Thursday, October 6, 2022
HomeSportsFormer Cisco employee creates a DAO for supporters to purchase the Denver...

Former Cisco employee creates a DAO for supporters to purchase the Denver Broncos

The Broncos' future owners might come from DAO.

A new DAO has been set up to get money together so that the Denver Broncos of the National Football League can be bought for about $4 billion on BuyTheBroncos. DAO will provide supporters with the opportunity to own a piece of the club regardless of their financial situation. Former Cisco employee Sean O’Brien, one of the DAO’s organisers stated that “the goal is to create an infrastructure that allows supporters from all walks of life to become owners of the Denver Broncos.”

If it is successful, it will join the Green Bay Packers as a fan-owned NFL franchise. Fans interested in owning a part of the Broncos through the DAO could invest as little as they wanted, as compared to the Packers’ $300 per share. Members of the DAO who donate Ether (ETH) to the team’s acquisition will get a nonfungible token (NFT), which BuyTheBroncos.com describes as “doubling as your membership card” that provides you access to the cooperative.”

The team’s trustees have stated a desire to transfer ownership to a new party before the start of the 2022 season, but there will be no discount for the buyer. ESPN anticipates the franchise selling for $4 billion, the biggest price ever paid for a North American sports team. It’s uncertain whether NFL commissioner Roger Goodell would let a DAO buy and control a club. A DAO allows relatively small investors to pool their cash in order to make a substantial investment as a single entity. This method was used by the Constitution DAO, which sought to purchase a first-edition print of the United States Constitution. It received $47 million in contributions from 17,437 people but fell short at auction.

DAOs have also lately been utilised to help with crowdfunding endeavours, such as Canada’s recent Freedom Convoy project.

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3 × four =

- Advertisment -

Most Popular