Art DAO partners with Ledger for secure storage solution for its members
Arts DAO, a community of Web3 art enthusiasts from the Middle East, has partnered with the hardware wallet maker, Ledger. The partnership aims to provide the Arts DAO community with storage solutions for digital assets.
Art DAO supporting Web3 initiatives
Ledger is a leading provider of hardware wallets for cryptocurrency storage. The partnership gives the company leverage to expand by collaborating with the largest community dedicated to Web3 in the Middle East, Art DAO.
This is especially important because Art DAO is currently involved in blue-chip non-fungible tokens. The project is involved in providing support for Web3 companies, teams, and founders as they map out transition strategies to the decentralized web.
Holders of Art DAO tokens gain access to attractive offers in the NFT space, enabling them to invest in potentially valuable collectibles. The organization takes advantage of group intelligence to support members to build within the NFT space what they couldn’t accomplish in a solo run.
A dedication to the virtual economy
Art DAO was built on the pillars of consulting and community. The project currently has hundreds of members, and it’s constantly growing. Speaking of the progress made by the DAO as a player in the crypto and NFT space, Anas Bhurtun, Co-Founder of Arts DAO, stated:
“Dubai has constantly shown its dedication to the virtual economy, with historic regulatory developments providing a framework for companies dealing with digital assets like cryptocurrencies and NFTs.”
The policy of the government of Dubai is to adopt the digital trend through its Global Blockchain Council. The vision of the council is to adopt the technology in city administration, security, health, and transportation. The city has been a haven for blockchain entities such as Art DAO.
Safer storage solutions for users
Speaking on the partnership between Ledger and Art DAO, Danosch Zahedi, Co-Founder of Arts DAO, said:
“People are always looking for safer places to store their cryptocurrency, and thanks to decentralized finance, anyone with a cold storage wallet may 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 like the FTX collapse.”
Partnership benefits for Art DAO members
Art DAO designed and minted ‘100 Ledger NFTs’, the first limited-edition Ledger NFTs, to mark the new partnership. Members of the art organization were given branded Ledger wallets that confer ownership to specific NFTs to the members. The partnership deal gives Art DAO members privileges to be rewarded with a physical Ledger hardware wallet.
Art DAO is encouraging its community and clients to use hardware wallets to store their digital assets because of their enhanced security. These wallets store the assets offline, effectively making them off-limits to hackers and other malicious players.
Reducing the risks of losses
In a statement regarding how Ledger secures digital assets offline, the partnership report stated:
“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.”
It highlighted that what people own when they buy cryptocurrency is a ‘private key’ which enables them to authorize outgoing transactions from their wallets on the blockchain network. The risk is that anyone who has access to or knows this private key could spend the funds in the wallet. The loss of the private key for any reason would result in the loss of the digital asset it stores.
Ledger NFT Market for minting and distribution
Ledger, the France-based cryptocurrency storage solution, has shown interest in NFT storage. Last June, the company launched the Ledger Market, a secure mint and distribution platform designed to serve reputable creators in the NFT space. 10,000 Genesis passes were minted on the platform in 24 hours, with 150,000 signups.
Ledger said that its Market brings the company’s world-class security to the NFT industry, which has suffered a number of hacks in the past.