This piece was co-authored with Derek Hsue and cross-posted here.

A decentralized autonomous organization (DAO) is a group organized around a specific mission that coordinates through a shared set of rules enforced on a blockchain. DAOs themselves are just organizational structures that control shared economic resources and/or protocol rules, and each DAO can be different in how it operates. Some DAOs are private and others are open for anyone to join and contribute. For some DAOs, active contributors can get paid by the DAO for their work.

Social tokens are tokens issued by individual creators or communities that enable community members to collaborate and share ownership in the value created together. Social tokens can be earned as rewards for contributing to the group and can be used for purposes such as granting access to a chat group or voting on community decisions. “Social token” is a broad term that encompasses personal tokens (formed around an individual), community tokens (formed around a community), and creator tokens (formed around a creator).

Social tokens are tokens issued by individual creators or communities that enable community members to collaborate and share ownership in the value created together. Social tokens can be earned as rewards for contributing to the group and can be used for purposes such as granting access to a chat group or voting on community decisions. “Social token” is a broad term that encompasses personal tokens (formed around an individual), community tokens (formed around a community), and creator tokens (formed around a creator).

A decentralized autonomous organization (DAO) is a group organized around a mission that coordinates through a shared set of rules enforced on a blockchain.

Non-fungible token (NFT) is a term used to describe a unique digital asset whose ownership is tracked on a blockchain, such as Ethereum. Assets that can be represented as NFTs range from digital goods, such as items that exist within virtual worlds, to claims on physical assets such as clothing items or real estate. In the coming years, we will see NFTs used to unlock entirely new use cases that are only made possible by crypto.