- Two prominent members from the 1992 Manchester United squad are planning to launch a sports-focused DAO.
- A billionaire father-son duo from Singapore would be contributing to the development of the Decentralised Autonomous Organisation.
- Critics believe that the DAOs are veiled under the name of Decentralised organisation, but the sports industry is consistently joining hands with them and the crypto industry.
Former stars of the football club Manchester United plan to launch a Decentralised Autonomous Organisation (DAO) and others from the industry and two billionaires.
Gary Neville and Paul Scholes, along with two billionaires based in Singapore, are launching a sports-focused DAO called the CO92 DAO, which aims to bring sports ownership to the masses and allow them to invest with the ex-football players.
The name CO92 DAO represents the prominent Manchester United squad of the year 1992.
The basic focus of the DAO would be the strategic investments related to Soccer-related projects and firms.
Although the details about the organization are still not clearly defined. But according to a report, there’s a possibility that the DAO might hold a public sale soon.
Peter Lim and his son Kiat Lim are the two Singaporean billionaires contributing to the development of DAO.
According to Kiat Lim, they are analyzing some varied professional football projects and opportunities in them. And that they will announce the developments in the coming months.
The Lim family is not contributing to a blockchain-based sports project for the first time. Earlier they launched a digital platform related to football which Christiano Ronaldo promoted.
The father-son duo also owns Valencia C.F., a prominent football club from Spain. They also hold shares in Salford C.F. city.
Nicky Butt and Ryan Giggs would be other members from the 1992 squad to be a part of the management team of the project.
DAO’s have made a significant position in the crypto industry in recent times. And similar to the other things related to the crypto industry.
DAO’s also are not free from criticism and doubts. Some people accuse them of having a centralized decision-making process. And that most of these are centralized and veiled under decentralized organizations.
They are usually launched for a purpose or aim. For instance, a DAO called AssangeDAO was formed for the release of Julian Assange, the founder of WikiLeaks, and it raised around $38 million.
Recently Manchester United signed a deal worth $27 million with Tezos Blockchain, after which the logo of the platform is expected to be seen on the club’s training uniform.
Exchanges like FTX and Crypto(dot)com have also partnered with the sports industry lately.
The sports industry is continuously collaborating with the crypto industry in some way or the other.
These partnerships contribute to promoting them and enhancing the fan experiences and are also adding positive points to the crypto industry. As doubts and skepticism always hover around them.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.