Crypto enthusiasts dao billion buy football

crypto enthusiasts dao billion buy football

The DAO is attempting to raise $4 billion in crypto to purchase the Denver Broncos, who are currently valued at $3.8 billion.

The rampant speculation around the future of the Denver Broncos was amplified when the Pat Bowlen Trust announced it was beginning the process of selling the franchise at the beginning of February.

As mentioned in the official statement, Allen & Company is acting as the Pat Bowlen Trust’s financial advisor. That is notable because Allen & Co. oversaw the sale of the Carolina Panthers, which was finalized in July 2018, for a then-NFL record $2.275 billion to hedge fund manager David Tepper.

If one group of cryptocurrency enthusiasts has it their way, however, this sale will be a little different.

DAO, to make it their own.

You can think of a DAO like a group of individuals acting in concert with no single leader. Unlike a normal pool of investors, DAOs rely on cryptocurrency technology to track and validate participation in the group, as well as to facilitate the inner-workings of how to raise and distribute large amounts of cash. This group includes an eclectic mix of attorneys, accountants, software developers, pro athletes, and at least one mathematician.

One of the people spearheading the cause is Sean O’Brien, who spent over a decade in Cisco’s legal department, before leaving the corporate world to run a few small businesses with his wife.

“We know it sounds a bit crazy, but it’s also a bit badass,” said O’Brien.

If the decision as to whether to sign a player requires the votes of 24 individuals every time, you hamstring your ability to do business and effectively operate the team.

Not every decision in life or business is binary, which is why you need an operational system that gives a certain amount of power to the members but also delegates power to decision-makers that can act at the speed of sports. For a DAO to be successful in operating a sports team, it would need a hybrid approach that vests a certain amount of power in a handful of operators while keeping the ultimate overarching decisions within the purview of the community — a true dichotomy between the macro and the micro.

This is a technology and an organizational structure that is still in its relative infancy but is constantly evolving.

Crypto enthusiasts dao billion buy footballer

The DAO is regulated by smart contracts which ensure every single member is subject to the same rules.”

The crypto group includes people from a wide range of occupations like athletes, accountants, attorneys, and software developers, with a stated aim to buy the Denver Broncos “as a community,” and put the ownership of the team in “the hands of the fans.”

If the group fails to buy Broncos in whole or in part, all the money collected will be reimbursed. The group’s DAO is expected to go live in the first week of March.

ESPN estimates the Denver Broncos to be valued at just below $4 billion. The team’s trustees earlier said that they intended to sell the Broncos by the start of this year’s season.

If the Broncos are sold, it would be the highest price tag for a team in the history of North American sports.

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Krause House DAOhide captiontoggle captionKrause House DAO

The Krause House DAO is a group organized by cryptocurrency fans that is raising money to attempt to purchase an NBA franchise.

Krause House DAO

Thousands of cryptocurrency investors recently raised more than $40 million and nearly — but ultimately fell short of — purchasing a copy of the U.S. Constitution.

Now, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.

In both cases, the crypto enthusiasts organized under what’s known as a decentralized autonomous organization, or a DAO, which is an online group with a collective bank account and a mission statement.

Calling itself Krause House DAO, a reference to the late Chicago Bulls general manager, Jerry Krause, the group of some 2,000 members raised the equivalent of $4 million U.S.

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The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”

The pro football team is valued at just under $4 billion, and it is expected to garner the biggest price tag in North American sports history, according to ESPN.

Trustees of the team said in a statement that the goal is to sell the team by the start of the 2022 NFL season. O’Brien tells CNBC that while the smart contracts and crypto wallets are set up, their DAO doesn’t officially go live until the first week of March, so the “BuyTheBroncos” cause will need to cover a lot of ground fast to have a chance.

But the crypto collective has a secret weapon in Colorado Gov. Jared Polis, who recently announced plans to accept cryptocurrencies for state tax payments by this summer.

That group has created a decentralized autonomous organization, more widely known as a DAO, called BuyTheBroncos, with the goal of doing just that.

DAOs are revolutionary because they utilize cryptocurrency and blockchain technology to fuel investments of this size.

According to Forbes, the Broncos were valued at $3.75 billion as of last August, good for 12th among the league’s 32 teams.

This specific DAO’s goal is to hit the $4 billion mark with crypto.

Former professional rugby player turned businessman Sean O’Brien is helping to lead the cause.

“We know it sounds a bit crazy, but it’s also a bit badass,” O’Brien told CNBC.

Outside of Wyoming, corporations and LLCs may create DAOs, but a DAO unto itself does not enjoy many of the protections that other business entities enjoy, such as being shielded from personal liability if they get sued. In other words, there are structural legal barriers that make contracting with a DAO or allowing to own/hold property something of an open question that the law has yet to really address.Joining the Club

The next and perhaps biggest hurdle becomes gaining admission to the proverbial club. If we think about the four major sports, those are legal entities or associations composed of teams that have the right to vote on the admission of new members.

In the NFL specifically, the Commissioner wields an outsized amount of power and is the initial gatekeeper with respect to which potential buyers may be put in front of the existing owners for approval.

NFL team Denver Broncos is officially up for sale and a group of crypocurrency enthusiasts are planning on putting their hat in the ring.

A decentralized autonomous organization, more commonly known as a DAO is raising the $4 billion USD in capital needed to acquire the Broncos. One of the major players spearheading the efforts is Sean O’Brien, who previously spent a decade in Cisco’s legal department. He said, “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.”

O’Brien confirms that the DAO does not officially go live until the first week of March. Dubbed the BuyTheBroncos DAO, they are willing to pay top dollar for the franchise.

The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos.”

“We want this effort to essentially open up peoples’ eyes to what DAO can do in the real world and make a tangible connection between this Web3 life and the real world,” he continued. “Our thought is that it accelerates DAO adoption for solving real-world problems, such as food scarcity or unhoused peoples.”

The idea of a group buying a team in cryptocurrency seems outlandish, but the organization has the support of Colorado Gov. Jared Polis, who announced plans for the state to begin accepting cryptocurrencies for state tax payments by the end of this summer.

“If your imagination is big enough, then it can happen,” Polis told CNBC. “And anything I can do to make it happen, I’d be happy to. I can’t play favorites.

NFT sale, ended Thursday morning.

The idea isn’t exactly a slam dunk yet.

For one thing, it is no where in the universe of what the group would need to place a credible bid on even the least-valuable NBA team (The Memphis Grizzlies, estimated to be valued around $1.3 billion).

Second, convincing the NBA to be open to a collectively-controlled crypto investment might not be the easiest sales pitch.

Organizers of Krause House DAO are asking the public to please refrain from laughing.

“We understand the reader’s first instinct may be to scoff at this and say owners will never let this happen,” reads the group’s so-called “flightpaper,” a nod to the more traditional white paper research report.

“It’s important to understand that there was a time not too long ago where players were at the same place on the totem pole where fans are today,” it says.

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