With a view to bring the metaverse, decentralized finance (DeFi) and non-fungible tokens (NFTs) under one roof, decentralized currency reserve protocol, Asgard, has launched a decentralized autonomous organization (DAO).

As per the platform, it is focusing on providing a holistic platform to the users where they have access to all the elements in the metaverse under one roof. Metaverse refers to a convergence of physical, augmented and virtual reality in a shared online space.

Asgard is a decentralzised reserve currency protocol built on Binance smart chain.

Talking about the launch Kiran Dommeti, CEO and founder said, “It is an undeniable fact that the metaverse is going to lead the next wave of crypto and DeFi adoption in the world as gamification elements and play to earn concepts are thriving in the blockchain space. Asgard Dao will be the first metaverse solution providing all functionalities which will help us in capturing the rapidly growing space of the metaverse."

As per the platform, specific to Asgard, the metaverse, built on the concept of Norse mythology, brings the old characters to life. The users on the platform will have to submit their ideas of which character should be added next and a storyline representing the Nordic mythology.

“The community members who hold the token of the metaverse will then vote and approve the character. The artists will create a design for the character with different color themes and innovation. The community will again vote for the best character, which will be added to the storyline in six months," the company said in a release.

Every user whose concept gets approved and every creator whose designs get approved will receive a special reward in the form of a loot box in the game that will contain exclusive rewards. The voters will get loot boxes regularly as a token of appreciation for their contribution to the ecosystem.