at any given time the membership is capped out at 100 members, demonstrating the exclusivity of some of these organizations.

One of the greatest value potentials of NFTs are the access they can offer to exclusive groups, be it government lobbying, art collection guilds, or the hottest trend (like the Bored Ape NFTs you’ve probably seen in the media). All of these; memberships, displays of art, exclusive access opportunities declare who we are and what we are interested in as people. What you have in your NFT wallet in the future will define who you are. Your interests, friends, desires, types of food you like, and clothes you wear could all be captured and displayed in your wallet. That Capital One commercial–“What’s in your wallet?” is starting to seem ahead of its time. Some day, “whats in your wallet” will be much more than some credit cards and an ID, but an in depth look into what makes you, you.