In a first, an Indian entrepreneur is launching a DAO bringing Meta, Defi, NFTs under one roof

February 21, 2022

By Anjali Kochhar

In an attempt to bring the metaverse, DeFi (decentralized finance) and NFTs (non-fungible tokens) under one roof, decentralized currency reserve protocol Asgard Monday announced the launch of a DAO (decentralized autonomous organization), making the company’s founder the first Indian to launch a DAO.

Kiran Dommeti, CEO and founder said the metaverse is going to lead the next wave of crypto and DeFi adoption in the world as gamification elements and play to earn concepts are thriving in the blockchain space.

“Asgard Dao will be the first Metaverse solution providing all functionalities which will help us in capturing the rapidly growing space of the Metaverse,” Dommeti, who is the first person of Indian origin to launch a DAO, said.

He added that the metaverse has taken centre stage in the crypto industry in 2022 and is shaping the industry in a new direction.

“However, most Metaverse projects are currently just implementing a non-immersive ecosystem, or if they are providing an immersive experience, they are not providing a one-stop solution,” Dommeti said.

In a release shared with Blockchain Asset Review, the company explained how it will all work out.

The Metaverse, built on the concept of Norse mythology, brings the old characters to life, where users can submit their ideas of which character should be added next and a storyline representing the Nordic mythology.

The community members who hold the token of the Metaverse will then vote and approve the character. The artists will create a design for the character with different color themes and innovation. The community will again vote for the best character, which will be added to the storyline in six months.

The statement noted that version 2 of the platform that has new and improved features, updates and upgraded security protocols focuses on providing a holistic platform to the users where they have access to all the elements in the metaverse under one roof.

“The tokenomics of Version 2 is based on sell, buy and unstake tax, where the default sell tax will be 10 percent, buy and unstake tax will be 2 percent each,” the statement added


About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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