DENVER — The Denver Broncos are up for saleA crypto enthusiast group is seeking to raise $4 billion through a decentralized autonomous entity (DAO) to become their own.

A DAO can be described as a collective of people working together with no one leader. DAOs are different from a regular pool of investors. They use cryptocurrency technology to verify and track members and facilitate how large cash amounts can be raised and distributed. It includes a mix of accountants, lawyers, program developers, professional athletes, as well an at least one mathematical expert.

Sean O’Brien was one of the pioneers in this effort. He spent nearly a decade in it. CiscoBefore leaving the corporate world, he worked in the legal department of a small business with his wife.

O’Brien stated, “We are aware that it sounds crazy. But it’s also quite badass.” It is intended to provide an environment where fans can own Denver Broncos from any walk of life.

Pro football teams are highly valued at just under $4 billionIt is anticipated to be the most expensive in North American sporting history. according to ESPN.

In a statement, the trustees of the team stated that their goal was to sell the team by the start of the 2022 NFL season. CNBC hears O’Brien say that, while smart contracts and cryptocurrency wallets have been set up, their DAO will not officially go live until February 1. Therefore, “BuyTheBroncos,” must cover a lot quickly in order to be successful.

However, the secret weapon that Colorado Gov. has in his arsenal is a crypto collective. Jared Polis announced recently that he would accept crypto currencies for the state’s tax payments. CNBC interviewed Jared Polis, a pro-crypto lawmaker on Friday. ETHDenver — a major conference dedicated to dissecting the present use cases and future of ethereum — that he would be “thrilled” if their effort comes to fruition.

Governor said, “I would love to be a part of it myself.” Polis.

It will take money, but it is possible if you have the right imagination. The governor added that he would be willing to do whatever it takes to make it possible.

“Basically, people get together and form chat groups. Then they come up with a plan to pool capital. [typically]Turley uses an Ethereum wallet previously told CNBC.

The BuyTheBroncos contingent joins a long list of DAOs pooling funds to buy real-world assets. In July 2021, PleasrDAO bought a copy of the Wu-Tang Clan album once owned by Martin Shkreli for $4 millionConstitutionDAO was founded in November 2021 by a group of crypto-investors. pulling together $47 million worth of ether in a weekYou can try to buy an original, scarce copy of The United States Constitution at Sotheby’s auction. The winning bid was not placed by the group, but the movement gained worldwide attention. It also helped mainstream crypto crowdfunding.

ConstitutionDAO called for unity with the rallying cry “WAGBI”, or “we are all going to buy it.” In reality, only a fraction of those investors that comprised the DAO would have been granted ownership. Instead they would have received a “People” crypto token, which would have given them some voting rights on the future of this document.

Derek Sorensen is a PhD student in computer science and math at University of Cambridge, U.K. He advises BuyTheBroncos about how to organize the ConstitutionDAO.

It was almost like: we’ll raise funds, buy this Constitution. You don’t actually own the Constitution or any legal rights. Sorensen continued, “You can vote where it is placed but there’s not a legal guarantee.”

Sorensen claims that the BuyTheBroncosDAO will have a completely different governance structure. The group will fundraise using cryptocurrency but will be able to share in its management. Their plan is to create the group in a cooperative modelled after REI’s outdoor retailer REI. They believe this will allow them to be exempt from some SEC regulations that govern investing in securities.

While $4 billion sounds like a lot, there are organizations such as BitDAO that have a significant amount. more than $2.3 billionIts balance sheet shows that it is possible to accumulate crypto tokens worth over $1 billion.

It’s possible with crypto. Sorensen said that such a large sum is common. Sorensen said, “I’m extremely, very confident this amount of money is absolutely possible in web3,” but he added that he is an academic mathematicst and is therefore probably not the best person for assessing the business’s future success.

The BuyTheBroncos campaign has not seen much success so far. Its. Twitter accountAs of publication O’Brien’s previous two attempts at buying professional sporting teams through a DAO had been unsuccessful. However, the ConstitutionDAO origin story has a similar tone.

Miguel Piedrafita, a 19-year old ConstitutionDAO member, told CNBC that ConstitutionDAO was created mainly as a joke. Piedrafita claims that he saw an article on the Constitution being sold at the auction block and started to make memes about it. It was then that the idea took off.

We set up a Twitter account, then went to sleep, but the next morning, there were a lot of people following us. Piedrafita stated that she began to work with Sotheby’s, legal teams and museums to help put this all in motion.

What is the takeaway? Don’t underestimate the crypto-underdog.

CNBC also hears that BuyTheBroncos has an even better plan B. They hope to raise 25% to win the bid and then join hands with traditional buyers to cover the rest.

O’Brien remains optimistic about the success of the BuyTheBroncosDAO.

O’Brien stated that while having the Denver Broncos owned by fans in a DAO-based sports system would be incredible, it is not our ultimate goal.

This effort aims to essentially show people what a Dao can do in the real-world and create a real connection between web3 life with the real world. We believe it will accelerate DAO adoption to solve real-world issues such as hunger and unhoused persons.

Governor. Polis acknowledges that it would be a good idea if crypto-lovers could close the deal.

Polis stated, “I cannot play favorites.” Polis stated that although we aren’t able to pick favorites, the state wants a great owner for their team.