What is a DAO?

DAO stands for Decentralized Autonomous Organization. You can think of a DAO as a company, organization or community that has a shared bank account, or shared crypto wallet.

A DAO is not run by any single person but by its stakeholders: this can either be defined as owning tokens from the DAO, owning a specific NFT, or can be based on contribution. DAOs are generally set up using smart contracts: a piece of code living and being executed on the blockchain.

DAO Figure.