BuyTheBroncosDAO is trying to raise a fortune to acquire the professional soccer team. Colorado Governor Jared Polis expressed his support for the project.
A group of digital currency enthusiasts have formed a DAO (decentralized autonomous organization) with the intention of buying the United States professional football team, Denver Broncos.
The DAO, called BuyTheBroncosDAOsays that his goal is to give fans the ability to own a piece of the NFL team regardless of your level of wealth. One of the organizers of the initiative, Sean O’Brien, who is a former employee of the telecommunications company Cisco, explained to CNBC:
The purpose essentially is to establish an infrastructure so that fans from all walks of life can own the Denver Broncos.
To carry out the plans, the group will need to raise a staggering $4 billion. If successful, he would join the Green Bay Packers, an NFL team owned by fans.
Governor of Colorado supports the initiative
The project currently has the support of a group of professionals, including lawyers, accountants, software developers, athletes and even a politician. The Colorado Governor Jared Polishe told CNBC I would be “excited” to be part of DAO’s ambitions. Polis spoke about the initiative during the conference ETHDenverwhich was held over the weekend.
“The challenge will be that it will 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 do it.“, said.
It should be noted that DAO, a term that has become popular in the crypto space, refers to a group of people who use the technology blockchain to organize and operate as an entity with a common goal. In many cases, this objective includes raising funds with the intention of acquiring a physical or digital property.
DAO members can contribute cryptocurrency ethereum (ETH) in order to acquire the equipment. BuyTheBroncosDAO say what will issue a token non-expendable (NFT) for members, which “will double as your ‘membership card’ that grants you access to the cooperative“. With this, the organization seeks to give people, in an effective way, partial ownership of the franchise of the broncos and control over how the team is managed.
In accordance with ESPNthe equipment operator, Pat Bowlen Trust, announced the sale in early February. The media pointed out that the Denver Broncos they are valued at around $4 billion, the highest price for an American sports team in history.
BuyTheBroncosDAO have a backup plan
The project hasn’t gotten much traction so far. The initiative’s Twitter account has just under 800 followers at the time of writing this article. On the other hand, Cointelegraph noted that it is unclear whether NFL Commissioner Roger Goodell would allow a DAO to own and operate a team.
Fan. Owned. Denver. Broncos.
— BuyTheBroncos (@BuyTheBroncos) February 19, 2022
However, BuyTheBroncosDAO he says he has a backup plan in case he is unable to achieve his goal. In the event that the DAO does not raise all the necessary funds, the organizers intend to raise around 25% of these funds (still $1 billion) and from there coordinate with traditional investors to offset the additional $3 billion needed. .
“We want this effort to essentially open people’s eyes to what a DAO can do in the real world and make a tangible connection between this Web3 life and the real world.“, O’Brien explained about it.
The group’s efforts join a list of recent DAOs that have raised funds in order to acquire real-world assets. In November 2021, an organization called ConstitutionDAO captured the world’s attention after raising more than $45 million in one week to buy a rare copy of the first US Constitution at an auction in Sotheby’s. While the group did not make the winning bid, the movement spoke loudly about the power of DAOs for physical world projects.
Many other fundraising projects of this type have been formed in recent months. More recently, various DAO have taken advantage of this form of collective collection to support the cause of the movement Freedom Convoy in Canada.
Article by Hannah Estefanía Pérez / DailyBitcoin
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.