The former players of the prominent football club named Manchester United are constructing a DAO (decentralized autonomous organization) to enhance sports investment. According to a recent declaration, Paul Scholes and Gray Neville will collaborate with Kiat Lim and Paul Lim (the Singaporean business tycoons) to construct the CO92 DAO.
The partnership would be targeted toward permitting the fans to take part in the sport-related investments. Such projects resemble a venture capital fund however are decentralized and automated. The disseminated governance model permits the participants for having the voting rights to run the project.
On the project’s launch, Bloomberg was told by Kiat Lim that they are presently evaluating a series of opportunities of the project related to professional football, and a declaration would be made during the coming months. He added that the respective industry cannot be accessed economically or conveniently and the partnership would attempt to bring the cumulative experience gathered during the recent years with having high-level networks as the associates in the project and turn it into a remarkable success.
Potential drawbacks
In the meantime, it is noteworthy that many people criticize the current business model and do not consider it to be a decentralized project in a true sense. In their words, the voting power is usually centralized. Notwithstanding that, Mark Cuban – a well-known crypto investor – had anticipated in 2021 that some disruptive breaks related to business could be provided by DAOs.
He moved on to point out that every holder of the token in the respective application has an opportunity to position the network’s path, on equal grounds usually. That is the place, he revealed, where he would prefer to invest.
In the meantime, additional details regarding CO92 DAO would expectedly be provided in the coming days. Up till now, no information dealing with the investment amount and ownership structure of the project has been given. The QCP Capital’s founder, Darius Sit, the QCP Soteria Node’s founder, Sherwin Lee, and a former official from the Singaporean Monetary Authority, Gabriel Yang, are included in the people reported as being the participants of the respective DAO project.
Crypto and sports
It has been suggested by the reports that the venture capital companies cumulatively valued at $30B across the world of crypto in the previous year. In 2021’s November, nearly $700M was reportedly paid by Crypto.com for a contract of 20-years for the rebranding of the Staples Center of L.A. to Crypto.com Arena.
James Thompson