Decentralized autonomous organizations have drawn many eyerolls and shrugs. But a new model is emerging that has real legs as an alternative investment vehicle.
his is an incredibly risky move. I don’t know if I agree with this.’’ Erick Calderon, the founder of a company named Art Blocks in a risk-oblivious field, nonfungible tokens, was nonetheless concerned. It was February 2021, and Calderon was one of 59 investors who had banded together to potentially buy a rare set of 150 popular NFTs, CryptoPunks, directly from their producer, Larva Labs.
By using tokens, DAOs can efficiently allow votes, empower profit sharing and, crucially, supply liquidity, as tokens can be bought and sold—though for now, trading in tokens is not something the Securities and Exchange Commission is ready to bless. Exhibit A: Kinjal Shah is a partner at VC firm Blockchain Capital, in San Francisco, which has a traditional fee structure on $1.8 billion under management. Nevertheless, Shah cofounded a DAO called the Komorebi Collective, which has 35 female investors, $400,000 in capital and a goal of investing in crypto startups with female and nonbinary founders.
Yes, the populist teams and populist themes attract the headlines. PleasrDAO, which has about $100 million in assets and a mission, according to its “chief pleasing officer,” Jamis Johnson, that varies between doing “dope shit” and building “a portfolio of assets that represent internet culture,” shelled out $4 million for the Wu-Tang Clan’s one-of-a-kind album. It also spent $5.
In 2014, seeking more intellectual freedom and better hours, Wright began teaching law at his alma mater and combined his two careers, founding a legal clinic for tech startups and expounding on crypto and blockchain. In 2015, he advised the cofounders of ethereum on their first “crowd sale”—they sold ether for 30 cents that now trades around $2,500—and later offered his thoughts on The DAO.
Additional Tribute-fueled DAOs have sprouted almost organically. Last October, Neon DAO raised $20 million in just 45 minutes to invest in the metaverse and has already bought undeveloped virtual land. Two months later, Noise DAO, focused on music NFTs, closed in 30 minutes and raised $7 million. Red DAO raised $12 million in September to focus on digital fashion .
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