A group of crypto community members formed a DAO (Decentralized Autonomous Organization) to acquire National Football League team Denver Broncos.
The team announced officially that it is up for sale and that the expected amount of the deal is over $4 bln. Therefore, the DAO with the name 'Buy the Broncos" has a goal to raise the amount. DAOs use blockchain technology to ensure a transparent and secure funding process. If the group doesn't buy the team, members will be able to get their provided amount back.
Buy the Broncos member Sean O'Brien believes that the perception around DAOs has been changed, as people now understand the collective ownership from the technological side.
Decentralized organizations have been growing in popularity with more people getting interested in the idea. DAOs allow people to take part in a certain group and make decisions together with other members. Currently, the largest of them is BitDAO, which was created to support builders of the decentralized economy.