Organizations are aligning themselves to sustainable development goals and social causes that make a difference and have a real impact on the world around us. Does your organization want to support causes that could be part of something bigger, something that would make a lasting change and live forever?
If so, then this blog post is for you. We will explore the concept of voting on social impact causes using Decentralized Autonomous Organizations (DAO) and Profile Picture Non-Fungible Tokens (PFP NFTs). So, what exactly are DAOs and PFP NFTs? How can it be used to help make positive changes to our communities and the world around us? Keep reading to find out more.
Introduction
PFP NFTs and DAOs present an innovative way to fund social causes and cut out a lot of red tape. However, there are still some key questions that need to be addressed. This article provides a primer on how voting works within DAO models and discusses ways in which stakeholders can benefit from using PFP NFTs for voting purposes.
What Is a DAO?
A DAO, or Decentralized Autonomous Organization, is a type of organization that uses blockchain technology to manage its operations. DAOs are designed to be more efficient and transparent than traditional organizations, and they allow members to vote on decisions that affect the organization.
DAOs are still in their early stages of development, and they have yet to be widely used. However, they have the potential to revolutionize the way voting is done.
What Is an PFP NFT?
PFP NFTs are not just art NFTs – they are more than that. They are sophisticated tools to define organization, structure, roles and responsibilities using Blockchain and JPEGS.
For instance, World of Women (WOW) is NFT PFP project of a thriving community celebrating representation, inclusivity and equal opportunities for all.
Generative PFP NFTs often comprise thousands of NFTs, usually up to 10,000. PFPs generally have layers such as Background, Face, Facial Features, Cap and each layer will have further details in the form of traits.
These layers and traits can be encoded into the Smart Contracts to define organization, structure, roles and responsibilities making them powerful vehicles for facilitating democratized voting. These PFP NFTs can then be used to form a DAO and vote for causes within a DAO. The unassuming JPEG now has the power to make real world lasting impact on community and society.
Each PFP NFT owner within the DAO has a single vote to apply on social impact causes via the DAO. In this way individuals have a direct impact on the direction of an organization or cause. By voting on social impact causes, individuals can help decide which causes are most important to them and where the money should be spent.
Benefits of Having a DAO
There are many benefits to using a PFP NFT DAO for voting social impact causes. First, PFP NFTs naturally align themselves to an organization structure that lives on the blockchain. Secondly a DAO allows for more democratic decision-making than traditional organizations. This is because DAOs are run by the employees who own the PFP NFT collection, rather than by a small group of elites within the organization. This allows for more input from the employees and ensures that the cause being pursued is in the best interests of all stakeholders.
Another benefit of using a NFT DAO for social impact causes is that it can reduce costs and time-consuming bureaucracy. Because DAOs are run by a community of stakeholders who own the PFP NFT collection, there is no need for middlemen or centralized authority and the entire process is transparent and lives on the blockchain. This means that decisions can be completed quickly, and costs can be reduced significantly.
How to Create an NFT DAO collection
To vote on social impact causes via a DAO, first you will need to create the artwork for your NFT PFP collection using tools like Photoshop. Once you have the layers and attributes required to create your NFT, sign up for a No-Code platform like www.hqnfts.xyz which will help you create a PFP NFT collection – without knowing a single line of code – that can be used to define your DAO.
Within HQNFTs AI art engine, you can define the departments, roles and responsibilities using the layers and attributes. This is important, so that you can define the stakeholders and the system mechanisms into the Smart Contract.
Steps to Setting Up a Voting DAO
In order to enable social impact voting through a NFT PFP DAO, there are a few steps that need to be followed. First step as a community member is to contribute to the list of various social impact causes you would like the DAO to vote on. Then you can define the parameters around who can vote – your department, the whole organization etc. If someone leaves the organization, then they get added to the no-vote list to remove voting rights and access. Within the PFP NFT organization, structure can be defined to the most granular level to enable a very fluid and flexible voting governance. I will do a follow up article to go into more details.
Conclusion
The potential for blockchain-based PFP NFT voting DAOs to revolutionize the way we fund, manage and monitor social impact causes is immense. By leveraging a decentralized autonomous organizational model, and combining it with the innovative use of PFP NFTs, organizations can create more transparent models of governance that can empower their community members while retaining control over key decisions.
Ultimately, these revolutionary advancements in technology can be used to bring about meaningful positive change in society by creating healthier democracies and stronger civil societies around the world.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.