In this week’s Affiliate Marketing Podcast, Lee-Ann sits down with Affiliate DAO co-founder, Cole Chapman to talk about all things affiliate marketing. In this tech-heavy episode, the podcast covers NFTs, DAOs, crypto and other concepts that are going to make their mark in the transition to Web3.
Cole has exceptional expertise, particularly in Web3 and DAO (Decentralized Autonomous Organisation), which makes for some interesting insights while talking about affiliate marketing.
Listen in on the conversation to find out more.
What is a DAO?
A DAO may well be a term that you haven’t yet encountered if you’re someone who has a passing knowledge of NFTs and other acronyms. In this week’s podcast, Cole explains it by saying:
“The best way to think about a DAO is that DAO stands for Decentralized Autonomous Organization.
“Decentralized in the sense that the decision-making and the power within the organization is distributed. The Autonomous, meaning that the individuals work on a self-managed basis. There are no bosses and there is no hierarchy like you would have in a traditional organization.
“The way that typically works and, I think, the best way to think about what a DAO actually is, is a bank account on chain, which we refer to as a crypto wallet, right? It’s a crypto wallet that is stewarded and governed by the collective community in a decentralized and democratic way.”
So, that’s what it is. And we don’t need to know how it works, we just have to know how to use it. Luckily, Cole goes on to explain the ins and outs of getting involved with a DAO.
What does it mean for users?
The introduction of Web3 is something that people on the ground, and in the affiliate marketing industry, have a lot of questions about. But it’s important to understand the core concept before we get into the details of answering these questions.
Cole told us: “What you’re seeing is that the kind of questions that are going to be asked in the 2020s are really going to be: “What is an NFT?” “How do I build a DAO?” “How do I tokenize my brand, my products, my community?” “What’s the difference between an NFT and a social token, right?” All these different types of questions that really resemble the concept of web three, which is on chain.
“So that is the entire internet. I think this is an important concept to grasp, that the entire internet is being rebuilt right now on top of the blockchain. The impact of that is massive. The wealth that’s going to be created as a result of the shift from web two to web three is going to dwarf the previous two eras of the internet.”
Understanding NFTs
The hype around NFTs has somewhat simmered down, at least in relation to bored apes, but they’re not gone and not forgotten. NFTs are not the bored ape itself, but essentially the signature of the artist, and they have millions of uses that will affect almost every facet of the future, as Cole explains…
“Everybody seems to have different definitions of what an NFT is. I think the simplest way to think about it is if cryptocurrency is on-chain money, if DeFi is on-chain financial strategies, then NFTs are simply on-chain products or assets of Web3.
“So, the early use case for those was digital art, right? … That was one use case of them. So, like I said, they’re tokenized assets, so anything that can be tokenized will be tokenized over the next five to 10 years. So that could look like your membership pass to a community is an NFT. That could look like your tickets to an event are going to be an NFT.”
If you are interested in more affiliate and social media marketing insights, take a look at our blog for all the latest news and advice. Or for a more personalised approach, book a free call with a member of our team.
Or, for the very best advice from industry peers, register to join us for our ELEVATE Summit in July. Elevate aims to bring you the latest affiliate, performance, and partner marketing insights from across the globe and it’s all available to stream from our website.
Listen to find out more about:
- Understanding DAO
- The big questions of Web3
- Defining NFTs
Key segments of this podcast and where you can tune into go direct
[5:00] – Cole’s background in digital and affiliate marketing
[16:00] – The benefits of moving to the blockchain
[23:00] – Community is the key to Web3?
[33:00] – The transition from Web2 to Web3
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