Fans of the Denver Broncos have come together to buy the NFL team by trying to raise $4 billion via a decentralized autonomous organization (DAO).
The Next Big DAO
DAOs are the next level of resource pooling. It allows like-minded individuals to come together under a set of rules that are encoded in a transparent manner on the blockchain. Several similar fundraising DAOs have cropped up recently, the most noteworthy being ConstitutionDAO, which attempted to purchase a rare copy of the US constitution.
The BuyTheBroncos DAO (BBD) is gaining quite a lot of traction on social media by collecting followers on Twitter as well as recording high rates of website visits. The website highlights the purpose of the DAO and extends an invitation to participate to anyone who wants to. It also addresses fund loss concerns by claiming that investors will get their funds back in case the auction is unsuccessful.
A Stellar Team
The main goal of this DAO is to put the ownership of the team in the hands of the fans. Therefore, it comprises a group of highly accomplished legal counsels, financial experts, certified public accountants, software engineers, professional athletes, and even a mathematician.
CNBC reporter MacKenzie Sigalos spoke to one of the organizers of the BBD initiative, Sean O’Brien, who stated,
“We know it sounds a bit crazy, but it’s also a bit badass. The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”
The news has caught the attention of Colorado governor Jared Polis, who spoke about it at the ETH Denver conference,
“I would be excited to be part of it myself. The challenge will be it’ll take a lot of money…but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to,”
History In The Making
With over eight AFC championships and three Super Bowl wins under its belt, the Broncos have been one of the most successful NFL teams since 1975. Therefore, the sky-high price of $4 billion makes sense. The NFL is also opening up to different crypto ventures through major sponsorship deals. If the sale goes through at this price tag, it will be the record highest for any North American sports franchise.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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