Cryptophiles Aim To Buy An NBA Team After ConstitutionDAO Flop. Over-Compensation Much?

  • After the recent failure of the crypto group ConstitutionDAO to purchase a copy of the Constitution, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.
  • It’s doubtful the group will accumulate enough cash (crypto or otherwise) to purchase even the least-valuable NBA team–The Memphis Grizzlies, valued at around $1.3 billion.
  • Convincing the NBA to embrace a collectively-controlled investment in the form of the cryptocurrency Ethereum will be an extremely tall order.

Bobby Allyn from NPR writes:

“Thousands of cryptocurrency investors recently raised more than $40 million and nearly — but ultimately fell short of — purchasing a copy of the U.S. Constitution.

Now, a separate group of crypto fans is building momentum with another acquisition target: An NBA franchise.

In both cases, the crypto enthusiasts organized under what’s known as a decentralized autonomous organization, or a DAO, which is an online group with a collective bank account and a mission statement.

Calling itself Krause House DAO, a reference to the late Chicago Bulls general manager, Jerry Krause, the group of some 2,000 members raised the equivalent of $4 million U.S. in the cryptocurrency Ethereum in six days. The crowdfunding, in the form of an NFT sale, ended Thursday morning.

The idea isn’t exactly a slam dunk yet…”

See full story here.



Categories: Business, Tech, WTF?

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