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February 20, 2022 06:34 pm

Crypto Enthusiasts' DAO Tries Raising $4 Billion to Buy a Football Team

In NFL news, an American football team — the Denver Broncos — "are up for sale," reports CNBC, "and a group of crypto enthusiasts is aiming to raise more than $4 billion using a decentralized autonomous organization, or DAO, to make it their own...."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. "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.... DAOs take coordination of resources on the internet to a new level, according to Auston Bunsen, co-founder of QuikNode, which provides blockchain infrastructure to developers and companies. "They represent a new kind of organization moving at hyper speed," said Bunsen. Investor Cooper Turley, who has helped build several popular DAOs, says they're like an "internet community with a shared bank account." "Basically, a small group of people come together to form a chat group, and then they decide to pull capital together, [typically] using an Ethereum wallet," Turley previously told CNBC.... Though the group will still fundraise in cryptocurrency, the idea is to give people partial ownership, in which they will participate in deciding how the team is run... The BuyTheBroncos group also has a pretty solid plan B. Organizers tell CNBC the more realistic goal is to raise around 25% of the money needed to place the winning bid, and from there, join forces with a consortium of more traditional buyers to make up the difference. The group's Twitter account had less than 50 followers before CNBC's article — but 390 followers after the article ran. And O'Brien tells CBNC his ultimate goal is "to essentially open up peoples' eyes to what a DAO can do in the real world and make a tangible connection between this web3 life and the real world. "Our thought is that it accelerates DAO adoption for solving real-world problems such as food scarcity or unhoused peoples."

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