Ethereum and smart contracts enabled the concept of the decentralized autonomous organization. These for-and-non profit organizations without apparent hierarchy have become a major disruptive instrument in the current economic narrative.
The upcoming Web3 revolution is heavily leaning towards decentralized finance and NFTs as a new paradigm to leverage the mass adoption of new tech. And in the last two years, the results have been nothing short of stunning. DeFi grew into a $70 billion industry while some of the biggest NFT marketplaces like OpenSea are raking in over $5 billion in monthly volumes.
Consequently, a wide range of ethical DAOs have emerged on the market, jumping on the bandwagon of popularity. What’s more, many of them genuinely try to make the world a better place. In this Nouns DAO review, we take a look at one of those organizations that use NFTs’ utility to empower artists and communities. To this end, we thoroughly analyze how the Nouns DAO functions and what benefit it brings to the crypto ecosystem as a whole.
Before we delve deeper into our Nouns DAO review, let’s have a quick overview of DAOs and their applications.
Continue reading Nouns DAO Review – A Virtuous Circle of NFTs