Thread by @WuCarra

gm. The rumors are true! We have invested in @FWBtweets, a DAO that has become the de facto home of web3’s growing creative class. a16z.com/2021/10/27/inv…

DAOs (Decentralized Autonomous Organizations) are the web3 group coordination primitive. They offer participants in tokenized networks governing power over the organization’s rules and resources, which are encoded in smart contracts.

Until recently, DAOs were used mostly to secure DeFi protocols, and DAO members consisted primarily of highly technical contributors.

Friends With Benefits is a new kind of DAO, founded initially as a token-gated Discord server. Joining FWB requires a written application, which the community itself reviews & votes on, as well as a minimum buy-in of $FWB tokens, which represent meaningful ownership in the DAO.

In addition to capturing the upside of the DAO’s creative output, the tokens come with governing power over a community treasury. By aligning the incentives of artists, creators, & builders, FWB is enabling a kind of renaissance for the next evolution of the internet.

Fittingly, they describe themselves as a digital city. The @a16z crypto team has been getting to know the citizens of this city for some time, and we couldn’t be more inspired by the creativity, ingenuity, and energy of this growing community.

https://twitter.com/fwbtweets/status/1425234208016928774?lang=en

We have long believed the creative class is among the most under-monetized talent pools in web2, driving the vast majority of the cultural value and capturing little of it in return.

Crypto offers a dramatically more incentive-aligned way for creatives to monetize. But there have also been adoption hurdles that are significant. FWB serves as the port city of web3, introducing a culturally influential class to crypto by putting human capital first.

Our goal is to offer guidance as FWB navigates the complexities that come with the next phase of DAO maturity. We plan to actively participate in governance and we will empower key community members through delegation.
a16z.com/2021/08/26/ope…

We’re thrilled to be a part of the FWB community as they lead the charge toward mainstream adoption of web3!