Decentralized autonomous organisations (DAOs) may prove to be a more important web3 opportunity for marketers than the non-fungible tokens (NFTs) which have dominated strategies in this space to date.

The background

NFTs – for instance, unique digital pieces of art and animated characters – have, to date, been at the heart of the marketing hype cycle around web3, an approach to the internet that focuses on decentralisation and using blockchains to keep track of transactions and interactions.

DAOs, by contrast, are groups of people on the blockchain who pool their resources to achieve a singular cause (such as creating a...