How can Brands Use DAOs to Build Communities?How can Brands Use DAOs to Build Communities? https://www.visualstorytell.com/wp-content/uploads/2022/02/Brands-and-DAOs-thumb.png 366 222 Shlomi Ron Shlomi Ron https://secure.gravatar.com/avatar/906bcce31d9695cb030087534b5f0f6e?s=96&d=mm&r=g
“Brands think about DAOs as they think about how their brand develops over time and how close they would like their community to come into that. What really gets interesting is co-creation for DAOs. It allows the community – if the brand is willing – to participate in the development of the brand.”
As you manage your brand and the stories that serve as proof points to its ethos, what tactics have you been using so far to build a deeper bond with your community?
In an earlier story I’ve written about the various roles an audience could play; from passive to super active.
A new addition to your community-building tactics you may want to evaluate are DAOs (Decentralized Autonomous Organizations).
DAOs leverage the power of blockchain to form communities around a common mission.
Growing up in Israel, a DAO reminds me of a kibbutz but on the blockchain 🙂 Kibbutz or a commune is “an Israeli collective settlement, usually agricultural and often also industrial, in which all wealth is held in common. Profits are reinvested in the settlement after members have been provided with food, clothing, and shelter and with social and medical services (Britannica).”
What is a DAO?
According to Wikipedia:
“A decentralized autonomous organization (DAO), sometimes called a decentralized autonomous corporation (DAC), is an organization represented by rules encoded as a computer program that is transparent, controlled by the organization members and not influenced by a central government. A DAO’s financial transaction record and program rules are maintained on a blockchain.”
So with that, I figured it would be good to chat with Jeremy about how DAOs can also help brands build communities as part of their larger metaverse strategy.
In this episode, we talked about what is a DAO? What are the key types? Misconceptions? What are the benefits for brands as a way to build and mobilize audiences? The process of forming a DAO, examples, challenges, his top 3 tips – and much more (see full topic list below).
It’s all in the latest episode of the Visual Storytelling Today podcast.
Watch the full video recording of this interview:
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Topics we discussed:
Use the time stamp markers in the above video to navigate.
- 0:00 Introduction
- 2:11 Backstory
- 4:44 DAO definition
- 6:31 The process
- 9:39 Social tokens vs. DAOs
- 13:23 Managing conflicts
- 14:57 DAO types
- 18:15 Member roles
- 21:41 Legal & tax implications
- 24:10 Tools to get started (Aragon, Dao Haus or Syndicate).
- 26:03 Marketing goals
- 35:39 Success criteria
- 38:30 typical steps
- 41:23 Top 3 tips
- Posted In:
- Visual Storytelling Today
Shlomi Ron is the CEO of the Visual Storytelling Institute (VSI), the primary think tank that brings the gospel of visual storytelling from the world of art into marketing. A digital marketing veteran with over 20 years of experience working both on the agency and brand sides for Fortune 100/500 brands such as Nokia, IBM, and American Express. He started VSI to combine his marketing expertise with his passions for visual stories stemming from interests in classic Italian cinema (cafePellicola.com) and managing the estate of video art pioneer, Buky Schwartz (BukySchwartz.com). At VSI, he helps brands rise above the communication noise through visual storytelling consulting, training, and thought leadership. Select clients include La Mer, RTI International, Cable & Wireless, Pearson Education – to name a few. He currently teaches Brand Storytelling at the University of Miami’s Business School. Thought leader and speaker at key marketing conferences. He is also the host of the Visual Storytelling Today podcast, which ranks in the top 10 best business storytelling podcasts on the Web. His book: Total Acuity: Tales with Marketing Morals to Help You Create Richer Visual Brand Stories. What makes a good story? He always says "The magic happens the moment your brand story mirrors your customer’s personal story." Outside work, he is a nascent bread baker, The Moth fan, and longtime fedora wearer likely to jive with his classic Italian cinema interest.All stories by: Shlomi Ron
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Really interesting content!
I represent a large CPG company and we are working to establish DAOs around a few of our portfolios/missions.
I’d be really interested to see a series of case studies of companies that have already employed DAOs into their strategy mix.
Thanks again for the insight!
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