The Long Dash report, which comes from a May 2022 survey of 1,300 participants, may give brands more reason to experiment with DAOs as younger consumers seem interested in the opportunities they offer. The findings herald the emergence of a concept that Long Dash calls “consensus commerce,” in which brands invite consumers to take part in business decisions and earn rewards for their participation as co-owners.
Consensus commerce, according to Long Dash, follows the community commerce model that is popular on social media platforms, in which consumers engage with products through branded content, driving them to purchase. With consensus commerce, consumers can use the DAO structure to make decisions as a community for creating real products, hence the emphasis on “consensus”.
“There is a particularly strong power and community where consumers actually feel like they have a stake in the product and the brand, and if they do, they will engage,” said Kate Watts, CEO from Long Dash.
Blockchain technology plays a central role in DAOs, enabling secure voting procedures, transparent operations, and reliable reward distribution. Gen Z and millennial consumers have shown serious interest in blockchains across the crypto space; demographic accounts for 94% of all crypto buyers, according to data from Stilt fintech company.
Older consumers don’t seem as interested in DAO tools. According to Long Dash, only 34% of respondents aged 42-76 want more influence in brand decision-making, and 40% of this cohort expressed interest in using governance tokens based on cryptography. Interestingly, data from Stilt shows that Gen X spends more on crypto than any other generation, despite making up just 4.9% of all shoppers.