Decentralized autonomous organizations (DAOs) aren’t linked to a specific location such as an office or country; therefore, there is no central authority with users having a say in the decisions that the DAO makes. Usually DAOs are comprised of individuals who are have similar minds and are trying to reach a shared goal. These organizations can be different sizes consisting of either a few members all the way up to millions of members. Considering how much progress the crypto and blockchain areas have experienced, it is possible that social media organizations could follow suit and become decentralized. To access some DAOs, you must own one of their NFTs, and some also require a questionnaire or application to be completed.
Key Takeaways:
- DAOs have no centralized authority, instead, users are given a say in the decisions.
- Social DAOs focus on building networks of people with shared hobbies or interests.
- Friends with Benefits, Bored Ape Yacht Club, and Cabin DAO are examples of social DAOs.
“DAOs are built using smart contracts, which are self-executing code residing on blockchains.”
Read more: https://coinmarketcap.com/alexandria/article/beginner-s-guide-to-social-daos-and-how-to-join-them
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