Arts DAO, the largest non-fungible tokens (NFTs) and Web 3.0 community in the Middle East, has partnered with Ledger, the world’s best source of digital storage for cryptocurrencies, to offer hard wallet solutions to its members.
Arts DAO is a decentralized autonomous organization (DAO) representing the largest Web 3.0 and NFT community in the region currently investing in blue-chip NFTs, supporting large companies with their Web3 strategy and supporting large founders building in Web3.
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Arts DAO has revolutionized how a DAO can invest in the NFT space in a very attractive way for the token holders.
France-based Ledger, on the other hand, is the leading secure gateway for digital assets. Founded in 2014 by specialists with complementary backgrounds in embedded security, cryptocurrency and entrepreneurship, it develops secure solutions for blockchain applications.
Currently, more than 800 people work for Ledger SAS and its affiliates in Paris, Vierzon, New York, Zurich and Singapore. The company has sold more than five million units to customers in 200 different countries and is responsible for securing 20 percent of all crypto assets stored globally as of today.
‘100 Ledger NFTs’, the first Ledger NFTs ever released, were part of a limited edition collection created by Arts DAO to honor this groundbreaking partnership. In addition, Arts DAO provided community members with tokenized ledgers, allowing NFT owners to claim a physical Ledger hard wallet.
“Ledgers are a so-called ‘cold storage solution’,” explains Danosch Zahedi, co-founder of Arts DAO. “People are always looking for safer places to store their cryptocurrency, and thanks to decentralized finance, anyone with a cold storage wallet can basically act as their own bank. This is crucial in light of recent market volatility in the cryptocurrency space, as well as future-defining events such as the FTX collapse.”
According to Anas Bhurtun, co-founder of Arts DAO, “Dubai has constantly demonstrated its dedication to the virtual economy, with historic regulatory developments providing a framework for companies dealing with digital assets such as cryptocurrencies and NFTs.”
Dubai launched a proposal in 2016 to have a fully digital government by 2021. The emirate established the Global Blockchain Council as part of this effort. The aim was to integrate technology into all aspects of city administration, including security, transport and health.
How to keep crypto safe
As explained by Ledger, what you actually own when you buy a cryptocurrency is a “private key,” a vital piece of data required to authorize outgoing transactions on the blockchain network. Anyone aware of this key can use the related funds. There is no bank or other organization that can back you up or provide you with a replacement if your private keys are lost, stolen or if you store them on a device that does not work. As a result, you lose access to your cryptocurrency.
Arts DAO advises clients to use a hardware wallet solution, where your private keys are kept offline in a hardware wallet so that only you have access to them. As a result, your wallet is no longer at risk of being compromised by hackers who can’t get to the device or the private keys inside. Even if a hacker manages to take over your computer, they won’t be able to access your crypto assets by stealing your private keys if you have a hardware wallet. The risk of hacking is reduced because your private key is stored offline.
New universes to explore
Arts DAO has a number of customers from several different industries. Currently, the company is looking to expand into many more avenues with its customers, including blockchain gaming, blockchain streaming and music, and digital fashion.
The two main pillars of Arts DAO are community and advice. With hundreds of members as of today and rapidly growing, the community brings together the Middle East’s largest Web 3.0 community.
The consulting component is a Web 3.0 consulting and advisory service that provides Web 1, 2, and 3 brand advice on how to tokenize customer loyalty, use decentralized cultures to engage customers directly, and increase the security and speed of online business.
Read more: NIFTY Souq, MENA’s First NFT Marketplace, Secures $1.5M Investment
