DAO (Decentralized Autonomous Organization) was Web3/crypto concept of governance via blockchain voting. Famous attempts included ConstitutionDAO (crowdfunding to buy Constitution, failed but raised $47M) and various investing DAOs. Reality: most were inefficient, scam-prone, and recreated corporate structures with extra steps. IRS tax treatment unclear, coordination nightmares, and crypto winter killed momentum.
Sources: ConstitutionDAO Documentation, DAO Project Analysis
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