What are DAOs … wait a minute … WHAT ARE NFTS?

You might have seen news on digital art (like the one attached) selling for millions and wondered …

… wow rich people buying expensive jpegs ... what else has 2021 in-store for us?

Welcome to the crazy world of NFTs!

Before we go onto DAOs, here’s a 2-line crash course on NFTs

NFTs or Non-Fungible Tokens as the name implies, centre around “Unique” - acting as a transfer of ownerships for anything digital … art, contracts ... even patents.

Simple enough?

Well, going further down the Web3 rabbit hole, you come up with something stranger

Meet DAOs - Decentralized Autonomous Organizations

DAOs, for a lack of an exact translation - act as a decentralized company

DAOs sit a level above NFTs -- DAOs can own NFTs and create NFTs, plus do a whole lot of other non-NFT things

An NFT is a piece of digital media; a DAO could be a whole media company.

And although they might, in the traditional sense be akin to a decentralized company, they function more like communities working together

Confused yet?

NFTs, DAOs will act as the building blocks of the coming decentralized economy.

Hold your horses, Web3 is just getting started.