Blockchain products such as NFTs appeared to enter a golden age in 2021, with a rallying market of altcoins and established tokens like Bitcoin. But 2022 has arrived as a mixed bag for the blockchain community, with these coins struggling to recuperate losses and NFTs facing growing ridicule on social media. At the same time, decentralised autonomous organisations (DAOs) have started gathering momentum, with their backers looking to democratise the internet.
What is a DAO?
The blockchain is a complex concept now more than a decade old, and DAOs are its newest form.
They act primarily as a base for venture capitalists to take advantage of and democratise the developing crypto space.
DAO spaces allow people to gather in a leaderless collective that empowers members to take investment decisions together using pooled cash.
So far, they have primarily focussed on collecting rare and highly expensive NFTs.
DAOs operate from the bottom up, with members holding a specially minted token.
Smart contracts, coded programmes that execute actions depending on conditions, nix the need for managers or…
