Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

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What's going on, guys? It is Sunday, July 10th, and that means it's time for Long Reads Sunday.

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I also work with FTX. So today we are talking DOWs. And DOWs are something that on the one hand feels super obvious to me, right?

Humans are inherently social creatures. We form groups for business purposes, for cultural purposes,

basically for all purposes. And because of that, the idea that we wouldn't keep evolving our

organizational forms just seems insane to me.

What's more, the internet creates totally new types of viable social connections between people.

And so in terms of those social connections turning into more active shared pursuits,

that also feels inevitable.

Right now, from an applied perspective, there isn't really much that sits between a Facebook group or a Discord server and an LLC.

And it feels like there's a lot of space of shared human pursuit that will fit in that middle eventually.

Dow's are crypto and Web3's answer to that empty space. And so in principle, I'm super interested.

The question, of course, is what DAOs are really useful for? Which types of these shared pursuits

are actually things that people will want to do over the long term? Put more venture capitalist

crassly, where is the product market fit?

The one thing that seems kind of for sureish to me is that people would use Dow's to organize

...