A new future for digital property is beginning — one that promises to help reduce the distortions of the first Internet wave and ensure greater compensation for creators across the globe. This is done through non-fungible tokens (NFTs), which are set to transform culture and serve as an anchor for the first generation of digital property.
NFTs are unique, non-interchangeable digital assets that live on a blockchain. Most blockchain enthusiasts were introduced to NFTs in 2017, when CryptoKitties became so popular it slowed down the entire Ethereum network. But NFTs in 2020 have grown into so much more than digital cats. Today, NFTs are music samples, digital paintings, memes, digital land, event tickets, etc. The list goes on. For the first time in history, digital creators have a way to properly monetize their assets and make a living.
The Flamingo DAO is a new initiative by The LAO that takes on the “hive mind” approach of decentralization to support the ever-growing NFT ecosystem. Flamingo is unique because it operates as a community-driven collective of members that will make decisions to support the NFT ecosystem. The LAO is behind the idea of Flamingo and already has experience supporting projects such as Aavegotchi and Shell Protocol.
The NEAR Foundation is thrilled to announce that it has joined the Flamingo DAO as a formal participant. NiMA Asghari will be the representative on behalf of the NEAR Community Council. As a collective, Flamingo will invest in digital properties and push the boundaries of NFTs, DeFi, fractionalization, metaverses, and much more. It will support several use cases, such as:
- Acquiring NFTs and fractionalizing them;
- Commissioning work from NFT creators;
- Investing in digital artists;
- Creating digital museums and galleries;
- Supporting investments in core NFT projects.
NEAR is perfectly positioned to support NFTs. Already, popular NFT marketplace Mintbase is building on NEAR so its users can easily create stores and sell their digital assets. Mintbase and NEAR also launched the Createbase guild, where anyone who wants to experiment with NFTs on NEAR can join and apply for funding. Together, NEAR and Mintbase support creative projects up to 5000 USD (primarily in NEAR tokens) per month.
The NEAR Foundation is excited to be a part of the Flamingo DAO. This is the first in a series of community-oriented investments in DAOs and collective projects for NEAR, showcasing NEAR’s commitment to growing the NFT space.
Erik is a serial entrepreneur who leads the NEAR Foundation, a nonprofit dedicated to enabling community-driven innovation and a driving force behind the NEAR Protocol, a blockchain-based application platform which gives developers access to Open Finance and the Open Web.