In attempting to buy the US Constitution and an island in the Caribbean, DAOs (decentralised autonomous organisations) have been raising massive amounts of money in order to spend big. In the most recent of exuberant potential purchases, a DAO is now trying to buy National Football League (NFL) team the Denver Broncos.
DAO is the newest buzzword in the crypto world, and refers to a group of people who come together to raise funds for a common mission – in this case, BuytheBroncos needs US$4 billion to buy the the Denver Broncos.
We know it sounds a bit crazy, but it’s also a bit Badass.
Sean O’Brien, BuytheBroncos DAO
BuytheBroncos DAO frontman Sean O’Brien says that “the purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos”.
Politics Gets Involved
What sets this DAO apart from its precedents is that it has political support. The Governor of Colorado, Jared Polis, told CNBC at last weekend’s ETHDenver event that he would be “excited” to be part of the DAO’s ambitions:
“The challenge will be it’ll take a lot of money … but you know what, if your imagination is big enough, then it can happen. And anything I can do to make it happen, I’d be happy to.”
DAOs With Grand Ambitions
Besides this current attempt to purchase an NFL team, DAOs have already featured in the world of sport. Earlier this month, a group of former Manchester United superstars launched a sports-focused DAO to allow fans to invest in professional football projects alongside them.
In a completely different vein, late last year, the ConstitutionDAO tried to purchase a copy of the US Constitution at a Sotheby’s auction but were ultimately outbid by former Citadel CEO Ken Griffin. The DAO still managed to successfully raise over US$40 million – quite an astonishing feat.