This concept elaborates an approach of shared ownership of valuable goods is an interesting use-case for NFT & DAO (Decentralized Autonomous Organization). NFT (Non-Fungable Tokens) are used as a decentralized form to prove ownership. Owning the NFT promotes membership and decision rights in the DAO, which is owning, holding, and managing the valuable good.
Generally, the NFT DAO enables multiple individuals to collectively own a unique digital asset, such as a piece of artwork or a collectible. Through the use of smart contracts and decentralized decision-making, the NFT DAO can ensure that each owner has an equal say in the management and future of the asset. This can also allow for shared financial benefits, such as profits from the sale or licensing of the asset. Overall, an NFT DAO can provide a fair and transparent solution for shared ownership of valuable digital assets. Here the digital asset is representing the membership of the DAO which owns and manages the physical jewelry.
The picture below shows the implementation phases of a NFT DAO. The stealth jewelry brand focusing on the Czech, Slovak, and Austrian markets is planning to implement this form of ownership for high-value items. The NFT DAO should function as a brand ambassador for the jewelry brand and help to establish an interactive relationship to new customer segments.
Many luxury brands are launching NFT projects to boost brand aweness and to develop new market segments.