Modern Finance
May 18, 2021

Flamingo DAO - What You Should Know About Decentralized Autonomous Organizations with Priyanka Desai and Aaron Wright

NFT

Kevin sits down with fellow Flamingo DAO collaborators Priyanka Desai and Aaron Wright to discuss favorite NFT projects, what DAOs (decentralized autonomous organizations) are, how they operate, and how you can get involved with new and up-and-coming DAOs.

BIOs

Priyanka Desai is currently leading operations for OpenLaw, the project behind Flamingo and The LAOAaron Wright is a co-founder of OpenLaw, and a professor at Cardozo Law School.

SELECTED LINKS FROM THE EPISODE

SHOW NOTES

  • What are DAOs (decentralized autonomous organizations)? [1:08]
  • How did Aaron and Priyanka get involved in the world of NFTs and DAOs? [03:04]
  • What is OpenLaw, who founded it, and what is its mission? [05:07]
  • When OpenLaw began, was there a plan in place to form its own DAO? Does OpenLaw offer its services to others seeking to create new DAOs? [06:54]
  • Why are people turning to DAOs, and how are they better equipped to serve us in the 21st century than more traditional organizational structures? [08:14]
  • Would the DAO structure be a good fit for something like the WallStreetBets subreddit? [11:38]
  • Collective energy is a tricky thing. Kevin reflects on the Digg community circa 2006 and how a self-serving few can mess things up for the rest of the group. Aaron and Priyanka explain how a DAO might mitigate this danger. [13:49]
  • Are DAOs upscalable, or do they operate best at a capped number of users? [16:20]
  • How does someone set up a legitimate DAO? [20:57]
  • What questions should someone who's been invited to contribute to a DAO be asking to ensure they don't set themselves up for legal problems down the way? [23:56]
  • What are the legal ramifications of holding NFTs, cryptocurrencies, and digital assets from the LLC side? [26:15]
  • In what ways is The LAO intended to course correct what went wrong with The DAO, and who's been involved with it? [27:45]
  • What is the onboarding process like for someone joining LAO or Flamingo? [30:32]
  • How the organic conversations contributing to a DAO hive mind may have the advantage over traditional venture capital methodology in spotting new trends. [32:28]
  • Priyanka shares Flamingo's alien CryptoPunks story and how NFT characters can take on lives of their own. [39:16]
  • How Flamingo has been immortalized in Larvalabs' Meebits project, and how we might see the Flamingo brand further represented in the NFT space depending on where the DAO decides to go. [41:58]
  • How is a purchase (like the alien) prioritized by the DAO, and are there rules governing personal investment in projects not fully funded by the DAO? [44:04]
  • What's the procedure if the majority of Flamingo wants to sell an NFT? What options does an individual in the DAO have if they're for or against such a sale? [46:53]
  • Will OpenLaw be able to create DAOs on demand for people who want the advantages they offer without personally navigating whatever legal and technical hurdles might otherwise stand in the way? [49:37]
  • Top DAOs a novice might check out to learn more about how they operate. [52:28]
  • NFT projects Aaron and Priyanka are currently excited about. [56:28]
  • Parting thoughts. [58:56]

PEOPLE MENTIONED