Tuesday, October 4, 2022
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SailGP and NEAR protocol are creating a DAO

According to a statement released on Thursday, the global sailing league SailGP, which was founded by Oracle Chairman Larry Ellison, and the Near Protocol are collaborating to create a decentralised autonomous organisation (DAO) that would allow fans to own sports clubs.

Marieke Flament, CEO of the Near Foundation, stated:

“We’re ushering in a new era of entertainment by integrating sports and technology to take the fan experience to new heights, and we’re happy to be doing it alongside a like-minded organisation that shares our core values and vision.”

A decentralised autonomous organisation (DAO) is a blockchain-based corporation or firm administered by code rather than leaders. Anyone who buys the DAO’s native token has the opportunity to vote on crucial DAO issues. NEAR, the native token of the Near Protocol, is currently trading at a 7 percent premium. As early as Season 4 in 2023, the DAO team might enter the SailGP lineup. Athlete selection, team administration, and team strategy will all be determined by DAO members.

Ellison’s sailing league and Near’s developers will collaborate on integrated technology and research and development activities, such as ticketing, non-fungible tokens (NFTs), app integration and gaming, as well as worldwide Web 3 community development, as part of the multi-year agreement. “We are delighted to welcome NEAR to the SailGP family, and we look forward to them competing in the most thrilling sailing on the planet,” Ellison said in a statement.

Bessemer Venture Partners recently launched a DAO, and another DAO raised $3 million for Ukraine last month, demonstrating the growing popularity of DAOs.

Read more: Asgard develops a DAO to unite metaverse, decentralised finance (DeFi), and NFTs

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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