As of April 28 2022, according to Coinmarketcap NFT ranking data, the market value of Bored Ape Yacht Club exceeded 1.43 million ETH with a floor price of 145 ETH; while the market value of CryptoPunks was nearly 520,000 ETH.
Whether it is traditional brands entering into the NFT space or original PFP NFTs such as Bored Ape Yacht Club (BAYC); the marketplace is still constantly accompanied by the voices of doubts regarding its future. Reoccurring comments such as “NFTs are speculative products”, “NFTs are just a focus for a small number of creators” etc, but these voices of doubts did not come without reason. Whether it is NFTs of traditional brands or the famous avatars of Bored Ape Yacht Club – all decisions and designs are made by their team. Only leaving most investors a brief sense of participation in the creation of the project.
The nature of the above doubts is that the threshold of NFT decentralization “blockchain autonomy” is too high. Even if there are comprehensive NFT trading platforms such as Opensea, where users (creators, investors, and traders) can auction, display, mint and trade NFT on the platform; such platform still is not beneficial for ordinary users as the reward is relatively low.
Web3: Decentralization is the future of creative freedom
In Web2 and a centralized world, most brands and institutions are providers of information, content and products, where they acquire customers through integrated advertising. The relationship between brands and consumers can be defined as “active provision & passive acquisition”. In comparison to Web3, where decentralized systems are within the foundations: innovative ideas, pursuit of ideal egalitarianism and a liberal and democratic DAO system can become an important means of driving business models and changing people’s lives. A brand-new idea of “decentralized community-created projects” began to sprout in the Web3 world in order to flip the centralized systems, providing equitable access to an open and free community.
AvatarBay Decentralized Community Creation Opens a New Era of NFT
The birth of AvatarBay breaks the shackles of the centralized creation of the NFT market. Users can create their own unique NFT in a few seconds or through different templates provided by AvatarBay. Original creators of the NFTs are given a 5.5% royalty of the sale price, each time their NFT artwork is resold on the marketplace; creating a perpetual royalty income of their NFT art work. Many NFTs projects on the market are actually centralized team works, whether it is CryptoPunks or BAYC. Creators of AvatarBay believe that the next stage of NFT development should follow the concept of decentralization, where projects are decentralized community-created. Instead of just an NFT creation platform, Avatarbay is an interesting social experiment to see the impact of a decentralized community, as it is completely governed and operated by the community. It provides equal creative possibilities for all within the NFT marketplace, lowers the threshold for NFT creation while benefiting all users of the platform.
The avatarbay.abcmeta.io project is a decentralized application (DAPP) built on the land of the ABCMETA metaverse, a collaboration between AvatarBay (Australia), and ABCMETA.io. The current “alpha” version has a very interesting experiment, with A DAO experiment called CryptoPunks. The community provides users with 10,000 CryptoPunks as a creation template, it allows community members to create customized punks freely as they like.
If users want to go beyond the CryptoPunks templates and help the community, creative community users can choose to independently create prototype IPs and generate templates to allow community users t
o create more decentralized projects. AvatarBay is a completely decentralized autonomous platform, where users can find their creative awakening with other community users to create unlimited possibilities. After all, this free and equal opportunity allows AvatarBay community members to naturally connect with the DAO spirit!
The Light of Consensus Autonomy, Donations Create Liquidity
What makes Avatarbay special is that it’s unlike many incentive projects that generally raise liquidity funds through the initial sale of tokens or add liquidity to attract speculators to participate in the short-run. Avatarbay’s initial liquidity is mostly provided by donations from community members and aims to develop a long-term stable development ecology rather than temporary gains. Avatarbay allows the NFT community to understand more about blockchain, decentralized community created projects and DAO. Avatarbay members chose to add liquidity to Avatarbay entirely based on community users’ confidence and expectations of the project.
Avatarbay is listed on a number of decentralized exchanges so far and the donations of community members continue to rise. Creators of Avatarbay believe that although earning returns by adding liquidity will attract some speculators to participate in the short term, however this only creates an illusion of temporary prosperity, and it is not the best option for a long-term sustainable development ecosystem. It is evident that the people that donated are undeniably the true believers of Avatarbay, as they play a strong role in promoting the development and future of the “creation of decentralized autonomous communities”.
In today’s world of technological evolution, creativity and innovation have allowed human society to progress and develop infinite possibilities. With the likes of AvatarBay, it gives every community users to express their creativity with the ability to create their own PFP NFTs and allows community creators to form close connections through open communication within the community. Join AvatarBay’s exciting new space today and explore the world of infinite possibilities through ” decentrali
Warren Bronze is a financial content writer and stock market analyst. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.