The latest cryptocurrency project to join the metaverse adoption wave is the decentralized finance (DeFi) project, DAO Maker.
DAO Maker has launched its NFT issuance market. Its first lineup is a profile pic NFT avatar for global sports stars with hundreds of millions of fans. These NFTs will be official, licensed, and endorsed by their families.
DAO Maker’s NFT launchpad will announce its first sale of the NFT Club collection on April 6. The first collection is of the iconic Diego Maradona, one of the joint winners of FIFA player of the 20th century.
DAO Maker is a multi-investment platform working on redefining venture capital by providing scalable technologies and funding support to tokenized startups. First conceptualized in 2018, this venture capital platform has since evolved to create low turnout frameworks enabling many individuals and retail investors to become active in the VC world.
By funding through DAO Maker, the risks for both parties, investors, and startups are significantly reduced.
As a platform, it allows its community members to stake tokens into the Venture Yield, enabling them to participate in public, private, and seed rounds of funding, incentivizing the most loyal and active members.
Its native token is called DAO, which is the governance token of the DAO Maker Ecosystem built on Ethereum. With a market cap of $246.29 million, DAO is trading at $2.69 as of writing. The coin is up 15.6% in the last 30-days.
The project uses social mining to encourage its community members to participate in the progress and expansion of the projects hosted on the platform. This method allows startups to leverage token holders to become successful DAOs, which improves the economic output of token holders and turns flippers into holders.
After focusing on branding in 2021, the DAO Maker team is now working on scaling the operation to new products not limited by a random selection process. In March, they led the development of cross-chain stablecoin farms for ERC-20, massive public sales, multi-chain support for ERC20 & BSC tokens, and venture yield staking on BSC.
The team will launch cross-chain stablecoin farms for BSC and venture farming MVP in April and make a significant new product announcement.
NFTs, the newest trend in the crypto market, have taken the whole world by storm. While the first NFT emerged year back in 2014, in 2021, they exploded into popularity. NFT trading volume rose by 704% between Q2 2021 and Q3 2021, hitting $10.7 billion in the latter quarter, according to NFT market stats.
Overall, the NFT marketplace grew to almost $41 billion in 2021, according to blockchain analytics firm Chainalysis. This mania led to the most valuable NFT worth more than $91.8 million. However, more than half of all NFT sales are less than $200.
NFTs use blockchain technology to store a unique and non-interchangeable unit of data on a digital ledger to establish proof of ownership. Unlike a unit of Bitcoin, each NFT is unique and can’t be exchanged for another one.
Currently, Asia is leading the NFT adoption, while 23% of US millennials are also busy collecting NFTs either as an investment or as a hobby.
Among NFTs, profile picture NFTs are particularly popular, with CryptoPunks accounting for five of the 20 biggest NFT sales. CryptoPunk #7523 was sold for approximately $11.8 million — the fourth largest NFT sales.
Taking on PFP NFTs
DAO Maker’s NFT launchpad will begin with profile pics (PFPs) NFT avatars for global sports stars with a collection that has an established fanbase of billions of people collectively. Its first sale occurred on April 6. DAO Maker’s first NFT project is NFT Club, a collection of 5,000 NFTs, each made up of exciting, unique traits.
NFT avatars have gained immense popularity during this round of NFT adoption and are helping people embrace anonymity on social media.
PFPs have been more than just a speculative investment tool, though. They have also been used to earn social capital. Besides becoming a covetable property, they have become a way to flex wealth and to show that you belong to a particular club.
Last year, Twitter allowed users to use an NFT as a profile picture by connecting the supported digital wallet to the app. Those with NFT profile pictures on the site are differentiated by a hexagon instead of the original circle.
PFPs also led to the rise of digital NFT fashion, which is seen as an enormous opportunity for brands.
With a Focus on Primary Sale Market
As we saw, NFTs rose to popularity extremely fast with the retail coming barging in, but the space has yet to solve the complexities involved in terms of fragmented operations. With the barrier to entry low, individualized collections run independent exposure and marketing campaigns, relying on a loose network of influencers, media, and NFT info platforms. While the costs involved are high, the process is intransparent.
These kinks, however, will be smoothed out as the space grows, which is here to stay.
As adoption and momentum continue, and the NFT sector records sustainable high-demand opportunities, DAO Maker is now entering the largest metaverse segment.
DAO Maker believes the NFT addressable market could be more significant than just utility tokens, but the sector still has only a few established players. Even then, they only focus on the secondary trading of NFTs.
Instead of secondary sales, however, the organization is focused on the primary market, the issuance stage, which is the point of DAO Maker’s strength. According to DAO Maker, this underserved part of the NFT market has little competition yet an immense need for an established primary sale market of NFTs.
As such, DAO Maker is starting its journey to be the foremost NFT issuance platform, and as part of its kickoff series, they’ll announce the first collection this Wednesday. This collection alone may have a fan base of billions of people.