OlympusDAO is Launching an NFT Marketplace
While several DAOs have gotten into NFT collecting and investment, none have yet built a platform for the blockchain-based collectibles. However, OlympusDAO, which was created as a kind of crypto central bank, aims for an NFT market.
The Olympus Odyssey NFT marketplace will be soft-launched on March 3 by OlympusDAO.
What is the purpose of an NFT market? To generate revenue for OlympusDAO members, as well as "provide a feature-rich NFT platform for DeFi natives and prove that OHM can be a medium of exchange," according to one of the project's primary contributors.
The new platform will be launched on Ethereum, but Olympus collaborates with TreasureDAO to develop a multi-chain NFT marketplace. Both marketplaces, according to OlympusDAO, should expand together.
TreasureDAO is also a part of the Olympus Bonds programme. Olympus bonds are comparable to traditional bonds in that they allow users to purchase OHM tokens at a discount by exchanging cryptocurrencies or liquidity provision (LP) tokens from another exchange.
OlympusDAO, which was founded in February 2021, claims to have recognised the value of NFTs and the cash flow potential of platforming the digital art form within the Olympus ecosystem, having raised 1,200 ETH (roughly $2.8 million at today's prices) through the sale of the MUSHROHMS NFT collection on OpenSea. By March, OlympusDAO expects a volume of 3,000 ETH ($7.17 million) from its initiatives
Another element that influenced the decision to build the NFT Marketplace, according to OlympusDAO, is the possibility of adding royalties to the DAO's treasury rather than sending them to OpenSea.
OlympusDAO's primary token, OHM, is an ERC-20 token that serves as the protocol's reserve currency and governance token. OHM holders can keep the token, stake it, or buy bonds to buy the token at a discount because the DAO's treasury value backs it.
Customers will be able to sell and buy NFTs without having to unstake their OHM tokens, according to Olympus, to create a free open market where anyone may start.
"We want to create a marketplace that is unparalleled in terms of creating a marketplace that supports the artists and creates an ecosystem for emerging and establishing artists," Flame said about OlympusDAO's vision for the marketplace.
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