DAO Aiming to Buy NBA Team Has Quickly Raised $1.7M in Ethereum; Rose Law Group Founder and President Jordan Rose comments on the advantage of DAOs

By Jason Nelson | Decrypt

Hot off the news of a DAO quickly forming to bid on a copy of the U.S. Constitution, another is taking a shot at buying an NBA franchise.

DAOs, shorthand for “decentralized autonomous organizations,” are leaderless internet groups that are usually, but not always, governed by a cryptocurrency or token. Krause House, named after the late Chicago Bulls manager Jerry Krause, is a DAO launched earlier this year in May with one grand ambition: to pool enough funds to buy an NBA team.

Last week, the DAO began its funding drive in earnest by selling NFTs, non-fungible tokens that serve as ownership deeds tied to digital items.

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“We have recently been setting up and advising on decentralized autonomous organizations for everything from real estate to joint ownership of expensive assets like aircraft, so I am not at all surprised by this application.  DAO’s can be a solution to a fundraising limitation and provide each member great flexibility as to when they can exit the investment.”

Jordan Rose, Rose Law Group founder and president

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