There is a win-win strategy already earmarked by the team behind the BuyTheBrocos DAO such that the successful acquisition of the Denver Broncos or failure as the case may be will help further its agenda.
The technology behind cryptocurrencies is now being used by many in different unique ways, and a group of enthusiasts has formed a Decentralized Autonomous Organization (DAO) organized as BuyTheBroncos group. As the name suggests, the DAO aims to throw in a bid for the Denver Broncos, a professional American football franchise based in Denver, which has recently been declared that it is available for sale.
The target amount for the BuyTheBroncos team is $4 billion, and while the amount seems bogus, the organizers of the DAO (including a combination of attorneys, accountants, software developers, pro athletes, and at least one mathematician) are not seeing an impossibility in pulling this off.
“It’s definitely possible in the world of crypto. That sum of money is not unheard of,” said Derek Sorensen, a mathematician and computer science Ph.D. student at the University of Cambridge in the U.K., who’s advising BuyTheBroncos on how to structure the DAO. “I’m very, very confident that this sum of money is absolutely doable in web3.”
This comment, per the CNBC report, came with a disclaimer in which Sorensen said he is an academic mathematician, and thus, probably not the best person to assess the future success of the business.
DAOs are not an uncommon evolution of traditional organizations in the digital currency ecosystem of today. Back in November last year, a group of investors formed a DAO to buy one of the original copies of the United States constitution. While the amount pulled by the ConstitutionDAO team is just about $47 million, the bid on the constitution failed. Had it succeeded, the members of the DAO would not be able to get their hands on the constitution as a part-owner, and as such, the organization was structured to reward each participant with a token as a reward.
The BuyTheBroncos DAO is notably designed to be different as the group’s formation will be modeled as a cooperative to wade off any securities claims from the US Securities and Exchange Commission (SEC) or other relevant authorities.
BuyTheBroncos DAO: Turn in the Advent of Success or Failure
There is a win-win strategy already earmarked by the team behind the BuyTheBrocos DAO such that the successful acquisition of the Denver Broncos or failure as the case may be will help further its agenda.
While a win would speak well of the potentials of the tech behind cryptocurrencies, any form of loss would also help spread awareness that is arguably healthy for related initiatives in the near future.
“While having a fan-owned Denver Broncos in a DAO-based system would be amazing, that isn’t our final goal,” said Sean O’Brien, one of the main proponents of the DAO. “We want this effort 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.”
In principle, the DAO hopes to raise at least 25% of the total fund required to acquire the franchise while turning to other traditional investors to fund the rest.
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