Cryptocurrency is still a new market, having only been around since 2009. But when it comes to crypto news, the industry is evolving on a daily basis, with constant innovation and new use cases. So much so that the crypto market cap at the end of 2021 reached a whopping $3 trillion.
In 2020, we saw the rise in the Defi space. People discovered how much they could make lending, providing liquidity, and yield farming with their crypto coins, such as Ethereum, Safemoon crypto, and even ADA crypto.
In 2021, it was the surge in popularity of NFTs, which is becoming more of a buzzword than crypto, bitcoin, or DogeCoin these days, even with crypto prices hitting all-time highs.
But NFTs don’t replace crypto, they increase demand for it. One of the latest interactions of cryptocurrency is the curation token, used on certain NFT platforms.
But what exactly is a curation token, and why do you need to know about them? Read on below to find out now.
Types of NFT Platforms
Non-fungible tokens are one of the greatest use-cases of cryptocurrency and blockchain technology. These unique, digital collectibles are much easier to understand than the cryptocurrency itself, leading to its massive adoption and growth in 2021.
Today, there are countless NFT marketplaces where investors and collectors can sift through vast swaths of NFTs, looking for the next gem that they want to add to their collection, portfolio, or gallery.
Some marketplaces are totally open and free for all to use. Anyone can become an artist, mint their own NFTs, and list them for sale on the platform. And while this decentralization is incredibly important, it also means there’s a lot of low-quality stuff for sale on these platforms, as many people are trying to make a quick buck.
Other platforms are more selective of who can sell their NFT art on the platform. And while in the past, this meant a team of employees or moderators were doing the picking, it’s moving into the direction of community curation.
And that happens with curation tokens.
What Are Curation Tokens in Crypto?
Certain NFT platforms, like SuperRare, operate as a decentralized autonomous organization (DAO). This means that instead of a platform run by a company of high-paid individuals wearing expensive suits in a huge rise office building, the platform is run by smart contracts and the community of people that use the platform.
SuperRare uses their own curation token, an ERC-20 token on Ethereum called $RARE. The curation token gives holders the ability to participate in the DAO. You can discover more about the token and the DAO here.
On a governance level, that means submitting proposals to make the platform better, voting on changes to the platform, helping define marketplace parameters to better serve artists and collectors, and much more.
Holders also have a voice in the diversification of art and artists on the platform. The community at large gets to speak into the future of art, and ultimately the future of culture, rather than just a few individuals who have traditionally done this in the past.
The Future of Art of Finance
Crypto has come a long way, from bitcoin trading on tech-junkie forums back in 2009 to a place of global prominence. It’s reshaping the finance and art industries around the globe.
NFTs and curation tokens are just one of the many, many developments in recent months and years. What will we see coming down the pipeline next? Whatever it is, it will probably revolutionize something big.
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