How will Gold Dao compete with a ckPAXG? PAXG has gold in vaults, while Gold Dao is just an app.
If I’m correct, GoldDao has physical gold in Switzerland and the NFTs corresponding to each physical piece can be bought via Yumi marketplace. 1 gram Gold NFT can be traded for 100 GLDT. It’s on their website: https://gldt.org/
Yumi: https://yumi.io/gold
Also important is that the NFTs for Gold Dao are stored on-chain.
The risks of storing NFTs off-chain - some helpful info:
When creating an NFT, the token ID of the asset is stored on the blockchain. But contrary to popular belief, the image’s metadata is usually stored “off-chain” in a centralized server maintained by a cloud hosting provider, like AWS or Google Cloud — meaning that the metadata is dependent on that hosting provider to be rendered.
Cons
- If your NFT metadata lives within a “centralized” server, then it risks being deleted, lost, or corrupted; which could cause your NFT’s asset to be lost.
- If you stop paying for storage, you will lose access to your NFT metadata
Source: Ultimate Guide to Web3 Storage: IPFS vs. On-Chain vs. Cloud (thirdweb.com)