A Decentralized Autonomous Organization (DAO) based on cryptocurrency, Ethereum, is gearing up to buy a National Basketball Association (NBA) team through crowdfunding. Krause House DAO, named after the late general manager of the Chicago Bulls, Jerry Krause, raised 200 Ethereum (ETH), or roughly Rs 6.4 crore, in just 15 minutes of announcing the plan to buy an NBA team, reported Decrypt.co. The organization is currently sitting atop 475ETH, which amounts to more than Rs.15 crore.
The DAO, formed earlier this May, began its funding drive by selling NFTs a week ago. The NFTs that the DAO is selling are metaphorical tickets and provide the owner with access to their discord events and their servers.
Krause House launched its sale through a platform called ‘Mirror’ and met their initial cap of 200ETH in just 15 minutes. The next hard cap, the DAO has put, is at 1000ETH, or roughly Rs.32 crore. The funding is being spread across the internet under the project ‘WAGBAT,’ which elaborates to ‘We Are Going To Buy A Team.’
The co-creators of the DAO, Flex Chapman and Commodore (alias), told Decrypto.co that they had dreams to play in the NBA, and like many, did not see their dreams come true. They revamped their dreams and aimed to buy an NBA team. Initially far-fetched, their goals came a little closer to reality when they discovered DAOs.
Decentralized Autonomous Organizations created quite a buzz and hijacked mouths in the crypto community when a 17,000-large organization named Constitution DAO made a bid of whopping $40 million, or around Rs.298 crore, to bag a hand-written copy of the Constitution of the United States and marked the first time that Sotheby’s dealt with a DAO.
The Krause House DAO is tightening its laces to make a run for an NBA team with 1,300 people connected to Krause House discord servers.
However, the goal is far from reach as of now. And rightly so, since owning an NBA franchise is a heft deal with a team costing above a billion dollars. For example, the Utah Jazz was reportedly sold for $1.6 billion, while Brooklyn Nets were sold for $2.35 billion.
It will be exciting to see the journey of Krause House DAO that lies ahead.