Decentralized Autonomous Organizations (DAOs)

AEO Service Forum Drives Future of Data Innovation
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jakariai065
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Joined: Tue Dec 17, 2024 3:10 am

Decentralized Autonomous Organizations (DAOs)

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In November 2021, Christie's decided to auction the US Constitution. Only seven copies of the original Constitution were known to exist, and six of them are in institutional ownership. It was the last one owned by a private investor.

Using Discord, a group of people came together and cell phone number list created the DAO Constitution. In just 7 days, they went from nothing to raising $40 million in cryptocurrency and convincing Christie's to recognize them as legitimate bidders.

They ended up losing the auction to a billionaire, but it opened many people's eyes to the power of the DAO. It showed how cryptography could allow strangers to band together for a common cause and compete with the most powerful people in the world.

Non-fungible tokens (NFTs)

A well-known social media personality, serial entrepreneur Gary Vaynerchuk decided to launch a project called VeeFriends. He drew monkeys, cats, llamas, and other characters, some with more bizarre backgrounds. He published about 10,000 of these digital assets. Some were rare, while others came in sets of 40 or more.

They could be purchased for as little as half an ETH, which at the time was worth around $1,100 each.

What was different about these NFTs was that Gary would be hosting an event called VeeCon for the next 3 years, and the only way to get in was to have a VeeFriend. After about 12 days, the entire “run” was sold out. Since these NFTs are based on smart contracts, Gary gets a commission every time they are exchanged.

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At the time of writing, these NFTs have had 33,500 trades, with the lowest price for the most basic VeeFriend being $38,400. Doing some basic math, these tokens are worth over $384 million in total.

Social Tokens

Joe Pulizzi, founder of Content Marketing Institute and Content Marketing World, sold his business a few years ago. He recently launched an email newsletter and blog called The Tilt. His mission is to turn content creators into content entrepreneurs.

He launched his own token called $TILT, which Joe uses as an incentive for people to join and share his newsletter. People can buy, sell, or trade tokens. Pulizzi also allows people to buy experiences from him with the token. He has one of the most successful social tokens to date. $TILT was initially worth about $0.25 per coin, and is now worth over $28 per coin.

Joe integrated the $TILT coin into the Discord community. Depending on how many tokens someone has, they get special access to exclusive discussion forums.

Other notable developments in cryptography

Here are a few more reasons to consider cryptocurrency:

Eric Schmidt, former CEO of Google , has become a strategic adviser to the cryptocurrency company.

Jack Dorsey, the co-founder of Twitter, recently left Twitter to focus on crypto. He changed the name of his other company from Square to Block.
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