The Rise of DAOs
Decentralized Autonomous Organizations (DAOs) are becoming the “companies” of the metaverse. These digital companies are operated by blockchain smart contracts and governed by “shareholder” votes via Discord.
The backbone of a DAO is its smart contract. The contract defines the rules of the organization and holds the group’s treasury. Once the contract is live on Ethereum, no one can change the rules except by a vote. If anyone tries to do something that’s not covered by the rules and logic in the code, it will fail. And because the treasury is defined by the smart contract too that means no one can spend the money without the group’s approval either. This means that DAOs don’t need a central authority. Instead the group makes decisions collectively and payments are authorized automatically when votes pass.
There are a number of do-it-yourself DAO applications coming to market making it super easy to start your own DAO in minutes such as Aragon, Colony, and DAOstack. There are also many DIY blogs and videos for creating DAOs such https://moralis.io/how-to-create-a-dao-in-10-minutes/ for the more adventurous developers.
Wyoming now recognizes DAOs as a legal entity — just like LLCs and corporations. Best of all, the initial filing fee is only $100 USD and you don’t even need to be a resident of Wyoming. Here’s the link to their application to get started today.
So now you’re thinking about starting your own metaverse company. It’s simple!
- Follow the steps above to create your DAO.
- Create your own 3D immersive metaverse space using Metaverses.io.
- Invite your customers and friends!
Metaverses.io is a no-code / low-code DIY metaverse platform. You simply claim your verse’s name and create a JSON-based metaverse configuration file which includes both A-Frame models and HTML includes such as videos, divs, etc.
Metaverses.io runs in any web browser on mobile, desktop, and VR devices such as Oculus and Vive and supports real-time audio and video communications delivered as user bubbles allowing everyone to move around your own metaverse space with spatial audio and video chat. You can even embed metaverses into your existing 2D websites!
Now you too can be a metaverse mogul without relying on the giant corporations to control it.
