The crypto space continues to witness numerous innovations, ranging from DeFi to NFTs to NFT DAOs, as projects respond to meet new market demands. As of February 15th 2022, the total Non-fungible tokens (NFTs) market volume hit $22b with over 35m units sold.
The DeFi paradigm and NFT communities’ shift to becoming DAOs, or fully decentralized autonomous organizations, are contributing to explosive growth. One such community, the NFT-DAO is building a framework called Boxcar, which is similar to Shopify’s plug-and-play storefront builders and backend applications.
It is the basic structure any NFT marketplace can build upon and with this, almost anyone can build their own version of an NFT marketplace on the Cardano blockchain. And COTI is happy to announce its new partnership with NFT-DAO that has integrated ADA Pay to the Akkadia marketplace to allow their users to pay with their ADA.
NFT-DAO is one of the earliest projects funded by Project Catalyst, which is why COTI sees this collaboration as a natural fit. The NFT-DAO is focused on creating an easy to deploy framework that would allow anyone the ability to launch an NFT marketplace.
They are developing self-reinforcing composable parts that extend functionality focused on all sorts of NFTs with ADA Pay as the preferred payment solution. COTI particularly appreciate NFT-DAO’s give-first community mission to hire college interns to train the blockchain workforce of the future.
Shahaf Bar-Geffen, CEO of COTI said: “COTI is pleased to be partnering with NFT-DAO and supports their vision of an open-source framework for Cardano marketplaces. We’re thrilled ADA Pay is their recommended payment integration for Akkadia.io and future marketplaces building on their technology.”
Rich Kopcho, an NFT-DAO Founder said: “We chose COTI’s ADA Pay to process NFT DAO’s Akkadia marketplace payments for its enterprise-grade security while saving us time and money. The engineering team has been awesome to work with.”
Additionally, NFT-DAO is developing an open-source decentralized government framework and creating communications solutions for DAOs on Cardano. This partnership will birth great things together and be mutually beneficial to both COTI and NFT-DAO communities.
As ADA Pay is a part of the COTI ecosystem, the fees generated from ADA pay will be converted to $COTI and distributed into the Treasury as user rewards.
The NFT-DAO is a cooperative community brought together in Catalyst Fund-3 with the simple vision of collaborating to build an NFT Framework that will allow entrepreneurs the ability to deploy NFT marketplaces for any business use case.
They hire college interns with proceeds from NFT sales to provide them practical experience while developing the future blockchain workforce. They are moving towards a decentralized governance structure by 2Q22 and welcome like-minded individuals to join NFT-DAO.