- NFT collective BeetsDAO brought together Snoop Dogg and meme creator Chris Torres.
- Co-founder Jordan Garbis thinks DAOs will help harness the staying power of NFTs.
For NFT collective BeetsDAO’s co-founder Jordan Garbis, DAOs are a little like the Six Degrees of Kevin Bacon game—on the strength of their network effect, he thinks it’s highly likely that one member can pull strings to connect another member with almost anyone in the world.
Garbis speaks from experience. His 58-person collective managed to bring together the smoky-voiced rap legend Snoop Dogg with Nyan Cat meme creator Chris Torres for an NFT drop that pulled in $242,000 last month.
Speaking on a panel at this year’s Ethereal Virtual Summit powered by Decrypt, Garbis echoed the bullish DAO sentiments of Polychain Capital founder Olaf Carlson-Wee the day before. Where Carlson-Wee praised the technological and capital coordinating potential of DAOs, Garbis thinks their secret weapon is networking.
“The dream is to unleash the power of NFTs and create networks of communities that actually drive the value of artists,” he said. “We have almost anyone we can reach at any one time.”
🐕@SnoopDogg X @NyanCat 🐈⬛
Powered by @BeetsDAO
Edition: 1/1https://t.co/N0ZaRw4kuV pic.twitter.com/kaaFk43Z38
— ☆Chris☆ (@PRguitarman) April 17, 2021
DAOs: New forms of governance
DAO stands for Decentralized Autonomous Organization. DAOs are used to raise and coordinate capital and structure governance protocols according to the desires of their networks, with no single leader.
They mimic the structure of shareholder-led organizations through a fusion of automated decision-making tech, self-enforcing Ethereum smart contracts[/link], and the democratic vote of its network.
Garbis’s own BeetsDAO formed earlier this year on an EulerBeats Discord server. EulerBeats NFTs are a series of algorithmically-generated audio files with accompanying artworks. They allow holders to create “prints'' of their NFT files to resell as NFTs in themselves, in order to cash in on royalties. In their first week alone, EulerBeats generated $1.15 million in royalties. (EulerBeats are a project from Treum, which was incubated by ConsenSys; ConsenSys also funds the editorially independent Decrypt.)
Garbis’s EulerBeats-loving collective is made up of 58 people, who pool ideas and resources to invest in NFTs—and, as of the Snoop Dogg collaboration, also create new ones. Their first big group investment was the purchase of four EulerBeats NFTs in an "Enigma" auction.
Mark Cuban says the audio-NFT project @EulerBeats is “the most genius idea ever.” pic.twitter.com/En0NpTRti6
— Bankless 🏴 (@BanklessHQ) February 23, 2021
While Garbis enthused at length about the networking capabilities of DAOs, he was also quick to list their limitations.
“The network is really good at developing ideas together, but the biggest challenge is actually project management—going from meeting people and having ideas to doing something,” he said. “But that part is evolving everyday. The decision-making on-chain consensus gets us moving capital, but building is really something brand new. It’s something we’re all trying to figure out.”
Still, they’re in good shape enough as is, he thinks. Garbis highlighted how DAOs have helped developers collaborate while the pandemic kept them physically apart. “Collaboration can be done anywhere,” he said.
So, if you have an idea and you need to coordinate capital and build a global network, your best bet might be the democratic and trustless world of DAOs.