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DAO News

A DAO Attempts to Collect 4B USD to Buy Denver Broncos

The world of crypto news is filled with renewed buzz as the sector is breaking ground and now conquering the field of sports. BuyTheBroncos, a DAO initiative consisting of attorneys, accountants, software developers, and professional athletes have convened in a unified goal of owning and sharing the beloved Denver football team with the masses.

The possible deal has sent people in a flurry marking a milestone on how cryptocurrency can be used and valued in the marketplace. Join the gmBlockchain team as we further delve into this deal and share with you this breakthrough event in the world of sports and digital assets.

The DAO’s Rationale Behind the USD4 billion Acquisition Deal

The Denver Broncos, the professional American football franchise in Colorado, is now up for sale and is said to be valued under $4 billion. The pro football team is set to be one of the most expensive in North American sports history in the latest news by ESPN.

The team’s trustees stated that the team will be sold at the beginning of the 2022 NFL Season. In line with this move, BuyTheBroncos, a DAO (decentralized autonomous organization) has expressed interest in buying the team as a whole community to put ownership in the hands of its fans.

Spearheading the cause is Cisco’s former legal attorney, Sean O’Brien, a fellow crypto enthusiast owning some small businesses privately. “We know it sounds a bit crazy, but it’s also badass. The purpose essentially is to establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos,” O’Brien remarked.

The DAO headed by O’Brien has smart contracts and crypto wallets set up but wouldn’t go live until the first week of March 2022. They are further backed by Colorado Governor Jared Polis, a staunch advocate of cryptocurrencies, who plans to accept digital currencies for state tax payments by the summer of 2022.

The Group Behind the Denver Broncos Buying Attempt

Raising the community-led initiative is BuyTheBroncos, a decentralized autonomous organization dedicated to placing ownership of the Colorado-based professional athletics team to everyone. On its website, it states that anyone can join the group and take part in the initiative.

The group is banking on blockchain technology and NFTs to support this bid. According to the group’s website, “the blockchain is a lot of things, but for purposes of buying the Broncos, it can be thought of as a public, non-centralized ledger which provides a secure, transparent way for people to pool resources and participate in the purchase/ownership/operation of Broncos.”

gmBlockchain’s Thoughts

This bold move will mark a major win for the world of cryptocurrency as it cements its value in the world of finance, with this huge acquisition deal. It also opens up the space for more people who are hesitant to dip their toes in cryptocurrencies.

A decentralized autonomous organization can be a good first step to anyone who wants to understand the industry better considering its transparent nature—where everyone can have a voice in terms of governance, collective decisions, operations, and overall leadership of the group. We can see the appeal of venturing into sports as a good example of this endeavor.

Joseph Torres

Joseph began his journey with cryptocurrency two years ago. He now shares all his valuable knowledge as one of our regular contributors in the gmBlockchain team.
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