Read the NFT+DAO track in one article: Investment, Social, Governance and Guilds
NFT is a new and exciting market. The decentralized autonomous organization DAO is also very young. The combination of the two NFT+DAO is a fresh and very broad track. In the six months that the NFT market has been booming, DAO has played an increasingly indispensable role, ranging from a Twitter social group composed of people with common interests to a “corporate organization” that creates huge profits.
According to the nature of DAO, we believe that NFT-based DAO can be divided into four categories:
- Investment DAO: Members make collective decisions, jointly invest, hold, and release NFT artworks, and maintain the “NFT Treasury.”
- Social DAO: DAO organizations with strong social attributes based on different interests and hobbies. Social DAO is divided into collectible DAO and creator DAO;
- Governance DAO: Use token governance to delegate power to the community, and community members can vote to make decisions to manage the community;
- Guild DAO: Similar to company organization and talent pool, it provides resources, talents, services, etc. for community members.
We analyzed four types of NFT-based DAO head items and found that they generally have the following characteristics:
- The same DAO may have multiple attributes: the classification of the above four types of DAOs has no clear boundaries. For example, some investment DAOs have strong social attributes, and social DAOs may also be clubs formed based on a certain art collection;
- Use the token economy to drive the effective operation of the community: most top projects have a more reasonable token economy, such as token functions, incentive mechanisms, release rules, matching rules, vault design, etc., making tokens a glue for the community Agent
- Community members have a strong sense of belonging: Head projects often have the characteristics of strong community stickiness and high participation enthusiasm of members
At the same time, we believe that the integration of NFT and DAO has the following five points worth noting:
- Private DAO is worthy of attention: the number of community members is not the better, the quality of members is more important than the number, and the private DAO led by the invitation system is a direction worthy of attention;
- On-chain credit is an important combination of NFT+DAO: FT governance has drawbacks, and NFT can be used to give participants a “badge” representing their identity and credibility;
- There are certain obstacles to the development of the creator DAO: how to attract high-quality creators, produce high-quality content, improve user stickiness, and disputes over property rights are issues that the creator DAO may face;
- Metaverse DAO or an important subset of the future NFT DAO: Metaverse DAO is like a company in Metaverse, this type of DAO may create new occupations and types of work in the future, change the status quo or improve people’s lives;
- The asset allocation type of DAO Vault is controversial: From a financial point of view, in addition to holding native tokens, DAO Vault should also consider allocating assets with larger market capitalization and more stable assets, but from the perspective of the community, the allocation of other assets will affect community commitments.
DAO market overview
Most DAOs are small but continue to grow
Usually there are many dimensions to measure the scale of a DAO organization, such as the number of community members, the scale of fund management, the degree of activity on the chain, etc., here we use AUM as the scale of DAO. As of July 27, 2021, the overall AUM of the DAO project is about 784 million U.S. dollars. Compared with the overall market value of the cryptocurrency, the total sum of all DAO projects is 83rd, and the scale is very small. In addition, among the 116 DAO projects counted by DeepDAO, 23 have an asset scale of more than $1 million, and 26 communities with more than 100 members. The total number of addresses participating in the DAO is less than 200,000. Most of the DAO’s asset management The scale is relatively small and the number of members is small. However, the scale of DAO’s fund management has been growing steadily. From July 20th to July 26th, AUM increased by 100 million U.S. dollars, and 40 new members were added during the same period. The overall asset scale and activity of DAO reached a peak of 1.1 billion U.S. dollars in mid-February and early May. Although the entire cryptocurrency market declined in May, DAO’s asset management scale declined, but as of the end of July, DAO’s AUM is still nearly 80% higher than that at the beginning of this year. At the same time, DAO’s decision-making activity reached its highest value in March 2021, with 1,818 decision-making events, including 624 votes and 173 discussions, which is basically the level of activity at the beginning of this year. Doubled.
Overview of DAO’s fund management scale, source: DeepDAO
A small number of members manage most of the funds
In terms of community members, the total asset management of the top 1,000 members of AUM according to DeepDAO is about 430 million U.S. dollars, and the total asset management scale of “whale” among the top 10% of AUM among 1,000 members has reached 400 million U.S. dollars, accounting for the total asset value of 1,000 members. 92.1% of the total DAO market value, accounting for 51.6% of the overall DAO market value. Among the 1,000 members, 600 members have an AUM of less than US$25,000, and 600 members have only participated in the decision-making of one or two DAO projects. Some members have not participated in the proposal or voted. The following figure shows the five members who participated in the DAO project with the largest number. They have participated in more than 15 DAO projects, and they actively put forward proposals and participated in voting. On the whole, the entire DAO sector is currently not active enough, a small number of active members manage most of the funds, and there is still great potential for development.
An overview of DAO community members and their AUM, source: DeepDAO
The five most actively voted members of the DAO, source: DeepDAO
Four types of DAO modes based on NFT
With the arrival of the NFT wave in 2021, the DAO formed about NFT has gradually entered people’s field of vision. There are some objective reasons and needs for the creation of NFT+DAO. For example, users are willing to join the “private community” of advanced NFT players, the fan economy and creator economy are on the rise, and ordinary players interested in NFT collections want some high-priced NFTs. Assets, NFT community players need specific services, etc. NFT-based DAO and DeFi-based DAO are still at a very early stage. The number of projects and the number of communities is not too large, and the level of fund management is not high. As a whole, NFT+DAO projects can be divided into investment DAOs. , Social DAO, Governance DAO, and Guild DAO. In addition, it is worth noting that these four categories have no clear boundaries. For example, some Venture DAOs have strong social attributes, and social DAOs may also be clubs formed based on a certain art collection.
Invest in DAO
Collective Investment NFT Artwork
Investment DAO (Venture DAO) is the main category of the integration of NFT and DAO at this stage. The main logic of this type of DAO is that community members make joint decisions, invest in, hold or release NFT art collections, and jointly maintain an NFT Collection. We believe that NFT’s Venture DAO has the following three benefits:
- Ordinary retail investors can indirectly invest in high-value NFTs by holding part of their “shares” in high-value NFTs.
- The establishment of NFT “funds” through the form of “collective decision-making” diversifies the risks of high-risk investments such as NFTs.
- In NFT auctions, DAO bids are generally higher than wealthy individual buyers, and the chances of success in bidding for high-value NFT collections are greatly improved.
Divided into two types of public and private DAOs
Venture DAO can be divided into two categories according to the degree of openness: public DAO and private DAO.
- Public DAO: Users can participate in community voting and governance by holding tokens and obtain project revenue. Voting rights and income are related to the number of tokens held by the address. Retail investors and ordinary players can participate by buying tokens on the market. Representative projects such as Whale and JennyDAO.
- Private DAO: Members need to be invited by other members to join the community. Most of the members of this type of DAO know the true identity of other members. Members gather together for their common beliefs or hobbies for NFT, and they are more like a high net worth player. NFT “Private Club” for professionals and professionals. The community usually has its own native tokens, but most of them will not circulate in the secondary market and are only used within the community.
PleasrDAO is one of the private DAO projects. There are many well-known VCs, project parties and KOLs in the community, such as members from a16z, Dragonfly Capital, Mr. Block, Nansen, and Gitcoin. The official website shows that there are currently about 50 members in the community. The circulation token of PEEPS is PEEPS, but PEEPS is not circulated in the market and can be regarded as a group consensus symbol for members of the community. Similar projects include FlamingoDAO. Users who intend to apply for membership must fill out a form, pass KYC, and make corresponding contributions to the community to become community members. The governance and voting of the community are private.
In the following table, we have summarized the main projects that invested in DAO:
Featured Project JennyDAO
JennyDAO is a community-driven NFT art DAO created in 2021. Through the NFT fragmentation platform Unicly, users can purchase utoken-uJenny, which represents the equity share of the Jenny DAO collection, to invest in JennyDAO’s art and manage the project. JennyDAO buys NFT by selling tokens. The purchased NFT is transferred to DAO and maintained by DAO. After that, the NFT will be deposited in Unicly’s Jenny Pool. There are currently seven NFT works in JennyDAO’s Vault, including a Cryptopunk, with a total value of 2422.9 ETH. The collection of NFT works is shown in the figure below. In addition, on the Unicly platform, JennyDAO’s uJenny liquidity ranks first, with a liquidity of about 14 million US dollars. The 2-5 positions are uPunk, uMask, uAxie, and uGotchi.
Collection of JennyDAO NFT works, source: JennyDAO
JennyDAO’s uJenny liquidity ranks first, source: Unicly
The logic of JennyDAO makes full use of the logic of DAO of Unicly, the NFT fragmentation platform. JennyDAO created the JennyDAO pool on Unicly, and added the liquidity of the corresponding homogenized token uJenny while depositing NFT in the pool. Users can freely trade uJenny, uJenny prices and JennyDAO on AMM-based Unicly’s Swap The value of the collection is directly related, and this part is similar to the logic of Whale, K21, and B20. uJenny holders can vote in Unicly to decide whether to release the NFT in the pool. When the vote reaches a certain threshold, the smart contract will be triggered and the NFT will be bought by a third party. As shown in the figure below, uJenny’s voting volume needs to reach 50% before the NFT inside can be purchased by others, and uJenny holders share the bid for this NFT token. Using uJenny’s model allows users to invest in JennyDAO’s NFT Vault without having to hold any NFT from start to finish. At the same time, the introduction of FT will also help NFT price discovery.
The number of votes must reach the set threshold before the NFT can be released. Source: Unicly
On May 11, 2021, JennyDAO completed a financing of 7 million US dollars, and many well-known institutions and angel investors participated in the investment. Investment institutions include Multicoin Capital, Animoca Brands, Ascensive Assets, Metapurse, and other investors involved in this round of financing include Big Whale 0xb1, Richard Ma, etc. In addition, JennyDAO also hired a professional advisory group, including YGG founder Gabby Dizon.
Social DAO is a unique form of community organization in the field of NFT. Unlike DeFi, NFT represents the on-chain of real hobbies such as art, music, video, and literature. People with common hobbies often have the need for social networking and sharing resources. The social DAO was formed, and the social DAO also made people realize that the crypto world has not only financial value, but also social value. In the following table, we summarize the main projects of Social DAO:
In summary of all the projects, we believe that NFT-based social DAO can be divided into two main categories: collectible DAO and creator DAO.
Collectible DAO mainly refers to a group of people who form a community with a specific identity consensus and sense of belonging by purchasing the same NFT collection. The NFT they buy symbolizes their identity. Collectible DAO is more like a club, Bored Ape Yacht Club, Bored Ape Kennel Club, Cool Cats, Meebits, Wicked Cranium all belong to this type of community. As of August 2, 2021, the historical total sales of Bored Ape Yacht Club exceeded 100 million U.S. dollars, second only to Axie Infinity, NBA Top Shot, Cryptopunk, Art Blocks ranked fifth, and Meebits’ historical total sales of approximately 88 million U.S. dollars ranked No. Six. During the week from July 26th to August 1st, BYAC sales increased by 193.19%, and Meebits increased by 686.05% during the same period.
Featured Project-Bored Ape Yacht Club (BAYC)
BYAC is composed of 10,000 apes NFTs with different rarities and different images. The NFT will be released on April 30, 2021, and the price of each ape is 0.08 ETH. As of the end of July 2021, the number of wallet addresses holding Ape has reached 8,000, the average selling price in the secondary market is about 16,000 US dollars, the lowest price is 15500 US dollars, the average selling price and the reserve price are 35 times higher than when the project just started in April.
Number of addresses held by BYAC, source: Dune Analytics
BYAC average price and lowest price, source: Dune Analytics
The monkey head is the “identity proof” of the BYAC community. The community atmosphere of BAYC is very strong. Ape monkey avatar users will follow each other on Twitter or Clubhouse. In a NFT themed room of the Clubhouse, you can even see that Speaker uses all Ape monkey avatars, like an Ape holder. Someone’s Club. Many celebrities have also replaced their social platform avatars with Ape, such as NBA stars LaMelo ball, Shawn Yue, Wu Jianhao and so on. In addition, BAYC also purchased land in The Sandbox and set up a BAYC club, where members can interact and socialize in Metaverse. In addition, Bored Ape Kennel Club is also derived from this project. BYAC community members can get a dog image NFT for free. The total sales of Bored Ape Kennel Club in the secondary market reached about 25 million US dollars at the end of July. Bored Ape Kennel Club can be said to be the welfare of BAYC community members. The following figure shows some of the works of the two projects. To sum up, BAYC collectible DAO relies on identity certification and community consensus to build an active and huge community. This model is very interesting and is an unprecedented DAO model based on NFT.
Some works of Bored Ape Yacht Club and Bored Ape Kennel Club, source: Opensea
The creator DAO is part of the social token track. The creator DAO creates an income stream for long-tail creators through smart contracts and social tokens, subverting the Web2 Internet’s model that the biggest beneficiary is a centralized platform rather than a creator. In the creator DAO, the creator establishes a connection with its fan group through social tokens, forms a small interactive and economic group, eliminates middlemen, realizes the revenue sharing between creators and fans, and part of the revenue is distributed to the community, thereby increasing users Stick to the community.
Featured Project-Only 1
Only 1 is the first NFT social platform based on Solana. Every creator who enters the platform must first pass KYC certification, and then obtain an automatically cast Genesis NFT. Most of the income from the sale of Genesis NFT goes to the creator (generation Coin LIKE reward), Genesis NFT is one of the main means to attract creators. After that, creators can cast their own NFT on the platform. Fans can bid for Genesis NFT by holding the native token LIKE. In the end, only 1 fan can bid successfully. This fan becomes the owner of the NFT. Every time NFT The creators of the second sale will have a share. In addition, NFT content created by creators can be accessed by creators who have successfully bid, and other fans need to unlock the content by paying LIKE tokens. The unlock fee is determined by the creator, and the unlock token fee will be distributed to the creator and owner. In addition, in Only1, creators have their own staking pool. Fans can pledge tokens to creators they support. NFT owners and creators will share part of the staking income. Each staking pool’s rate of return APY is determined by fans. Related to factors such as the creator’s interaction and intimacy, the following figure is a schematic diagram of the creator’s staking pool:
Creator Staking Pool, source: Only1
Only1 has built an interesting interactive community of creators and fans through the token LIKE. Tokens have four main uses: 1. Bidding for creators’ NFT; 2. Unlocking exclusive content; 3. Staking favorite creators to obtain mining revenue; 4. Platform voting governance (expected to be online in Q1 in 2022).
The primary reason Only1 chose to build on Solana was its scalability advantages. Leon Lee, the founder of Only1, mentioned in an interview that, as a social platform, Only1’s transactions and activities on the chain are very frequent, and the primary goal of social platforms is to attract users. Therefore, in the “impossible triangle” of the blockchain The first requirement is scalability, and Solana’s innovative consensus mechanism has the advantages of low cost, fast speed, and strong scalability, and it can also meet decentralization and security at the same time. The Solana ecosystem is still growing rapidly, and more and more projects are joining this ecosystem. In the future, there may be more resources with ecological advantages.
The financing and investment institutions participating in Only1 include Animoca Brands, ROK capital, Bithub, Gate.io, Alameda Research, Liquefy Labs, Genesis Block Ventures, Petrock Capital, DuckDAO, NGC Ventures, etc. They are also supported by the Solana Fund. Actively attracting KOLs to join.
Governance DAO refers to the use of tokens to decentralize project governance rights to the community, so as to achieve community-driven and decentralized governance, and token holders can propose, vote, and govern the project. This type of DAO is essentially not much different from the model of using FT to govern the community in the DeFi protocol, except that the theme is NFT. Most of the governance DAO includes NFT trading platforms and projects that combine NFT and finance. In the following table, we summarize the NFT-based governance DAO:
Featured projects Rarible
Rarible is one of the earliest DAO projects on NFT. It was established in early 2020 and is an NFT trading platform driven by DAO. As shown in the figure below, as of the end of July 2021, among the top ten DAO organizations in AUM, RaribleDAO ranks fifth with an AUM of US$140 million, and is the community with the largest asset management scale in the NFT DAO organization. So far, there have been 112 proposals, 6,602 votes, and 2,051 members participated. The average proposal received 58.9 votes, and the voting participation was 8.26%. It is worth mentioning that Rarible is much higher in voting participation than AUM’s top DeFi projects and other NFT projects (voting participation: Uniwap–0.42%; Compound–0.56%; Aavegotchi–3.69%; NFTX– 0.17%), is one of the more active communities, and the community governance status is good. Snapshot shows that the proposals of the Rarible community in July include MintGate’s Rari token rewards, the integration of Rarible and Decentraland, DAO’s working group, and App Minting on Rarible, etc.
Rarible community AUM and voting participation status, source: DeepDAO
Rarible community proposal topic in July 2021, source: Snapshot
The total number of governance tokens RARI in the Rarible community is 25 million, and there are about 25,000 holders of RARI. From the figure below, it can be seen that RARI’s holdings are relatively scattered. The value of the top 1 holding address RARI is less than 1% of the overall value (about 0.5%). ). In addition, users receive token RARI rewards by participating in Rarible market activities, that is, market liquidity mining. In February this year, the Rarible community also proposed to introduce RARI’s staking reward community. At present, the main function of the token RARI is to be used for voting governance of the Rarible community. The specific rights of token holders include: audit platform creators; vote for creators or artworks; vote to determine market rates and cooperate with other projects Development, event planning, project roadmap, etc.
The position distribution of Top 100 RARI holders, source: Dune Analytics
Guild DAO is similar to the real-world “company” model. It is essentially a distributed company, which provides certain services based on specific tasks, including support for resources, facilities, and talents. The specific service content includes sales, operations, and finance. , Management, etc. We believe that this type of guild DAO can be used as a reference for the future corporate organizational structure and human working mode. Now in the NFT field, this type of guild DAO is still relatively early. The main projects include the YGG DAO behind Axie Infinity and the Metaverse virtual wear DAO Metafactory.
The popularity of the popular chain game Axie Infinity will not be repeated here. The model behind the YGG guild is worth thinking about. The YGG guild is similar to a “talent company”, founded by Gabby Dizon, a senior game development expert in the Philippines, composed of tens of thousands of gamers. The guild’s income mainly comes from investing in Play to earn games and in-game NFT assets, YGG scholarships, advertising sponsorships, etc. . Token holders have the right to manage the community and share the profits of the community. We believe that the YGG Guild’s model has the following three highlights:
Set up YGG Scholarship to create cash flow for the community
YGG scholarship refers to the YGG guild lending Play to earn game assets (such as Axie elf) to guild members. YGG takes 10% of the player’s game income and gives the player corresponding game training and guidance. The main scholarship members of the YGG Scholarship come from poor college students in the third world such as the Philippines, Indonesia, Venezuela, and Brazil. Among them, the Philippine Scholar accounts for 30%. At present, one-tenth of the players in the YGG Association are Axie Infinity scholarship players. Lending game entry props to players lowers the entry barrier and helps attract new game players to join. For scholarship players, “Free to play, play to earn” is realized. The scholarship players in YGG Scholarship bring in-game income to the YGG guild treasury and bring considerable cash flow income. The YGG scholarship makes the association more like a “company”, and scholarship members make money for it.
Invest in Metaverse chain games to expand the territory of Metaverse
People are familiar with YGG mainly because of Axie Infinity. In fact, YGG guild is a Metaverse game fund. In addition to Axie Infinity, it also invested in several Play to earn meta-universe games based on the opinions of its members, such as The Sandbox, F1 Delta Time, Zed Run, League of Kingdoms, etc., the investment value of these investment games is the potential source of future cash flow for the YGG guild vault. The token YGG is like an index of the Metaverse game. In addition, under the unified YGGDAO, each game has its own DAO organization, and each DAO organization has its own different rules. The main DAO provides resources for the DAO of each game. Part of the income of the DAO of each game belongs to the parent DAO. Different DAOs will have their own tokens, and token holders can propose or vote in their own DAO. The DAO and YGGDAO of each game are like the relationship between the subsidiary and the parent company.
Use token economy ($YGG) to promote effective community governance
The native token YGG is an important factor for YGGDAO to promote the rotation of the wheels. Users can pledge YGG tokens to obtain community voting and governance rights, obtain game tutorials or improve skills and other content, obtain special objects, obtain guild rewards, etc. according to the number of coins held. An example of guild rewards is the drainage of games in the guild: YGG will provide token rewards to attract players to game projects that the guild is optimistic about.
Five thoughts on the integration of NFT and DAO
NFT private DAO is worthy of attention
The private DAO led by the invitation system has been criticized for violating the nature of the DAO because of its non-open principle, but we believe that the quality of the NFT DAO members is more important than the quantity. The evaluation and investment decision-making of NFT assets require professional knowledge and appreciation. Through KYC Or the invited professionals may be more valuable to the NFT DAO organization than simply users with high currency holdings. For example, PleasrDAO took advantage of the reputation and credibility of its members to make a Dao to Dao loan with Cream Finance. We believe that users with a large amount of currency do not necessarily have the most professional judgments, and at the same time, they may not actively participate in proposals, voting, governance and other activities due to insufficient user expertise. Therefore, the NFT DAO is not that the more users the better, the private DAO is more like an NFT expert group. The expert group has a good reputation on the chain, and the decisions and investments made by it are worthy of attention and reference.
On-chain identity is an important application of the combination of NFT and DAO
At present, most NFT+DAO projects essentially maintain the governance of the DAO in the original DeFi world, but the theme in the DAO organization is NFT, that is, the voting rights of the DAO are determined by the number of tokens in the wallet address. The greater the number, the greater the equity, and DAO is governed by homogenized tokens. This kind of FT governance method may cause large users to affect voting results through a flash loan. In addition, it may also happen that users with a large number of coins mentioned above may not necessarily have professional judgments and may not make real benefits. Community decision-making. Therefore, we believe that the greatest application value of NFT in DAO is to mark people’s on-chain credit and on-chain identity. Specific examples of this kind of credit-type NFT include Uniswap’s LP token, and Bankless NFT represented by members. In the future, what factors will be included in this NFT symbolizing credit on the chain is worthy of people’s thinking and exploration, such as the active level of members in the community (such as the contribution of high-quality content and opinions), and the role of members in social media such as Discord and Telegram (For example, social media group administrators can obtain NFTs that symbolize higher credibility), the number of proposals and votes of members, whether members have participated in multiple DAOs or have badges from other DAO organizations. Conversely, users who have bad records on the chain (such as bad borrowing records) will also have corresponding NFTs.
Creator DAO is a hot spot, but there are obstacles to the implementation process
As mentioned above, the economic model of creator DAO can stimulate the economic creativity of long-tail and long-tail creators. Creators can motivate fans through tokens, form small communities with fans, and share their copyright revenue with DAO organizations. . In this mode, creators no longer need to rely on traditional content platforms, but can control copyright revenue themselves. Creator DAO is an inevitable trend and direction under the concept of Web3.0. However, we believe that the creator DAO has the following difficulties in the specific implementation process: 1. It is difficult for the creator DAO platform to absorb high-quality creators, and it is even more difficult to form a micro-economy with fans; 2. If the so-called “creator” is issued The work of is non-original, that is, the work is copied from other traditional Web2.0 platforms or NFT platforms. Will the copyright disputes and other legal disputes involved be shared by the creator, the platform, or the community? If the platform bears it, will there be a risk of personal privacy leakage? If the content received by fans is non-original, what is the value of the content delivered by the creator DAO? 3. If fans in a part of the community only care about the fun or appreciation of the work itself rather than the so-called on-chain ownership, how to ensure that the work of the creators of the platform can compete with the content of the traditional Internet platform, and whether the creators will take a lower price Price strategy? How to improve user stickiness? These issues are the issues that the creator DAO needs to face before it matures.
Metaverse DAO or an important subset of future DAO
We believe that in the context of the rapid development of elements such as Metaverse, Play to Earn, and GameFi, Metaverse DAO similar to YGGDAO will be an important part of DAO in the future. They are like companies in the meta-universe world. Players are employees, and tokens are salary. This type of DAO provides players with resources, specific coaching, and dispatches players to enter the game to make money for them, such as farming, fighting, real estate development, etc., and then share the income with the players, just like the movie “Number One Player” Technology company IOI. This kind of Metaverse DAO may provide new professions and types of work in the future, and cultivate more professional players. These new career opportunities may improve the current situation in the real society, or it may improve people’s lives like YGGDAO.
The type of asset allocation of the DAO vault is still controversial
According to DeepDAO statistics, currently most of the Top 1 tokens of NFT DAO managed assets are their native tokens, such as Rarible’s RARI, Decentraland’s MANA, Aavegotchi’s GHST, and NFTX. From a financial perspective, the diversification of DAO treasury assets is one of the important conditions for its sustainable development. If the DAO treasury only has a native token asset, it will encounter extreme market conditions in the market, or the community agreement has security issues such as being attacked. , The impact and loss of the community will be more serious, especially for the emerging and risky track of NFT, the volatility of its native token will also be greater. Therefore, in addition to the original tokens, the asset allocation of the NFT’s DAO organization should also be matched with some relatively large and more stable assets. However, from the perspective of the community, if the community’s native tokens do not occupy a dominant position in its treasury, it will have a negative impact on the community’s commitment, confidence, member loyalty, and community stickiness.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/read-the-nftdao-track-in-one-article-investment-social-governance-and-guilds/
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