As we rocket through 2022, the web3 and NFT space continues to evolve at warp speed.
Grabbing headlines today, is the latest DAO with an ambitious moon shot set out before it. The aptly titled, BuyTheBroncosDAO is attempting to do exactly what its name pitches, become the first DAO to buy a major sports franchise, in this case the NFL's Denver Broncos. The latest estimate on the value of the franchise is sitting at around 4 billion dollars.
BuyTheBroncosDAO is the latest in pithily titled and boundlessly ambitious DAOs set out to do something extraordinary and culture changing. Sports teams have famously been publicly owned before, like the Green Bay Packers, but this would mark the first time that a professional sports team went fully web3 native, should the DAO succeed in their mission.
Part of the DAO's team include former blue chip tech lawyers and entrepreneurs with solid looking track records. The team is doxxed and their reputations seem legit and built for a project along these lines. The team has also smartly wrangled some political players into the early PR for the project, with Colorado governor Jared Polis being quoted heavily by business blogs and coverage. Polis comes out entirely in favor of the DAO succeeding, which looks to serve his state's political agenda of becoming a crypto first state. This is PR where everyone can win.
While web3 famously generates insane amounts of capital, a funding aim of 4 billion dollars is still a highly ambitious target. This is acknowledged by the founders of the DAO, unlike previous DAOs which have set an all or nothing approach to their financial goals. The founders of BuyTheBroncosDAO have lower tiered contingency plans that include raising only a portion of the 4 billion dollar franchise valuation, and then partnering with traditional investors to round out the purchase. It appears they are willing to stick with the project while having a firm grounding in reality.
This is what deciding to invest in something like BuyTheBroncosDAO represents. Before this time, there was never a chance for someone off the street, with no connections and no qualifications to be a part of bidding on a major sports franchise. If they succeed in achieving the impossible, what else previously considered untouchable will fall next?