WHAT IS A DAO IN NFT
DAO stands for “Decentralized Autonomous Organization”. As the name suggests, it’s an organization that operates autonomously, made possible by the decentralized nature of the Blockchain. A smart contract defines the rules the organization runs on. DAOs use a token for governance.
While that is the actual definition within the NFT ecosystem, and specifically in Solana, the term gets used loosely in practice.
In practice, when you hear DAO in the NFT space, it usually refers to a group of people, typically in a Discord server, who form a community.
Under this concept, there are hundreds of DAOs made up of thousands of members. It’s also common for NFT projects to announce the creation of a DAO for holders once minting is complete. Again, this is the same loose usage of the term described above.
Some of the best-known DAOs by the formal definition include Uniswap, Market DAO, and Curve DAO.
On the flip side, some of the most well-known DAOs in Solana (in the commonly used sense of the term) are monkeDAO, SolHub DAO, and Thomas DAO.
In Spain, the top ones are undoubtedly V1PS and Cats Family.
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