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The power of social media is just unpredictable as it gives us the accessibility to connect with people in any corner of the world. Global tech unicorns including Twitter and Facebook have simply transformed Web2 where the entire control of the platforms and user data is completely held centrally. Though the Web2 epoch is considered the era of social media while generating higher economic value, it accompanies numerous bottlenecks.
Looking at the Bigger Picture!
The above model was acceptable in Web2 space but not anymore in the Web3 world. Web3 is all set to turn the tide and give the authority of user data directly into the hands of the users. Backed by blockchain technology, Web3 is all about more transparency, decentralization, and shared ownership while revolutionizing the way we work and operate.
Web3 is featuring a better way of organization which gets completely governed in a decentralized way backed by smart contracts.
This is where Decentralized Autonomous Organizations Development (DAO) takes the lead.
There are already over 180 DAOs with $10B+ in assets under management and nearly 2 million members.
With DAO proving its worth across all other industry verticals, social media stands no different. DAO is all set to transform the social media landscape. Let’s dive deeper into this.
What is Social DAO?
The practice of social DAO brings like-minded individuals together in online communities that primarily focus on a shared interest and making networks for individuals of a particular interest in some religion, sports, music, or any other hobby. Social DAOs can be referred to as completely decentralized or completely centralized, they fall somewhere between both. Social DAOs are still in their infancy and it will take sufficient time for identifying the models which will work and which won’t. On the positive side, their current growth indicates that they are presenting an innovative type of social organization.
Popular Examples of Social DAOs
Prior to getting started with Social DAOs, one must be aware of the fact that every social DAO has its own entry criteria and further become a member of the community. Therefore, let’s take a glance at the most well-known DAOs in social media that have gained traction lately.
FWB
Friends with Benefits is a global community of cultural thinkers, creators, and builders convening digitally while uplifting the future of Web3 unitedly. FWB came into existence a long time back as a small token-gated Discord server where one needs to own a few DAOs tokens for getting started and become a part of the community.
BAYC
The Bored Ape Yacht Club (BAYC) is a limited NFT collection in which the token doubles automatically with membership to a swamp club for apes. It is a group of 10000 unique Bored Ape NFTs that comprises a bunch of unique digital collectibles that exist on the Ethereum blockchain.
Krause House
Krause House is a form of DAO which is completely governed by a group of fans, basketball lovers, and purists with the prime motive of featuring the very first fan-governed team in the NBA. Besides that, Krause House is focused on fundraising for collectively purchasing an NBA team.
The Positive Role of DAO in Social Media
DAO development is not only confined to the rearrangement of incentives, but it portrays a broader impact while providing a civilizational lever for uplifting the entire social media space along with taking the user’s journey to new heights.
Embedded Social
Whenever a DAO is instantiated, it gives emergence to a social network where a community of people comes together with some specific objective. Governance and communication tools are required for collaborative functioning and DAOs aggregate every user’s contributions while developing a social graph and enabling social data monetization in a completely transparent manner.
More Authority to Content Creators
Social media space revolves around user-generated content and a creator economy where the value generated is always ruled by the platforms hosting it. Here, decentralized autonomous organizations development services prove their true potential. Blockchain tokens bring a change to this system and give power to content creators. They now hold the authority of monetizing their fanbase backed by numerous DAO development mechanisms for rewarding users for their contributions.
Financial Opportunities to Emerging Adopters
Doing the groundwork from scratch and grabbing the attention of potential customers is a daunting task for every new network in the market initially. One prominent hindrance is the network effects of the leading social media players. DAO in social media at this point assists these emerging networks to kickstart their digital journey by offering financial incentives.
The Takeaway
Decentralized autonomous organizations development has proved so much in a short span of time and has numerous other opportunities to be unlocked besides being a game changer in the social media ecosystem. Since the major tech giants, venture firms, and other business segments across the globe are already leveraging DAO into their business model which indicates DAO development has the ability to combat the loopholes in the existing business approaches.
Planning to invest in the DAO revolution and gain a competitive edge in the global decentralized world? Antier can be your one-stop place for shaping your business ideas into reality. We are a professional decentralized autonomous organizations development services provider backed by over two decades of industrial experience and a team of over 500 subject matter experts to guide you from scratch and skyrocket your DAO journey.
