Former Cisco employee launches DAO to buy Denver Broncos

A new decentralized autonomous organization (DAO) has been formed to raise money in an effort to purchase the Denver Broncos U.S. National Football League team for around $4 billion.

BuyTheBroncos DAO aims to give fans a chance to own a piece of the team no matter their level of wealth. One of the organizers of the DAO, former Cisco employee Sean O’Brien, told CNBC on Feb. 19 that:

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

If it succeeds, it would join the Green Bay Packers among NFL teams owned by the fans. Fans looking to own a stake of the Broncos through the DAO could contribute as little as they like, as opposed to the $300 per share for the Packers.

Members of the DAO who contribute Ether (ETH) to purchase the team will be issued a nonfungible token (NFT) that says “will double as your ‘membership card’ that grants you access to the cooperative.”

BuyTheBroncos currently has a number of professionals among its 630 Twitter followers, including attorneys, accountants, software developers, professional athletes, and a mathematician.

Trustees of the team have expressed some urgency in shifting ownership over to a new party before the start of the 2022 season, but there will be no discount for the buyer. ESPN expects the team to sell for $4 billion, making it the highest price for a North American sports team in history.

It is unclear whether NFL commissioner Roger Goodell would allow a DAO to own and operate a team.

Related: $53 million raised for Assange showed the power of DAOs

A DAO gives relatively smaller investors the opportunity to pool their funds together to make a large investment as a single entity. This tactic was attempted with Constitution DAO, which attempted to buy a first-edition print of the US Constitution. It raised $47 million from 17,437 contributors but came up short at auction.

DAOs have also been used recently to aid crowdfunding efforts such as the recent Freedom Convoy movement in Canada.

All Dutch and English crypto news!

Ethereum preparing a ‘bear trap’ ahead of The Merge — ETH price to $4K next?

Ethereum's native token, Ether (ETH), continues to face downside risks in a higher interest rate environment. But one analyst believes that the token's next selloff...

Bitcoin, ether (ETH) en dogecoin (DOGE) pieken terwijl de dollar wegzakt: eindelijk tijd voor opluchtingsrally?

De Amerikaanse dollar lijkt eindelijk wat zwakte te tonen en daarmee de bitcoin bulls wat ruimte te geven om hun ding te doen. Als resultaat...

Bitcoin Pizza Day merch delivers lightning-fast style

Celebrate the 12th Bitcoin Pizza Day together with Cointelegraph.  Many crypto bull runs ago, Laszlo Hanyecz, programmer and early Bitcoin (BTC) miner, made history on May...

Terra collapsed because it used hubris for collateral — Knifefight

The rise and fall of the Terra blockchain and family of related tokens is both one of the most convoluted and one of the most...

Beste exchanges

Koop je crypto bij Bitvavo