How will Gold Dao compete with ckPAXG

General
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How will Gold Dao compete with a ckPAXG? PAXG has gold in vaults, while Gold Dao is just an app.

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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

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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)

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