It’s a way to bring the company back into mainstream relevance while updating its centralized architecture to a more consumer-friendly decentralized architecture. Knowing that, we’re not entirely shocked Kickstarter has decided to embrace crypto. The point, however, was made – traditional crowdfunding is outdated… DAOs are where it’s at. While the DAO managed to raise $46.3 million from its many thousands of contributors, it was outbid by Citadel CEO Kenneth Griffin. Constitution, wherein a DAO – known as “ConstitutionDAO” – attempted to raise enough money to buy the rare copy. Today, money that we would have seen flowing through Kickstarter’s crowdfunding platform 10 years ago, has begun to grab headlines by flowing through distributed autonomous organizations, or “DAOs.” Take, for instance, last month’s auction of a rare copy of the U.S. It changed its designation to a public benefit corporation and began paying shareholders a dividend rather than reinvesting its profits toward the growth of the company. For every success story, there are plenty of not-so-successful stories, with some high-profile campaigns burning through Kickstarter cash only to never see the light of day.Īs its decline became evident, Kickstarter had to painstakingly admit to its investors that it wasn’t a hypergrowth company after all. But crowdfunding has lost its luster in recent years. In many ways, the crowdfunding spirit of Kickstarter echoes what’s going on in today’s digital economy. Indeed, it’s spawned a number of noteworthy projects since its 2009 inception, including Peloton, Oculus VR, and many more. For more than a decade now, Kickstarter has been at the epicenter of a crowdfunding revolution, convincing independent creators to build their dream projects and cut out profit-taking middlemen.
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