Chris Paul looks on in the second game of the NBA Finals as Giannis Antetokounmpo goes to the basket.
Mark J. Rebilas is in a pool.
A new organization wants to buy a professional basketball team.
The Chicago Bulls general manager Jerry Krause was the inspiration for the DAO. Within a week, it has raised over $1 million. The Utah Jazz sold for $1.6 billion in December 2020, but it's far from the price tag on other teams.
A DAO is a group of internet friends who decide to form a group with a common purpose, like creating a social club or making a purchase. The rules of that group are established and enforced with a code on the block chain. The group mints its own currency.
Last week, the concept of a DAO shot into the mainstream when one called ConstitutionDAO tried to buy one of the original copies of the US Constitution. It was outbid by Ken.
"We're going to buy the constitution" was the group's slogan. "We're all gonna buy a team" is what the house says. The new DAO started raising money last week by selling NFTs, which are non-fungible, as admission tickets to the group's Discord server and an allocation of KRAUSE token.
It says on its website that it's a community of hoop fanatics that are crazy enough to buy an NBA team.
In a message to Insider, the DAO said it is on a pragmatic path to achieving its vision and is experimenting with basketball opportunities with the G League, the NBL, and the WNBA.
The group told Insider that this is not a question of if, it is a question of when.
The NBA should be more than just billionaires, but a movement of individuals that want to be a part of the greatest professional league in the world, according to its website.
Business Insider has an original article.
