"DAOs are the institutional building blocks of “Web 3,” the blockchain-grounded decentralized utopia promoted as the future of the internet by a group of savvy investors, artists, futurists, and developers. Web 3 is “owned by the builders and users, orchestrated with tokens,” and combines “the decentralized, community-governed ethos of Web 1 with the advanced, modern functionality of Web 2,” as a widely circulated Twitter thread by Chris Dixon, the Andreessen Horowitz partner who led the investment in Friends With Benefits, put it."