Tokenized communities are collectively governed.This does not mean that token-holders vote on every decision in the community. Rather, it means that power in the DAO ultimately lies in the hands of token-holders.

For instance, app teams that pursue community ownership first (starting with a wide token distribution) risk engendering a community of speculators, rather than real users. Without a working product, ownership is worthless, and the community won’t stick. Many teams that have done this are unable to back into product/market fit, and as a resul

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