We have talked about how commercial brands and creators have successfully ‘monetized’ their fame by issuing the NFT projects: some of them gain income by selling NFTs, and some have upgraded their brand images, or even become the ‘World first’ easily. This time, let’s change the angle from how the creators could be rewarded to what potential benefits the NFT holders could gain.
In the evening of January 12, the ‘Chapman To’s late show’ page announced that ‘late show’ will launch a series of NFTs called ‘Late DAO’, and these 10,000 pieces would be officially available for VIP members to purchase a week later. After it, the NFTs would be released to the public. According to the post, the first goal of ‘Late DAO’ is to buy a land in the Metaverse and build a Genius Bar, those who owns the ‘Late DAO’ NFT will be able to join the gatherings in the Bar, or even have the rights to sign up for the designated event ‘Chapman To’s Private night’ to ‘meet’ To in the metaverse.
All the ‘rights’ mentioned above are not things that strange to NFT veterans, as they are just virtualizing ‘community activities’ in the real world. But To, as a ‘rules-breaker’, will definitely not satisfy with just ‘copying’ things that have emerged, and with the word ‘DAO’, speculate that the ambition of this NFT series is surely not just holding meetings on the Internet.
To understand the greatness of ‘Late DAO’, one must, at least, gain some basic concept of what a DAO is.
Simply put, DAO (decentralized autonomous organization) is an organizational form that is co-created, co-constructed, co-governed, and shared by a group of groups holding the same consensus. And yes, the word ‘common’ reflects the amazing feature of a DAO. Its governance principle is not formulated by one person or one small group, but by each stakeholder; it is not controlled by a specific government, but is distributed on the blockchain, and co-governed by stakeholders. Moreover, when community members are strongly dissatisfied with the existing DAO, the most radical approach allows them to copy the open-source code completely, and then jointly create a new DAO. With these features, a DAO is a truly democratic and autonomous organization, or in other words, a ‘republic on blockchain’.
Although there were not many details about the project in the post, from its content, it can be assumed that the ‘Late DAO’ NFT holders could own a certain level of power to make the decision: from the streaming time, the content of the programs, to the main character of the coming movies, or even the directions of the whole company. Owning a ‘Late DAO’ NFT means that you have the chance to become the editorial team member, the producer, etc. And once the ownership of the NFT changes, the new member will join the community along with some exciting ideas.
It might be too early to evaluate whether ‘Late DAO’ can develop into an entertainment kingdom, but employing the concept of DAO in business planning is, definitely, stunning and deserves appreciation.