With all of the recent advancements in the crypto economy, there’s been a lot of talk about DAOs and how they’re cemented as part of the future of the cryptocurrency landscape. The following is a review of DAOs and the upcoming growth that can be expected.
What Are DAOs?
DAOs (or Decentralized Autonomous Organizations) are publicly funded groups that pool together their resources to support a particular movement, cause, or initiative. Their reach is global, meaning their ability to recruit and honor members knows no limitations. Many think that DAOs might eventually replace traditional companies, since the ability to participate in a DAO simply requires a connection to the Internet. While each DAO has its own operating structures and procedures for both procuring and distributing funds, DAOs by and large offer a new way for people to come together around a common goal and use their collective resources to advance an agreed upon agenda with relative ease.
Joining A DAO
A quick Google search will reveal a multitude of DAOs you can explore joining as well as how to join them. The process is relatively straightforward and is more or less the same for each DAO, however, all DAOs operate by their own set of protocols. Generally speaking, to join a DAO, you’ll want to navigate the following steps:
- First, you’ll want to establish your goals. Figure out what your passions are or what cause you’d like your money to help back. This will narrow the scope of the potential DAOs you would conceivably join.
- Research DAOs that meet your goals. Only DAOs that support what you want make the most sense to join. Using DeepDAO or DAOlist can be a helpful resource in finding which DAOs are most relevant for you.
- Start participating in the DAO’s community. This can be accomplished by joining the DAO’s Discord channel and engaging with other members.
- Prove you’re an asset. Once you’ve established good rapport with the DAO you want to be a part of, start showing the community how you can help them.
Some Cool DAOs To Explore
Of the ever increasing number of DAOs that are available to join, there are a few solid selections that appear to be worthwhile of your exploration attention in the coming weeks and months, with most falling into the categories of Gaming, Investment, and Social. The following are three of the most noteworthy DAOs to explore:
Friends with Benefits DAO
In many ways, Friends with Benefits DAO is an incubator for Web 3.0 entrepreneurs.
IBC DAO
A gaming community that helps members earn money through their gameplay.
Flamingo DAO
A curated list of the best NFTs that collectors can sell, buy, and trade.
How Are DAOs Primed For The Future?
Collector, Gaming, and Social DAOs are all primed to explode in popularity in the coming months and years, so it can be expected that the growth of DAOs will continue to expand on an upward trajectory. DAOs—especially through gaming—are cementing themselves as a fixture within blockchain technology. As more and more people continue to value ownership and controlling the rights to intellectual property, micro-economies will continue to be created in many different areas of the cryptocurrency ecosystem. At a certain point, the question will no longer be “Are DAOs the future?”, and instead the question will be, “Which DAOs are you a part of?
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