Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»DAOs»Crypto enthusiasts are trying to raise $4 billion to buy the Denver Broncos
    DAOs

    Crypto enthusiasts are trying to raise $4 billion to buy the Denver Broncos

    By MacKenzie Sigalos
    February 19, 2022By CNBC News7 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    The Denver Broncos are up for sale, 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.

    You can think of a DAO like a group of individuals acting in concert with no single leader. Unlike a normal pool of investors, DAOs rely on cryptocurrency technology to track and validate participation in the group, as well as to facilitate the inner-workings of how to raise and distribute large amounts of cash.

    Donate to RareHippo Now!

    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.

    Trustees of the team said in a statement that the goal is to sell the team by the start of the 2022 NFL season. O’Brien tells CNBC that while the smart contracts and crypto wallets are set up, their DAO doesn’t officially go live until the first week of March, so the “BuyTheBroncos” cause will need to cover a lot of ground fast to have a chance.

    But the crypto collective has a secret weapon in Colorado Gov. Jared Polis, who recently announced plans to accept cryptocurrencies for state tax payments by this summer. On Friday, the pro-crypto lawmaker told CNBC on the sidelines of ETHDenver — a major conference dedicated to dissecting the present use cases and future of ethereum — that he would be “thrilled” if their effort comes to fruition.

    “I would be excited to be part of it myself,” said Gov. Polis.

    “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,” continued the governor.

    Denver broncos player drew lock passes against the kansas city chiefs.
    Denver Broncos player Drew Lock passes against the Kansas City Chiefs.Getty Images/Dustin Bradford

    They say this DAO is different

    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.

    The BuyTheBroncos contingent joins a long list of DAOs pooling funds to buy real-world assets. In July 2021, PleasrDAO bought a copy of the Wu-Tang Clan album once owned by Martin Shkreli for $4 million, and in Nov. 2021, a consortium of crypto investors formed ConstitutionDAO, pulling together $47 million worth of ether in a week to try and buy a rare, first-edition copy of the U.S. Constitution at a Sotheby’s auction.

    Although the group didn’t place the winning bid, the movement captured the world’s attention and helped to mainstream the concept of crypto crowdfunding.

    ConstitutionDAO’s rallying call was “WAGBI” or “we’re all gonna buy it.” But in fact, the thousands of investors who comprised that DAO would not have received fractional ownership of the document. Instead, they would have become holders of a crypto token known as “People” that would have granted them certain voting rights over the future of the document.

    The denver broncos cheerleaders perform at a game against the la chargers at empower field.
    The Denver Broncos cheerleaders perform at a game against the LA Chargers at Empower Field.Getty Images/Justin Edmonds

    “ConstitutionDAO was essentially a fundraiser,” said Derek Sorensen, a mathematician and computer science PhD student at the University of Cambridge in the U.K., who’s advising BuyTheBroncos on how to structure the DAO.

    “It was kind of like, we’ll raise money, we’ll buy this Constitution, you don’t own any of the Constitution, or actually have any legal rights to anything about it. You can vote on where we put it, but there’s no legal guarantee,” continued Sorensen.

    Sorensen says the BuyTheBroncosDAO will adopt an entirely different governance structure. 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. They also plan to form the group as a cooperative, similar to outdoor sports retailer REI, rather than a LLC, which they believe will exempt the owners from certain SEC regulations governing investing in securities.

    Crypto news & Views
    Sean o'brien
    Sean O’BrienSean O’Brien

    Buying the Denver Broncos

    $4 billion seems like a huge amount of money, though organizations like BitDAO, which currently has more than $2.3 billion worth of crypto tokens on its balance sheet, show that the effort is not entirely impossible.

    “It’s definitely possible in the world of crypto. That sum of money is not unheard of,” said Sorensen. “I’m very, very confident that this sum of money is absolutely doable in web3,” though Sorensen gave the disclaimer that he is an academic mathematician, and thus, probably not the best person to assess the future success of business.

    So far, the BuyTheBroncos cause doesn’t have much traction. Its Twitter account had fewer than 50 followers as of the time of publication, and O’Brien’s last two attempts to buy professional sports teams with a DAO were unsuccessful. But the origin story of ConstitutionDAO has a similar tenor.

    19-year-old ConstitutionDAO member Miguel Piedrafita told CNBC that ConstitutionDAO was started mostly as a joke. He says that he and his friends saw an article about the Constitution going up on the auction bloc, and they started making memes about buying it. From there, the effort snowballed.

    “We made a Twitter, went to bed, and the next day, we had a bunch of followers. So we started working with legal teams, museums, and Sotheby’s to try to put it all into motion, and it ended up kind of working,” Piedrafita said.

    The takeaway? Do not underestimate the underdog in the land of crypto.

    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.

    Even if the BuyTheBroncosDAO fails, O’Brien is optimistic that the effort will spread awareness regardless.

    “While having a fan-owned Denver Broncos in a DAO-based system would be amazing, that isn’t our final goal,” said O’Brien.

    “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.”

    But as Gov. Polis points out, it sure would be good if these crypto enthusiasts could seal the deal.

    “I can’t play favorites. Obviously, whoever buys the team, we’re totally, as a state, we want to have a good owner, but this would be really noteworthy for Colorado if they could pull this off,” said Polis.

    Read full story on CNBC News

    DAOs Investment
    Previous ArticleDogecoin Core Developer Bids Adios To The Project – Will This Hurt DOGE?
    Next Article OpenSea CEO Says NFT Exploit Was Likely a ‘Phishing Attack’

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Crypto Exchanges

    Crypto.com says ‘all funds are safe’ after alleged hack, but analysis shows $15 million of Ether is gone

    January 19, 20225 Mins Read

    Crypto.com, the five-year-old cryptocurrency exchange which boasts Hollywood superstar Matt Damon as the face of…

    Is cryptocurrency an alternative to remittances or an additive factor?

    December 29, 2021

    3 Metaverse Stocks to Buy Now

    December 3, 2021

    Demand for metaverse-related jobs in Dubai rise as digital economy thrives

    January 17, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.