DAO 🤝 NFTs
, other blockchain technologies are also becoming increasingly popular in the digital space – namely Decentralized Autonomous Organizations . But what exactly is a DAO, and what does it have to do with NFTs?What Is a DAO and How Do They Work?or DAO is a community-led group governed using tokens or NFTs that grant members voting rights. DAOs operate using smart contracts to automatically execute a command whenever a set of conditions are met.
In a sense, a DAO functions similarly to a corporation, except it works without a hierarchical structure; it attempts to provide a new, democratic process through decentralized governance. Unlike a traditional organization, members of a DAO are not bound by any formal contract. Instead, they are bound together by a common goal or incentives written into their rules.
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