Cryptographic enthusiasts want to buy the NBA team after failing to buy the U.S. Constitution

Thousands of crypto investors these days Raised For over $ 40 million, buying a copy of the US Constitution was almost — but ultimately inadequate —.

Now, another group of crypto fans is gaining momentum with another acquisition target, the NBA franchise.

In both cases, crypto enthusiasts organized under Decentralized Autonomous Organization, or an organization known as DAO, an online group with collective banking accounts and mission statements.

Calling himself the Clause House DAO, a reference to the late Chicago Bulls general manager Jerry Cluse, a group of about 2,000 members. Raised Equivalent to $ 4 million in cryptocurrency Ethereum in 6 days. Crowdfunding in the form of NFT sales ended Thursday morning.

The idea isn’t exactly slam dunk yet.

For one thing, the group is the least valuable NBA team (Memphis Grizzlies, Estimated Worth about $ 1.3 billion).

Second, persuading the NBA to accept collectively managed crypto investments may not be the easiest marketing.

The organizers of Krause House DAO ask the general public not to laugh.

“We understand that the reader’s first instinct is to ridicule this, and the owner will never cause it.” reading The group’s so-called “flight papers” are in favor of more traditional white paper research reports.

“It’s important to understand that it wasn’t too long ago that players were in the same place on the totem pole with today’s fans,” he says. “There’s no reason fans can’t do the same if it’s organized correctly.”

The co-creator of Krause House DAO spoke to NPR solely under the pseudonym of social network Discord, and the money raised so far will be invested in future projects focused on becoming a bidder for a serious NBA team someday. Said. However, accurate planning of all new cash is not easy in detail.

Members of the group vote on where to spend their money. The ultimate goal is to be able to prove to franchise owners that DAO is an effective way to run a professional basketball team.

In that Discord community, organizers use “WAGBAT,” which means “buy a team,” to approve up-to-date information about the group.

The pandemic heralded a new generation of crypto investors, but there was little way to use the newly discovered wealth. Some have turned to NFTs (a type of limited edition digital collection), but now there is a growing movement to move to more sophisticated ideas, such as trying them out. Support creation The next version of the internet. this, Dubbed Web3Aims to give the masses of cryptocurrencies collective control over major online sites. DAO is part of that utopian dream and, like the NBA team, wants to co-own things in the real world.

Investor Michael Lewkowitz, who invested $ 100,000 in the Krause House DAO, rejected the question of whether the effort was a promotional stunt for the latest crypto community.

“Klaus House is absolutely serious,” Lewkowitz said in an interview. “We’re used to thinking of millionaires buying a team as a one-off event, but this isn’t the case. It’s something people get together and they’re really passionate about. Is to take ownership of the sport. Sports should be in the hands of those who care most about it. “

In some respects, the DAO community is still licking its wounds from the Constitution DAO flop.

The group, who bid on a rare copy of the US Constitution, Decided to dissolveInvestors are now trying to get back as much money as possible, some of which is swallowed up by the infamous transaction costs known as gas charges.

But Lewkowitz, who invested in Constitution DAO, sees a silver lining. Cryptographic fanatics tend to be enthusiastic and optimistic, so it’s not surprising.

“It can be seen as a lost bid, or it can be seen as thousands of people gathering around a common purpose and doing almost amazing things,” Lewkowitz said. increase.

The crypto fans who dominate the NBA franchise may be a dream for now, but of course, the members of the group now have NFTs.

Using the image NFT Similar to a ticket The fictional Klaus House basketball game gives the community voting rights in the form of $ KRAUSE tokens.

However, we acknowledge that the proverbial proverbs on this page may be the final result of this movement.

“Neither this ticket NFT nor $ KRAUSE promises future ownership of the team,” said the group’s site.

Copyright 2021 NPR. For more information, please visit

Cryptographic enthusiasts want to buy the NBA team after failing to buy the U.S. Constitution

Source link Cryptographic enthusiasts want to buy the NBA team after failing to buy the U.S. Constitution

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