Crypto enthusiasts have embarked on a pretty crazy project. A Decentralized Autonomous Organization (DAO) has made clear its intentions to buy an NBA franchise with cryptocurrencies. In the first hours after this announcement, DAO Krause House raised 477 ETH or two million dollars.
It is Ethereum, a rapidly growing cryptocurrency, that is the centerpiece of the project. The pioneers are betting on crowdfunding, a system based on crowdfunding. A great challenge after an organization failed to purchase the manuscript of the United States Constitution.
While some observers believe that this initiative is already doomed to failure, the determination of its promoters and the enthusiasm it arouses could make a difference.
A disproportionate project with still opaque contours
DAO Krause is still a long way from mobilizing resources to buy an NBA team. If the members of this organization were able to quickly mobilize a few million dollars, this is still not enough. The smallest franchise in the NBA weighs at least 1.5 billion US dollars.
At present, the project guidelines are not yet sufficiently drawn and its documentation remains very limited and silent in many respects. A weakness of the initiators that heralds a probable disappointment of those who believe in it despite everything. The plans for this project seem like an inextricable jumble and very “vague”.
The promoters of this movement are probably aware of the ambiguous adventure they have embarked on and have stayed cool.
“The DAO will launch offerings in multiple small franchises to learn by doing and demonstrate their success and will seek to enter multiple sports in multiple countries.”
Excerpt from a section of the site about the DAO Krause documentation
Another DAO to be born?
A new trend seems to emerge with cryptocurrencies with DAOs. Other crypto supporters might take inspiration from the loopholes in recent DAOs to launch even crazier projects.
The still unlikely outcome of one of these organizations will mark a new era for cryptocurrencies. Although it will be necessary to defeat the army of crypto-skeptics who fear an alteration of the normal order of things today.
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