Centralized social media giants like Facebook and Twitter revolutionized Web 2
Social DAOs could possibly do the same with Web 3.0
but will they ever be able to compete with the likes of Twitter or TikTok?
Or will they always sit on the sidelines? On today's Coinmarketcap
let's imagine what the next generation of social media platforms
could look like.
My name is Jett and let's get started.
Today we will be looking at what Social DAOs
are, how they work, and which are popular today.
But before we dive in to deep, let's recall what DAOs are.
A DAO runs quite like a regular old organization,
except that, as the name suggests, it's decentralized and autonomous.
DAOs are built using smart contracts which are self-executing bits of code
residing on blockchains.
They execute automatically whenever certain criteria
are met, allowing the DAO to run autonomously.
For example, members of a DAO could create a smart contract that pays out a certain
quantity of tokens to each member on their birthday every year.
DAOs are also decentralized, meaning they are not tied to any specific location
like a country or an office, and they lack centralized authority.
So rather than putting every decision in the hands of a small team of developers,
DAO gives users a say in each and every decision it makes,
as well as the platform's trajectory.
The decision making process is facilitated through governance tokens,
which members usually have to own in order to gain access to the DAO.
DAOs typically consist of like mine individuals working towards a shared goal,
like building a social community or investing in NFT artworks.
A DAO can be small and informal, with just a few members, or it can be large
and enterprising with millions of people or anything in between.
So what is a Social DAO?
In simple terms a social DAO is any DAO
with a strong focus on building a central network.
So all DAOs have social elements.
Unless one of its main selling
points is the social elements, it's not really a social Dao.
Like in most other DAOs Social ones bring like minded people together
in online communities centered around a shared common interests or purpose.
So a social DAO might focus on building networks for people of a certain religion,
or who share a common interest in a sport like basketball or hockey,
or who have similar hobbies like creative writing or music.
Keep in mind that Social DAOs are not the same
as the decentralized social platforms like Mastodons and Mines.
Nor are they like Facebook or other centralized platforms,
because on one hand, decentralized social platforms are a bit
like the Wild West, where anyone can basically say anything.
And we have centralized social media sites like Twitter,
on the other hand, which are heavily managed and censored.
But Social DAOs are hovering somewhere in the middle between these two extremes.
While there is no team of people moderating content,
you still can't say anything you like.
The other members of the DAO
do not need to tolerate anyone's hateful or oppressive views.
They can put up a proposal to vote them out of the DAO
So how can you enter a social DAO?
Each Social DAO has its own unique
entry criteria. To join some DAOs like the Bore Ape Yacht Club,
you need to own one of their NFTs. Whereas others like Friends With Benefits,
you need to own a certain quantity of the DAO tokens before you can join.
Some Social DAOs have extra requirements like an application
form or a questionnaire, and a few even need you to be voted in by other members.
So now we know what Social DAOs are.
Let's take a look at some of the most well-known and popular social DAOs today.
Number one, Friends with Benefits.
If you've been around crypto for more than 5 minutes, you've
probably heard of Friends With Benefits or FWB.
Friends With Benefits is a community of quote creators, rebels, artists, thinkers and doers
who aim to shape the future of content creation in the Web3 space one day.
It's a place to network with other creative professionals who work
in similar roles or industries helping participants to advance their careers.
Members have established themselves as prolific artists
and creators by building and managing an online NFT gallery
in which several noteworthy NFT artworks were sold.
One of those titled Drink My Blood, was created by the famous band Pussy Riot.
The DAOs members have also organized a rave in Paris for the DAOs members
on the evening of Europe's largest annual Ethereum conference.
Besides parties and exclusive NFT art, members
get access to closed off sections of the community,
including the learning, lifestyle, culture, trading and governance areas.
Friends with Benefits launched as a small token dated discord server
where you need to only own some of the DAO tokens to join the community.
Whereas now each budding member has to fill out an application
and a questionnaire involving questions about your personal and life
experience and what you can contribute to the community.
The FWB community reads your application and then votes
you into the DAO, provided that they like what they see.
You also need 75 FWB tokens to join and there are only a million tokens
available, meaning the DAO has a hard cap of 13,333 members.
Number two - Bored Apes Yacht Club. Bored Ape Yacht Club DAO
is made up of people who hold one of the 10,000 Board Ape Nfts.
These entities are probably the most well-known collection to date
and have been referenced
or written about in seemingly every mainstream media outlet.
The collection was even featured
on a limited edition cover of Rolling Stone magazine.
Today Board Apes has an average sale price of over $200,000 and boasts a growing list
of celebrity owners, including basketball legends Shaquille O'Neal and Steph Curry,
revered rapper Eminem and The Tonight Show's Jimmy Fallon.
So what exactly do you get for owning an NFT,
worth on average 200K? You're able to access your Yacht membership card,
giving you access to a shared digital canvas,
as well as the DAO's private Discord Channel, where you can socialize
and network with other successful ape holders. Same as Friends With Benefits,
Bored Ape DAO also hosts some incredible real world events,
one of which was a real life yacht party featuring a show headlined by comedians
Chris Rock and Aziz Ansari, followed by a music performance from The Strokes.
Andy Nguyen, a Board Ape hodler and restaurateur,
is preparing to launch a restaurant called Bored
and Hungry in Long Beach, California, where bored ape owners
can claim a free meal on an opening day. Nguyen plans to incorporate
Bored Apes NFTs further into his business, possibly by offering more discounts
and access to exclusive events at his restaurants.
Yuga Labs, the company which developed the Bored Ape Nfts,
recently announced a token called ApeCoin, which will be
the crypto used for all of the DAO products and services,
including a play to earn blockchain game coming out later this year.
Number three, Krause House.
Krause House, which takes its name from the late Chicago Bulls.
General manager Jerry Krause, is a social DAO centered
around a single sport - basketball.
Play Defence! Oh, yeah. Whoa!
I don't play defense.
The Krause community hangs out on the Discord server,
sharing basketball means arguing about who, if anyone, is
better than Michael Jordan and who's going to win the next NBA season.
But when the community isn't
talking hoops, they're fundraising to collectively buy an NBA team.
That's right,
a real NBA team.
Explaining its goal, The DAO's Hype Paper states that team owners should not be limited
to a handful of billionaires, but rather a movement of individuals
that want to be a part of the greatest professional league in the world.
The paper states, quote: "Fans breed life into the organizations
in which they attach,
so isn't it reasonable to accept a shared portion of the ownership and upside?
We don't think it's merely exceptional.
It's mandatory." If part owning an NBA team
is up your alley or you're a basketball fan looking for a community,
check out the Krause House
Discord Server and keep an eye out for the next round of ticket sales.
Krause House tickets come with one of three different membership tiers.
Each of those gives you access to different roles and perks
within the DAO and makes you eligible for raffles and airdrops.
Krause House can participate in decisions affecting the operations of the DAO.
And if they really buy an NBA team, they will have a say in ticketing,
merchandizing, partnerships, uniforms,
hiring and general management of its player and coaches.
Of course, all proceeds of the ticket sales
go towards the DAO's efforts to buying an NBA team.
Right now, Kraus House is focused on coming up with new compensation
and governance systems for its members, as well as building an understanding
of its legal position and how it could actually run an NBA team.
Krause House has already been through a number of funding rounds.
The first one came in the form of an NFT sale and raised
$4 million worth of Ethereum in just six days.
While this is not a paltry sum, it's ways off the estimated
$1.3 billion needed to buy an NBA team.
Going forward, the DAO is planning aims with NBA insiders like players, agents,
coaches and GMs, as well as crypto workshops and community events.
And of course, a lot more fund raising. Should Krause House succeed
their NBA team would be the first
fan governance team in the history of the NBA.
And if they don't,
well, it's still a great community for basketball fans to hang out.
Number four - Bight Moments DAO. While most other social DAOs emphasize
digital communications and online community building, Bright Moments
focuses on real life events, in particular
live NFT minting experiences.
Bright Moments made its starts in the world as a pop up NFT gallery,
where local artists could showcase their work along Venice Beach.
Now the DAO centers around a growing NFT collection
called Crypto Citizens, which looks something like a hybrid
of Grand Theft Auto characters and Cryptopunks.
While a Bored NFT grants you access to the Yacht Club,
your crypto citizens is your ticket into the Bright Moments DAO.
To get a hold of your own crypto citizen, you need to buy a golden ticket
for Bright Moments,
which guarantees you a life minting reservation at one of the DAOs events,
which usually takes place in art galleries or other public spaces.
Should you mint or buy your own crypto citizen?
You'll get access to all the DAOs digital and social events
where you can talk to and network with the other members as well.
The next Bright Moments minting
event will take place in London in the heart of summer of 2022.
So if you're based in the UK,
know that Bright Moments live events are a lot of fun
and are great for meeting and networking with other crypto and NFT users.
Number five - Cabin DAO.
Cabin DAO is the ideal place for internet friends to meet in the real world.
The DAOs ethos is that the best place to meet people is in the metaverse.
But once you have made those online connections,
coming together in person is necessary to grow
your professional relationship in a way not possible online.
This is why the DAOs community went ahead and built it to real life
community spaces in the Texas Hill County,
about 45 minutes down the road from the city of Austin.
The spots are called the Container and the Cabin
and were designed for live professional networking retreats.
The idea is to provide an opportunity for a group of friends or colleagues
to collaborate on a project
they've been dreaming about away from all the distractions of modern life.
The Container was developed by the community of remote workers,
including engineers and designers, and was built using four repurposed
shipping containers.
Each of the containers, four rooms, is designed to cater to the needs
of remote workers, including high speed Internet and other utilities.
The shared living space has an ultra modern style and a few different
shared workspaces for collaborating with other members of the DAO.
The DAO's other community space is called the Cabin.
It has three more bedrooms and 1250 square feet of indoor living space
plus an enormous deck for socializing with other DAO members
or admiring the stunning panoramic views of the Texas countryside.
To join Cabin DAO, you'll need to secure one of the DAO's NFT passports,
each of which costs
one ETH and grants four people a weekend stay at either of the cabins.
After you arrive in Texas,
you are shuttled to and from the airport and group is given ten
cabin tokens to keep or spend on additional Cabin DAO services.
In addition to hosting Web3 networking events in real life, Cabin DAO
also invest in up and coming Web3 talent by connecting them
to its network of Squads, Guilds and DAOs where they can contribute and grow.
For now, Cabin DAO is focused on building its community
and spreading its ideas around decentralized socializing and networking.
But the long term goal is for its Cabin to be just one node in a vast
network of properties, each of which could be owned and operated
by small groups of independent online creators and entrepreneurs,
like Cabin DAO.
And if enough nodes are added to the network, we might one day
see the beginnings of a decentralized village, town or even city.
And that's it for today's Coinmarketcap Crypto Deep Dive.
What are your thoughts?
Will Social DAOs take Facebook or Twitter's place?
Make sure to let us know in the comments section below.