GM, BFFs! This week, we're sharing a big win for DAOs working on important causes. Plus, we rewarded bracelet holders with our biggest giveaway yet.
-- Caroline Fairchild, BFF Editor In Chief
Decentralization comes with a lot of power. DAOs — or decentralized autonomous organizations — allow community-led entities to operate without a central governing figure. They come with a sense of scale and speed that is unparalleled in traditional hierarchical organizations. And for social causes, they come with the promise of quicker results toward a better outcome.
That promise was realized last week when ChoiceDAO, a global community fighting for reproductive rights, opened for contributions last week. They aim to raise 650ETH for frontline initiatives that fight to protect reproductive health. They're doing all of this as a DAO, despite facing major regulatory headwinds while trying to get established after the overturn of Roe vs. Wade.
So why form as a DAO rather than as a non-profit? Speed and getting money in the right hands faster has a lot to do with it. While non-profits are seeped with traditional HR and administration costs, DAOs can sidestep those expenses to focus more on charitable giving.
When outsiders question the power of Web3, ChoiceDAO comes to mind as a prime example of the exciting innovations to come. That's why we're excited to help spread the word of what they are building even further. Brit — a founding member of ChoiceDAO — is hosting Sahar Afrakhan and Reshma Saujani for a Twitter Space on 7/28 at 3:30ET to discuss what they are all building together.
An Open Metaverse Alliance Is it metaverse? Or metaverses? Decentraland, Sandbox and other blockchain-based metaverse platforms are proposing standards to create collaboration across Web3 and other industries.Tesla's crypto dump He said he'd never do it, but he did. After investing $1.5 billion in bitcoin earlier this year off the currency's "long-term potential," Elon Musk sold three-quarters of his holdings through Tesla. Stablecoin payments in the U.K. A key adoption issue with crypto is payment processing. A bill from the chancellor of the Exchequer in the U.K would establish systems so stablecoins can begin to be used as payment. Crypto burnout is real Leaders in the crypto space spoke at a recent conference of the "burnout epidemic" impacting many of those working in the space during the bear market. A first in crypto A former Coinbase product manager was arrested for insider trading. The PM in question let his brother know in advance about tokens that would be listed on the exchange.
You've heard from us enough at this point that the "bear market" is really a "build market." But what exactly are the next generation of Web3 entrepreneurs building right now? And what are investors really looking for? Founding BFF Rebecca Kaden broke it all down for us in our latest Office Hours session.
Biggest giveaway yet!
We’re honored to be one of just a handful of communities picked to help PROOF with their mission to bring diversity and heart to Web3. As part of that partnership, we gave away 100 Moonbirds Oddities NFTs to the BFF community last week. Web3 is a community in and of itself. Partnerships like these solidify the connections to make that community stronger.From Our Founding BFFsQualia DAO Founder Jackie Courtneysaid in our Twitter Space last week that she was attracted to Web3 because of the opportunities to collaborate on many projects at a time: "If I want to do something, I commit to it and then figure the rest out as I go."
BFF x Fragile Friends! We would like to give a special shoutout to Jack, one of our talented community members. He brought us Fragile Friends x BFF! Aside from his adorable work, his mission is to make Web3 a more inclusive place. Check out his collection here.
This is not financial advice. If you don't want to spend money investing in crypto or Web3 — you don’t have to. The intent of this article is to help others educate themselves and learn.
