The BuyTheBroncos DAO stands out in the world of cryptocurrencies.
The group of people who are setting out to buy the Denver Broncos are hoping to raise $4 billion worth of digital currency. CNBC spoke with one of the organizers of the Herculean effort.
Sean O Brien, who CNBC describes as one of the people spearheading the cause, said it sounds a bit crazy, but it is also a bit badass.
Decentralized organizations, or DAOs, are essentially collaborative efforts built on the blockchain with a stated purpose and rules that anyone can join. The SpiceDAO, and its hilarious $3.8 million purchase of Alejandro Jodorowsky's Dune adaptation in book form, is perhaps the most notable recent example of DAOs.
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ConstitutionDAO tried to buy a copy of the Constitution. That didn't work out either.
BuyTheBroncos hopes to succeed where the projects failed.
The project's website says that the Dakotas have already raised billions of dollars, they allow for all people to participate, and they provide the flexibility necessary to meet the rigorous barriers to entry established by the NFL. The Green Bay Packers are a fan-owned team in the National Football League.
The BuyTheBroncos DAO appears to be designed to grab the attention of the city and the community, if not its ether. With a pending Broncos sale on the horizon, the BuyTheBroncos DAO would have to act faster than a bronco.
This kind of project is exactly what the DAOs were made for. The aftermath of the failed ConstitutionDAO made it clear that they are not and that they need to issue refunds when everything goes to hell.
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