#3 - How to start earning in DAOs
Thinking of ways to survive the bear market? DAOs might be your answer.
In this article, we discuss:
The DAO landscape.
How to contribute to a DAO: the secret to thriving.
Introducing yourself to a DAO.
DAOs are not just decentralized decision-making entities, they’re also flexible ways to earn some money. A DAO contributor can earn between $1000 to $3000 monthly depending on how much time they dedicate to contributing to a DAO. The best part is that DAOs are open to anyone with prior experience in a specific skill, willing to get in and do the work.
DAOs are designed to be open and permissionless. As opposed to startups or corporate entities where one would need to pass through lengthy recruitment processes of applications, interviews, and tests before getting hired for a role, anyone from any part of the world can join a DAO of their choosing. They could join, introduce themselves in its discord and get onboarded by fellow contributors, or fill up an introductory Google form where they’d list their skills, wallet address (for compensation), and crypto awareness levels.
You already know what DAOs are and how they can change the way we work. Let's dig into how you start earning in DAOs by learning the types of DAOs, what to look out for when choosing to join one and how to get onboarded.
The DAO Landscape
In the same way startups and businesses do not offer the same services, DAOs are not built to fulfill the same purpose. List of DAOs (a DAO database) has roughly 150 DAOs listed on its site, all of which focus on different missions. There are many types of DAOs, but these eight are enough to get you started.
Protocol DAOs are DAOs built to govern decentralized protocols like dApps or decentralized exchanges.
Grant DAOs are dedicated to providing access to grants to Web3 projects in need of funding, and in some cases, operational support. If you have any experience in non-profit donations, grants, and even support, Aave Grants DAO, MolochDAO GitcoinDAO, Metacartel grants, and Ocean grants DAO are amongst the best DAOs you could get into.
Media DAOs are community-operated media companies. They provide media services like marketing, research, content writing, or design to Web3 projects or clients. If you’ve any prior experience in media, Bankless DAO, Pub DAO, and Forefront DAO are a few DAOs you could consider joining.
Service DAOs provide services to different groups ranging from web design, content creation, marketing, and project management to the Web3 ecosystem. DAOs to look out for are:
Venture DAO members pool funds and use democratic principles to decide on what promising early-stage Web3 startup or project to invest in. Prominent on this list are:
Collector DAOs poos resources and capital together to collectively own or invest in promising NFTs or collectibles.
Social DAOs run on vibes and are focused on bringing like-minded individuals or creatives together to form social communities.
How to contribute to a DAO
The secret to thriving in a DAO is in choosing the right one. This would depend on your interests, skills, and experience. A developer would get more value and fit in easily in a developer-focused DAO, but a graphics designer might instead enjoy contributing to a social or creative DAO. This doesn’t mean you can’t contribute anywhere you’d like to, as long as you’re interested in a DAOs mission and vibe.
Just like crypto and NFTs, you’ll need to do your research on the kind of work the DAO of your choice needs. Let's say you look through the list of DAOs and find one or two DAOs that interest you. You should read through their website and documentation to be fully aware of what you’re getting into.
For instance, this Dropout DAO post has all you need to know about contributing to DropOut DAO. To contribute to this DAO, you’d need to get familiar with it, learn how you can contribute or if your skills are needed.
Then you’d introduce yourself and wait for the community manager who’ll reach out to you on onboarding details. If you don’t hear from anyone despite your intro, don’t feel bad or give up. Reach out again about getting onboarded. Self-determination is very important for DAO contributors, so as much as you get to decide how much time you’re willing to put in as a contributor, the DAO relies on every contributor to show up and do the work.
DAO intro format
A greeting + Your name + Your skills/experience + Where you’re from + How you hope to contribute to the DAO.
Hi, my name is John Doe, I’m a meme expert and community manager with 2 years of experience and I’d love to contribute to the media/writers’ guild.
During your onboarding call, you’d get the chance to ask questions. Don’t hesitate to inquire about how much and how frequently you’d be compensated. Some DAOs pay contributors weekly, bi-weekly, and some monthly.
Although DAOs are flexible and contributors can decide when and what to work on, they’re also fast-paced. There’s a tendency to get overwhelmed, confused, and in some cases, overworked, so don’t be in a hurry to get it at once and don’t over-commit to tasks. Easy always does it.
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Trivia⚡⚡⚡⚡
Test your knowledge
How do you introduce yourself in a DAOs discord?
Tweet your response at us using the hashtag #TriviawithFOW3. We’ll send the person with the first correct answer a POAP and guide them in opening their first Web3 wallet!
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