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- OpenSea recently partnered with a popular DAO, FWB.
- This partnership will support ten contemporary artists who belong to DAOs.
OpenSea, an online non-fungible token (NFT) marketplace, announced its collaboration with a decentralized autonomous organization (DAO), Friends With Benefits (FWB.)
OpenSea Collab With FWB
In the following partnership, OpenSea will commission ten contemporary artists. The artists who are members of DAOs will create “phygital” i.e. physical and digital artworks. All the artworks got featured on the homepage of OpenSea. These artworks will be available online and in real life at the FWB festival and during the conference in Mid of August 2022.
The FWB has more than 3,000 active members. It features creators, thinkers, and developers who work on Web3 technology. It must be noted that DAOs like FWB similarly gained popularity in Web3 in recent times. It worked without the interference of any central leadership. All decisions are proposed and voted on by its members.
Major DAOs contained the rules in “smart contracts.” It simply resolves most internal disputes and efficiently decides on initiatives for the community. Such as, FWB asked to vote on its partnership with OpenSea, and as a result, the community approved its initiative. Additionally, the community combined worked to accumulate a team of curators to supervise the partnership.
Additionally, the involvement of DAO members in the curation and production of artworks may raise concerns related to copyright, ownership, or collaborative artwork.
The Vision Of This Collab
The partnership of OpenSea with FWB came with the vision for the art industry. The NFTs is now integrating its portfolio with museums and galleries. It also shows prior efforts to attract Web3 netizens. However, without any governance by any regulations, it may become quite risky for many DAOs to expose every member and various liabilities.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
