Quick Thoughts on web3 and DAOs

Like so many others this year, I have found myself taking a far closer interest in cryptocurrency and related fields such as decentralized finance (DeFi), non-fungible tokens (NFTs) as well as the nascent Web3, or decentralized web movement, including decentralized autonomous organizations (DAOs).
Unsurprisingly, as the number of acronyms even my opening paragraph hints at, the learning curve in this space is steep. Very steep. There are an astronomical number of projects, initiatives and concepts to be across, and the number grows seemingly by the hour. Even for people who are used to self-learning and taking the initiative when learning new things, it can be unforgiving to find your footing in the space.
However, that is part of the appeal for me. I always enjoy an intellectual challenge, and coming to grips with such a fast-moving field is certainly a challenge that appeals to me.

I will admit to being a sceptic of many aspects of cryptocurrency in the past. Like many, I briefly engaged with cryptocurrency during the 2017 boom. However, back then I treated it essentially like a gambling exercise, only looking to see if I could make a quick buck. I had little interest in the underlying technology and its use cases.
This time around, however, I approached the space in a vastly different way. Before making any investments, I spoke to a number of people experienced in the space to learn things from them. I did my due diligence to figure out what are legitimate projects and what are just scams or a quick moneymaking scheme, and overall I put more of a focus of being a participant rather than a spectator or speculator.

This leads me to looking into DAOs. There are DAOs for almost any conceivable function. However, the DAOs I sought out focused on education, onboarding new people into the space and that were trying to make entering the space a less daunting experience. I’m a strong believer in the power of education to help people realize their potential, utilize their skills and talents and as a means of empowerment. As such, one of the DAOs I am contributing to is called Crypto, Culture and Society, which focuses on the effects of the growth of cryptocurrency and web3 on society and culture. For all the great things about this space, it sometimes shirks at responsibly acting towards newer entrants in particular. This is partly the reality of the incentives of a rapidly growing, new system. There’s lots of quick money to be made, and with that, an abundance of people willing to scam and shortchange newer entrants. However, I believe if that cryptocurrency and web3 is to succeed, a more responsible self-governance and education is needed, lest this becomes imposed through heavy-handed and stifling regulation.

One of the great things about web3 is that you don’t have to have a tech background to get involved. There’s a place for almost anyone – marketers, community leads, writers, editors are among many of the sought out skills for DAOs and web3 projects. As the space grows as quickly as it has been, the demand for these skills grows accordingly. The main thing that’s needed is initiative and a drive to get involved.