The crypto world is constantly evolving and introducing new concepts across the industry, with the DAOfication of games being the new talk of the town. The concept brings together the world of DAOs as well as GameFi. Understanding both concepts separately is the core to grasping the integration of these two worlds.
The Basics of DAOs
You might have heard the concept of Decentralised Autonomous Organisations (DAOs) floating around on the internet as of late, but what is it all about? DAOs are the new age of organisations, which decentralises its structures and processes – steering away from traditional, hierarchical organisational structures. The decentralisation of organisations means that there is not one single governing party (such as a CEO), but rather providing multiple stakeholders the opportunity to have a say in major company decisions, ultimately providing a flat organisational structure.
DAOs are made possible with advanced blockchain technology, where specific rules set up by the DAO are automated through codes, also known as smart contracts. This means that as long as the rules are followed by involved parties within the group/organisation – the funds and processes will be available. The premise of choosing DAOs over traditional organisational structures is based on eliminating human error, cutting out singular decision making, and focusing on building a truly democratic organisation. Gaining voting rights can depend on the DAO, but generally speaking, voting rights are granted through the ownership of tokens specific to the organisation.
A major driving factor to lean towards DAO structures is transparency. All stakeholders of a DAO, including customers and employees, are able to access financial information to make informed decisions about their inputs in the DAO. Additionally, due to the public nature of DAOs, gaining capital is most certainly an easier and faster task than in traditional markets.
The Marriage between DAOs and Gaming
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