DAOs—called “digital flash mobs with money” by one DAO manager—have, in recent months, rivalled N.F.T.s as the most hyped concept in blockchain technology.
In November, an online collective called Spice DAO bought a copy of a “director’s bible” for Alejandro Jodorowsky’s “Dune,” the nineteen-seventies film adaptation that famously failed to come to fruition. The group paid nearly three million dollars at auction, about a hundred times the book’s estimated price.
Spice DAO’s half-baked undertaking is just one of the recent stories that have been touted as evidence of the crypto economy’s recklessness. In November, a group called raised forty-seven million dollars in cryptocurrency to bid on one of thirteen extant original copies of the United States Constitution—and then lost the auction to Ken Griffin, the C.E.O. of Citadel. Others have announced plans to buy a golf course and an N.B.A. team ; one, called CityDAO, purchased land in Wyoming. But these sensational stories give only a partial picture of the burgeoning, by definition, is simply a business structure, akin to an L.L.C. or a C-corp.
“A year and a half ago, I had this thought that we should reboot The DAO in a way that would comply with U.S. law,” Aaron Wright, a law professor and a co-founder of the company Tribute Labs, told me. Tribute supports a network ofs such as Flamingo, which collects N.F.T. art, and Neon, which invests in metaverse assets, including digital fashion pieces and avatars. All members of Tribute’s network ofs are accredited investors, and the tokens are only transferrable to other members.
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