This analysis pertains to the survey of BanklessDAO members taken in July 2022, sampling 197 bDAO members in total.
Note: The questionnaire had non-mandatory questions to ensure the members aren’t felt compelled to answer and to maximize the sample size.
We had 45% of GPs, 23% of L1, and 11% of L2s, followed by 15% Non-members of bDAO, as shown in Fig.1.
Let’s begin with Demographics of the Respondents:
We have 42% of contributors within the age group of 25-34 years, followed by 27% of respondents between 35-44 years, and 19% of respondents between 18-24 years. So, the majority of the contributors/respondents are between 18- to 44-year-old.
bDAO has 85% of male contributors, hence gender diversity is low in other DAOs (Fig.3.1) as well as bDAO (Fig.3.2). Further bifurcation of respondents from bDAO & other DAOs are shown in Fig.6.
23.8% of bDAO members are from the USA, followed by 16.2 % from Nigeria, 9.6% from China, 8.12% from Turkey, and 5.5% from India, followed by others.
Out of 23.8% of USA bDAO members, 19% are from California and other cities as shown in Fig.5 :
How many DAOs are you in other than bDAO?
Which other DAOs you’re contributing in?
How long have members been working in bDAO
The point to note here is that very few stay for long in bDAO, the reason for the same could be one of the concerns as per Fig.10
Are DAOs your primary source of income?
What is keeping you from moving to DAOs full-time?
48.2% of total respondents feel that the compensation isn’t stable, and 15% feel that it is too low. Followed by respondents who are working on crypto as a side gig (hobby).
How much do you make in USD equivalent/month?
How much importance each of the below holds for you?
[Income stability] [Health insurance] [More learning opportunities] [Fast-paced environment] [Supportive/helpful peers & work environment]
As per Fig.12, learning opportunities matter to the respondents as much as income stability and others, all of which hold high importance. However, income matters the least for some of the respondents.
How is your saving distributed (in %) among these asset classes? (Please note: this should add up to 100%)
Surprisingly as per the data below, 155 of the respondents have their savings saved as Cash/Cash equivalent, followed by Equity, Real estate, and mutual funds. Crypto being the highest, which isn’t surprising.
Which wallet do you prefer the most?
Metamask is being used by 76% of the respondents, followed by Ledger, Trustwallet, Coinbase.
When was the first time you acquired cryptocurrency?
With over 35% of the total respondents acquiring crypto in the past 1-2 years, seems like most of the influx has come during the same time period.
What is the most challenging or most painful part of using a wallet?
Believe it or not, the most talked about challenges respondents have mentioned are UI/UX, Security. Some of the interesting ones are:
- Nontraceable in case of hacking
- Mobile wallet failures - always needing to go to desktop for an optimal experience
- Many confirmations and waiting times
- cumbersome approval procedures, Network transformation, additional functionality, and fee burden
When did you first use a DeFi app (AAVE, Uniswap, etc.)?
How many NFTs have you purchased?
Which Marketplace(s) do you prefer to buy/sell NFTs?
Top 5 marketplaces:
OpenSea (Preferred by more than 41% of the respondents)
Rarible (Preferred by more than 7% of the respondents)
NBA Top Shot
What do you think is most valuable about NFTs?
31% of the respondents think “Community membership” is the most valuable, followed by “Art as an investment” voted by 20% of respondents, “Access to digital platforms or tools” by 17.44% of respondents, “Supporting artists” by 12.,21% and so on, as shown in the below chart.
Which communication tools do you use in your day-to-day work?
As you can see, Discord, TW, Telegram, notion, and email has made it to the top 5 communication tools voted by the respondents, however, the tools that didn’t make it to this list are Slack, WeChat, snapshot, Discourse, status.
Interestingly, some of the respondents use the below tools that weren’t there in our predefined list:
Google Hangouts, Signal, MS Office/Teams, Figma
Which social media platforms do you use on a regular basis?
21% of the respondents have selected Twitter along with other social media tools that they use on a regular basis, followed by YouTube, WhatsApp and so on.
What advice would you give to a Friend if they were to join DAOs?
- First, I would tell him what Dao is and ask him to get involved. The most important thing is to learn and understand first so that he can be more involved in Dao’s governance and participation. Because now is the era of Web3. Dao is also closely related to us. I believe we will have better development in the future
- Find where your skillset makes sense.
- Find a niche/skill you want to focus on and hone in on that. Find your corner of a DAO and be reliable and a mainstay there. I put myself in the AV Guild and I don’t usually venture too far out of there. As a result, AV is what I am known for and am able to provide alot of value in.
Thanks for having a look at our survey results!
Hope you find these helpful.