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A new DAO called Krause House wants to buy an NBA team and has raised $1.7 million in ethereum so far
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A new DAO wants to buy — not the US Constitution — but a professional basketball team.
The DAO is called Krause House, named after the legendary Chicago Bulls general manager Jerry Krause, Decrypt reported. Within a week, it's already raised $1.7 million in ethereum. It's a big number, but also far from the price tag on teams like the the Utah Jazz, which sold for $1.6 billion in December 2020, Decrypt said.
A DAO, an acronym that stands for decentralized autonomous organization, is essentially a group of internet friends who decide to form a group with a common purpose, like creating a social club or crowdfunding to make a purchase. The rules of that group are then established and enforced with an
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