Computing technology keeps marching on, and apps are becoming even more sophisticated. One of the most exciting computing frontiers in this decade is creating apps on blockchains that can enable creators and artists to collaborate and monetize their talents.
Programmable blockchains are growing in popularity and each day sees the development of disruptive products and services built on top of blockchains. This growth is driven by third parties' capability to develop them and their adoption by the mainstream audience.
DAOs (Decentralized Autonomous Organizations) are leading the way they are impacting the adoption of web3 products. The future of blockchain apps is hard to predict, but it is almost certain that DAOs will play a vital role in their adoption by mainstream users.
What are DAOs?
DAOs are natively built global collectives designed to share resources and build unique products that work together in harmony toward a specific common goal. They allow the combination, organization, and scaling of new ideas, concepts, and inventions in new technologies.
Traditionally, DAOs were primarily used in securing DeFi protocols. At the infancy of the idea, DAO members typically comprised of contributors highly skilled in technology.
DAOs enable a bottom-up approach in innovation through collaboration to build truly disruptive products in the long term. Talented engineers and artists contribute the most in building blockchain infrastructure by leveraging NFTs to maximize the value of their work.
Web3 plays a critical role in helping these engineers collaborate and pool their knowledge, and work together to create truly groundbreaking products and services. DAOs are vital in the organization of engineers and other top talents to create disruptive products and services.
Types of DAOs
There are two major types of DAOs:
- DAOs that collectively manage blockchain-based projects
- DAOs that collaborate in investments
These DAOs differ on how they operate depending on type, structure, rules and governance, and goals.
Examples of DAOs
DAO is a broad term that covers different types of groups and businesses. A DAO can be comprised of community music fans and artists, alongside other people from various technology or creative industries. Anyone with an interest in culture and how they can monetize their talent can join a DAO.
Some examples of DAOs that are currently in the market are:
- Friends with Benefits: an exclusive social club which you pay to enter.
- PleasrDAO: deals in collecting various NFTs and investing in other assets.
- Komorebi Collective: funds women and non-binary crypto founders.
What is FWB?
FWB (Friends With Benefits) is a new kind of DAO initially developed as a token-gated Discord server. It is a social community using that uses cryptocurrency tokens for access and rewards.
Technology is constantly evolving, and blockchain technology is fluid and open system suitable for helping us catalyze changes. FWB is made of creators, artists, thinkers, and builders who form an organization to collaborate and create change through the adoption of new tools and help the development of web3 in a variety of ways.
FWB is mainly a chat room on the Discord app, comprised of about 2000 cryptocurrency enthusiasts, artists, NFT collectors, and various affiliates. FWB is now the primary hosting platform of the web3 growing class of creators, developers, and artists.
As mentioned above, the leading platform of FWD DAO is Discord which has a server with one hundred channels. This enables Discord to generate a lot of discussions and exchanges every day. It includes many channels from games, tech learning, music, film production, food to market information, and other channels.
How Do I Become a Member of FWB?
Becoming a member of FWB requires:
- A written application that the FWB community reviews and votes on
- A set minimum buy-in of FWB tokens that represent meaningful ownership in the DAO
Other than covering the upside of the DAO's creative output, the tokens give the DAO community members a governing power over the community's treasury. FWB enables the next generation of creators, artists, and builders to fuel the next evolution of the internet by incentivizing collaboration.
How is FWB DAO Helping Creators Monetize Their Talents?
One of the most under-monetized resources in web2 is the creative class. Although they play a vital role in driving the evolution of the internet, little is captured from their efforts. A DAO offers an effective solution to this as creators and builders monetize their passions by offering incentives to keep developing innovative products. FWB gives them this capability by prioritizing human capital.
Beginning as a social experiment in September 2020 with a small community, FWB has grown to around 2000 members. The FWB community has significantly impacted the web3 and opened new computing frontiers. DAO members have launched:
- A virtual music studio
- A token gated events app
- A web3 focused editorial venture
- A real-time community dashboard
- A series of parties around the world
What are FWB Tokens? Why Are They Important?
You can join FWB by purchasing FWB tokens with a cryptocurrency of your choice through ETH is the most popular. You can eventually sell your FWB tokens. There are 1 million FWB tokens, and about a third of them are kept in the community fund library. FWD distributes these tokens to community members every few months, depending on the liquidity they provide or if they are members of the FWB committee.
Each token is equivalent to one vote, but only people with a minimum of 75 tokens can propose a binding resolution in an election. This structure is an incentive to encourage members to play an active role in the organization of the DAO without the need for administrators or executives.
Since each token represents the financial equity of the DAO, all FWB members have the incentive to increase their token holdings by doing helpful work for the DAO in increasing the value of their holdings.
Simply put, a DAO is a small group of like-minded individuals who pull their resources together, usually using a cryptocurrency, and decide on how to use the capital to fund their mission as a collective.
FWD is a popular DAO that follows its laws, terms, and methods of operation. It is entirely independent of any centralized finance system or existing infrastructure, and the only rules it abides by are the ones written into its code.