DAOs — The future of us?

I am a newbie to the world of Web3 and everything that comes with it. On the top of it, I am non-technical, which makes all my knowledge sources non-technical too. But there is plenty, for those who are eager to learn. A common advice from Web3 experts for newbies like me is to experience Web3 as you learn. For example, create a wallet, buy some crypto, connect your wallet to NFT exchange, create an NFT (surprisingly easy), pay a one-time gas fee (seemingly complex to understand), mint the NFT, transfer some crypto from your Coinbase wallet to another, join a few DAOs, dabble in what they are doing, volunteer and get involved, learn, assimilate, get excited about a particular area, go more in-depth into it, learn the principles of blockchain, DeFi and decentralised business models for Web3, learn the fundamentals of Solidity and smart contracts etc.

I did all of the above, and my interest and engagement has been captured by DAOs. I don’t think there is a lack of awareness of what DAO stands for, but for the completely uninitiated (which was me a few weeks back), it is a Decentralised Autonomous Organisation. I am now a member of a few, and they are the ones who have the potential to completely transform how we collaborate and work and play together. For me, NFTs, cryptocurrencies, blockchains, blockchain protocols and DeFi are alternatives to capitalistic structures, but the biggest invention of Web3 are DAOs. Software has an unseen ability to push the human civilisation forward in quantum leaps and bounds, and the software behind DAOs will enable the next big leap.

DAOs have started defining how we work, play, socialise, share, collaborate, create, advice, mentor and guide others. The fundamental thread that binds members of a DAO together is a common goal or a passion. DAOs have to be profitable, which is a capitalistic concept, but it is how any form of business endeavour runs. But this is profitability to ensure members are compensated (DAOs don’t pay fiat money but in a variety of crypto or DAO defined tokens). The passion can range from something game-changing (for example, create a country-level treasury in crypto) to something very specific (buying real physical land, copies of a constitutions, create and launch new music, collect and trade NFTs etc.). Why is this different from traditional business models? This is where the quantum jump is — for…