Are DAOs gonna eat consulting?
- Writer Milk Man
- February 1, 2022
- •2 Min Read
GM, This is the Milk Road. We help you get smart about crypto, in less than 5 minutes a day.
In Today's Email:
- 💡 A cool use case for DAOs
- 🎙️ Kanye West Says F**k no to NFTs
- 🤑 Phantom Wallet is now worth $1b+
A Cool Use Case For DAOs
Most of you have heard of “DAOs”. It’s like a company, but there’s usually no CEO (community votes for decisions) and no job interviews (anyone can join).
Sometimes DAOs are just discord groups with bank accounts. (which is pretty cool too)
But I found a new use case for DAOs that I love.
I call them “Service DAOs”
Basically, they’re consulting companies, organized as a DAO.
Here’s how it works:
So let’s say you’re a freelance designer who has some extra time on your hands each week.
- Create a website, start marketing your freelance services (a lotta work)
- Setup a profile on Upwork or Fiverr (low quality, low pay)
You can join VectorDAO (a service dao that does design work for companies).
Companies submit a bounty like: “Hey I need my website redesigned in 7 days for $5,000”
“Bounty Hunters” will discuss exactly what needs to be done, timeframe and negotiate a price (either in crypto, stablecoins or even in the projects own token) to help completely re-design a website.
Short term - it will do well because they are “crypto people” offering services to “crypto companies” who have a lot of cash and need things like design, legal, etc.
But what if these ServiceDAOs start to eat into the $250B global consulting market? They have a few advantages:
- The gates are open. You don’t need to be a Harvard grad to get a position here, you just do the work and your reputation in the DAO grows.
- Because of that, they can tap into a global talent pool
- You don’t pay salaries. You only pay for work that gets done (like gig economy)
- They aren’t “employees”. Someone can work part time across 5 DAOs at once
- You don’t have to wear a suit, travel, or even tell anyone your real name. Just do the work.
I think a lot of DAOs are half baked. But I’m really bullish on service DAOs. These can make a lot of money serving crypto companies.
Here’s a few Service DAOs to watch:
- VectorDAO - for DESIGN
- LexDAO - for LEGAL
- Bankless Consulting - for STRATEGY
- RaidGuild- for PROGRAMMERS
Kanye West Posts on IG "Don't Ask Me To Do A F**king NFT"
How amazing would it be if Pete Davidson launched an NFT in response.. 😂
Phantom Wallet Raises at $1B+
IRL, your wallet holds your ID and your $ and every card just works
Your crypto wallet is exactly the same but for the web, it's the gateway to buying and connecting to everything in web3
It's no surprise that a ton of money is entering the space to go after owning the most valuable piece of web3
In November, Metamask was valued at $3b+ with 21m active users and now Phantom, Solana’s top wallet, is valued at $1b+ with 2m active users (just look at that growth from August to November!)
And....a bunch of new startups are building here, as a two new wallets just popped up on twitter: one from the team at Honk and one from the team at Luma.
I’m actively looking to invest in companies that are building new and interesting wallets - so hit reply if you know of anything (we’ll share the most interesting ones w all the roadies!)
Peace, love, and Pete Davidson,
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