DAOs Are Game Changers! – Technology

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DAOs Are Game Changers!

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Coinbase.com reported that “There are already over 180 DAOs
(tracked by deepdao.io) with $10B+ in assets under management and
nearly 2 million members. These range from DAOs that help manage
some of the largest protocols in crypto, to smaller DAOs organized
around investment, social communities, media, and philanthropic
pursuits.”  The December 2021 report entitled “DAOs: Social networks that can rewire the
” included these comments about Social DAOs:

Social DAOs intend to bring like
minded people together in online communities, coordinated around a
token. The leading example is Friends With Benefits and its $FWB
token. To join, members must submit an application and acquire 75
FWB tokens. Entry comes with access to a community full of
prominent crypto builders, artists, and creatives as well as
exclusive events.

By organizing around a token,
members have the incentive to create a valuable community —
share insights, host meetups and throw great parties etc. For
example, as more people understood the benefits of joining the FWB
community, the token appreciated in lockstep, sending the $FWB
price from $10 to $75 and therefore membership cost from around
$750 to around $6,000.

Other social DAOs use NFTs as
the mechanism for unlocking access to a broader community. Owning a
Bored Ape NFT for example, unlocks access to the Bored Ape Yacht
Club discord, events, NFT airdrops, and merchandise. In this case,
the perceived value of the community drives value to the collection
of NFTs.

This category of DAOs are all
still in their infancy and it will take time to learn which models
work and which don’t, but the rapid rise of these communities
suggest that they represent a powerful new powerful form of social

Stay tuned for more as DAOs grow!

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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