Two former Manchester United football stars, Gary Neville and Paul Scholes, are launching a sport-focused decentralized autonomous organization (DAO) with two Singaporean billionaires.
ManU 1992 DAO
Available information shows that the DAO dubbed CO92 DAO would bring sports ownership to the masses, enabling them to invest with the ex-footballers. The name CO92 DAO represents the highly exalted 1992 squad of Manchester United.
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The DAO would focus primarily on strategic investments that belong to soccer-related firms and projects.
Currently, details about the project are still sketchy. However, Bloomberg reported the possibility of the DAO holding its public sale soon.
As said, this project would not be developed alone by the ex-footballers; it also enjoys the support of two other Singaporean billionaires Peter Lim and his son Kiat Lim.
“We are currently already reviewing a range of professional football project opportunities and will announce developments in the months ahead,” said Kiat Lim.
The Lim family is not new to blockchain sports ventures or investments in sports. Previously, they launched a football-related digital platform that was endorsed by Cristiano Ronaldo. The duo also owns one of the biggest football clubs in Spain, Valencia C.F., and they are also shareholders in Salford City F.C.
According to Bloomberg, other members of the 1992 squad, like Nicky Butt and Ryan Giggs, would be forming the project’s management team.
The rise of DAOs
DAOs in recent times have increasingly become popular in the crypto space. They, mostly, are launched to achieve a specific purpose or goal.
For example, FreeRossDao is currently working to secure the release of Ross Ulbricht, the founder of the darknet website Silk Road. The DAO successfully raised over $10 million to purchase an NFT auction of 10 Ulbricht drawings.
Another DAO looking to free a prisoner is AssangeDAO which was launched to fight for the release of the incarcerated founder of Wikileaks, Julian Assange. AssangeDAO raised around $38 million
However, despite the growing popularity of these organizations, skeptics have accused some of these DAOs of having a centralized decision-making process. According to the skeptics, most of these DAOs pretend to be decentralized, whereas they are highly centralized.
Sports and crypto keep intertwining
Sporting teams across the globe keep taking advantage of the nascent crypto industry to push its publicity and at the same time help improve their fan experience.
Just recently, we reported that Manchester United signed a $27 million annual deal with Tezos blockchain, which would see the logo of the crypto network appear on the training uniform of the club.
Apart from that, leading crypto exchanges like FTX and Crypto.com have signed a number of deals that would see their brands appear at strategic and iconic grounds around the world.
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