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DAO stands for Decentralized Autonomous Organization. A DAO is collectively owned and managed by the members. There is no central leadership. A DAO is sometimes described as an internet community with a bank account. Rules are coded into a smart contract and members, who have a stake, get voting rights. Financial holdings can be audited because the smart contract is on an open-source blockchain. Some NFT projects are being set up using this structure to become more community-driven.