Bright Moments DAO | Union Square Ventures
www.usv.com/writing/2021/08/bright-moments-dao
What Jamie wrote
Evidence of the massive potential of DAO's.
Yesterday, USV sent 500 ETH to the Bright Moments DAO and we got back one million Bright Moments DAO (BRT) tokens into our wallet. This is the third time USV has invested in a DAO and we will blog about the other two in the coming weeks. These are token transactions denominated in ETH and ERC-20 assets with no other paperwork. All governance is done inside the DAO (decentralized autonomous organization). In the case of Bright Moments, the DAO voted on our transaction over the weekend and approved it unanimously. This is a new world of business entity, governance, and a lot more that is exciting to USV and we plan to continue investing in it.
500 ETH as of today is $1.86M. DAO's have the potential to remove so much friction from groups of people organizing together, including traditional corporate entities.