DAO or die 💀 /// why brands should use the power of DAOs

If your brand is about to leap into web3 you should consider using the power of decentralized autonomous organizations for a deeper customer engagement and understanding of their needs. DOAs will give you the power to see web3 through web3 customer’s eyes and give you a better understanding of your web3 customers needs.

For most blockchain pioneers and early NFT adopters, a year in web3 feels like 10 years in web2. Things are changing fast and there is no blueprint for what we are working on. Looking back into 2021, we saw a few brands experimenting with web3 and non fungible token technology. Some had an idea of where this could go, some had a vague plan and some failed. It’s okay to say that brands were mostly experimenting with the potential of web3, rather than knowing exactly what they were doing. Can’t blame them because again, there was and still is no blueprint for this. There is (almost) no web3 data and (almost) no experienced consultant to ask for advice. Because we just started and it’s just not web2.

However If your brand wants to succeed long term in web3 I guess we agree that this situation shouldn’t last forever. We must find a way to understand how web3 users think and act in order to turn them into
your future customers.

Long story (very) short: Web3 users aka your future customers think and act in groups. Better known as communities. And this is exactly how you should address them: As a community of like minded NFT holders.

But this is where it gets tricky. How do you address a community of hundreds or thousands like minded NFT holders in order to get a foot into the door of web3? Either you find access to an existing NFT community by knowing the person who runs the community’s smart contract (hard) or you build your own NFT community (harder).

If you manage to achieve one of those two options, here is what
comes next: Creating a Roadmap with instead of for your NFT community.

1. Turn your NFTs (not necessarily a native token)
into voting power. 1 NFT = 1 Vote.

2. Make sure you limit the amount of NFTs per wallet
to avoid whales overtaking your DAO.

3. Think of a rough roadmap. It’s okay to give your NFT holders
directions, but do not influence the outcome. So make sure you
give your NFT holders real alternatives.

4. Give your community a good timeframe of at least 2 weeks.
Motivate your NFT holders to take part of the voting process but
keep the fomo on a lower level if possible.

5. Accept the outcome.

6. Deliver (for example your next NFT drop and its utilities)
as close to the voting result as possible.

7. Say thank you and make sure your NFT community gets some sort
of benefit for taking part in the voting process. Maybe some free NFT airdrops with IRL utility. You name it.

Some NFT holders aka your community members may not be happy with the result or the outcome, end up selling their NFT and leaving the community. Thats okay, you can’t make everybody happy. However that will very likely happen in favor of a new user aka web3 customer who agrees with the community’s new status quo that he or she is joining. We could see this as a sign of rising quality standards within the community.

Insights: @nftlab_berlin we believe in the power of DAOs. In order to truly understand our NFT holders’ needs we are using this exact technique before engaging with brands outside the web3 ecosystem. Community first! (yes, we know what you’re thinking of…), that’s the way to do it. And while you read this text, our dev team is already working on the technical infrastructure to deliver a decentralized governance platform that makes it easy (and fun) to vote on proposals. We expect to launch in Q1 2023 under newtopia.xyz

Using the power of a DAO to fully understand your customers needs is your first step and opener into the web3 world. We strongly advise you to not simply transform your web2 experience into web3 and hope for a comeback. it will most likely just be a guess and end up somewhere,
where we are in 2021.

You can now start leaping into web3.

You got here just in time