NFT lending protocol Arcade.xyz has announced the launch of its decentralized autonomous organization, ArcadeDAO, and governance token, ARCD.

ARCD allows community participation in ArcadeDAO decision-making. Arcade has stated that the first batch of ARCD airdrops for over 6,000 early users and community members is now available. It should be noted that ARCD tokens are non-transferable and require governance proposals to be transferred.

With the implementation of on-chain governance by ArcadeDAO, control of the Arcade protocol has now been transferred to token holders, with the aim of becoming a fully on-chain DAO-managed P2P NFT lending protocol.