BitClout Founder Says Latest Project Will Be Huge For DAOs

The controversial BitClout founder Nader El-Naji says that his latest project will be a big deal for DAOs even though two of the prior projects are all but defunct so let’s read more in today’s latest cryptocurrency news.

DAODAO will likely do for DAO’s what OpenSea did for the NFT market as it aims to help people launch DAOs with only a funding goal and a name. The project is the brainchild of the controversial Bitclout Founder and it is dubbed “Diamondhands.” DAODAO will launch in April and will start by asking people to buy the tokens and the NFTs.

DAOs are one of the biggest things on the market right now and are often described as internet groups with a wallet so there are DAOS dedicated to everything from supporting Ukraine to producing media and buying a copy of the US Constitution. While DAOs are popular, they are pretty hard to manage and this is why El-Naji announced a new service that he says will do for DAOs what coinbase did for buying tokens. The proejct is called DAODAO and aims to make it easy for anyone to set up a DAO of their own.

El-Naji explained how DAODAO works and why he thinks that it will be a turbocharged era for the DAOdrivena activity. He made a compelling case but his past ventures and BitClout itself, give people a reason to stop and think twice. DAOs are a new way to raise money and to organize people quickly with some raising millions in a few days but the process is not as easy. Running a DAO often means collecting Ethereum from members and creating a so-called governance token and arranging a series of votes to determine the spending and policies.

The number of tools that exist to help DAOs with tasks such as treasury management and voting but DAODAOs wants to go a step ahead. The idea is to create a one-stop-shop where anyone can launch a DAO and raise funds. According to Bitclout’s founder, DAODAO aims to replicate the easy-to-use interface of NFT services but also to incorporate the decentralzied ideals of crypto. The DAODAO platform is advertising future DAOs with some names like PokeDAO though the projects seem to be much bigger.
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A counter on the DAODAO website claims that it raised $500,000 so far but according to El-Naji, DAODAO is not soliciting funds from professional investors.