Along with NFTs and cryptocurrencies in general, DAOs have seen an increase in attention and activity over the past months and years. Here we explore a greater understanding of what a DAO is and highlight a few DAO Funds to investigate if you’re looking to join the DAO movement.
What’s a DAO?
A DAO is what’s known as a “Decentralized Autonomous Organization,” and they have grown exponentially in both number and functionality over the past few years. Originally, the first DAO was designed to be a form of venture capital, free from the filters, restrictions and systems that typically impact traditional forms of venture capitalism.
Since the first DAO, there’s been an expansion of DAOs that are becoming digital communities in which resources are pooled together to achieve a success around a common crypto goal or financial project everyone in the DAO wants to support.
The following are some of the DAO heavyweights and playmakers you should be aware of if the DAO space is something you’re seriously considering.
Launched by Julian Weisser, the purpose of ConstitutionDAO is to generate enough capital in order to purchase a copy of the United States Constitution. The group was one of the first DAOs to put DAOs on the map, and although it did not succeed in its first bid at purchasing a copy of the Constitution, it brought mainstream awareness to DAOs in a way the world really hadn’t seen before. Because of ConstitutionDAO, subsequent other DAOs emerged with more altruistic-minded agendas and goals, so it’s worth exploring and learning more about ConstitutionDAO if you’re looking to understand how a more “philanthropic” DAO can function.
BitDAO is a cash-flush DAO that is one of the largest in the world in terms of monetary value. BitDAO controls billions in capital with the purpose of funding, financing and supporting DeFi projects. In fact, BitDAO has become so popular, it’s even attracted investment from the likes of Peter Theil and Alan Howard, two big name investors in their own right. So if DeFi projects strike your fancy as technology you want to be on the front lines of supporting, BitDAO might be the DAO of choice for you.
If you like music, you’ll probably like BeetsDAO, which has the purpose of purchasing music-based NFTs and helping people profit off of their collective love for music. Like BitDAO, BeetsDAO is a pooling of resources, but instead of supporting DeFi projects, it supports group investment in music-based NFTs and also—potential investment—in new art and music projects. To provide some perspective, a collaboration between Snoop Dogg and Nyan Cat artist—“Nyan Dogg”—fetched close to $250,000.
Like the name suggests, DecentralandDAO is all about metaverse real estate, which is quickly becoming a lucrative and well sought after enterprise. DecentralandDAO is essentially a virtual homeowners association that’s in charge of “governing” the metaverse real estate landscape. The more digital property you own the metaverse, the greater your voting power is and the more of an impact you can have on the virtual land owning operation. If you’re looking to become a metaverse landowner or are trying to explore virtual real estate, your first stop along your path to digital land ownership should be the DecentralandDAO.
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