A democratic NFT rating system has the potential to have a significant positive impact on the NFT market and can set a new quality standard for polls.
The benefits could be the following points:
Increased trust and transparency
By providing a decentralised, democratic and AI-powered rating system, a democratic NFT rating system promotes trust and transparency in the NFT marketplace. This can help curb fraud and overvalued NFTs, fostering a healthier ecosystem for artists, creators, collectors and investors.
Reducing information asymmetry
A democratic NFT rating system helps bridge the gap between expert knowledge and the general public’s understanding of NFTs by providing a unified rating system. This reduction in information asymmetry enables all users to make better-informed decisions and fosters trust among buyers, sellers, and investors. By leveling the playing field, a democratic NFT scoring system empowers users to confidently engage in the NFT marketplace with a higher degree of trust in the information they receive about each digital asset.
By increasing trust and simplifying decision-making, a democratic NFT rating system can contribute to the growth and stability of the NFT market. This could lead to more artists entering the market and NFTs being adopted by the masses, benefiting the entire digital art community and collectors.
Does this exist on the NFT market?
At this point, I say that there is already a democratic NFT rating system. It is called NFTchoice. The purpose of NFTchoice is to have a system to rate all types of NFTs. Without a unified rating, like the 5 star rating on web2, it is difficult for the masses in web3 to make an easy purchase decision and protect themselves from fraud. NFTchoice is not only a democratic NFT rating system. It will soon be a decentralised, democratic and AI-powered voting tool based on NFTs and cryptocurrency. It will provide a fair and transparent rating of NFTs. The combination of these techniques takes security and transparency to a new level for polls. Therefore, for NFT buyers as well as other communities in the long run, NFTchoice is a reliable and trustworthy way to get a winner from a democratic poll. Here is another benefit to add….
Trust in polls across various domains
NFTchoice’s decentralized and transparent voting system can be extended to different types of polls beyond NFTs, such as opinion surveys, product reviews, social polls, and even political polls. This adaptability can enhance trust in the polling process and results across various industries, communities, and political contexts, leading to more reliable data collection and more informed decision-making. By applying the principles of decentralization, democracy, and AI-powered technology to political polls, NFTchoice can help reduce biases, inaccuracies, and potential manipulation, fostering greater confidence in the outcomes of political polling.
NFTchoice has the potential to significantly impact the NFT market by increasing trust, transparency and user satisfaction. The benefits of the system extend to artists, collectors, investors and the entire digital art and collecting community.