Yesterday, competitive sailing league SailGP announced that it has partnered with blockchain development platform NEAR to launch a sports Decentralized Autonomous Organization (DAO) for a new sailing team. Blockchain foundation NEAR becomes one of five sponsors of the two-year racing league.
Along with yachtsman Russell Coutts, SailGP was co-founded by Larry Ellison, co-founder, CTO and former CEO of software company Oracle. The sailing league is not the billionaire’s only sporting investment, he also owns the Indian Wells Masters tennis tournament.
With votes from members of the DAO community, potential fans could determine the new sailing team’s athlete roster, marketing options, team strategy, and make other important decisions that would traditionally be made by owners. or managers of sports teams.
“I’m really excited because this is going to take engagement to a whole new level,” said Russell Coutts, co-founder of SailGP. “Instead of thinking we know what the fans want, the fans will end up directing this, which I think is fantastic. Of course they (the fans) will come up with ideas that we haven’t thought of, and probably better. That’s the upside.”
In addition to engaging with fans of competitive sailing, SailGP expects the DAO to attract cryptocurrency, blockchain, and tech enthusiasts to the league. SailGP also plans to release non-fungible tokens (NFTs) as part of its partnership with NEAR.
Depending on how a DAO is structured, it may fall under the regulation of the United States Securities and Exchange Commission (SEC). SEC rules will apply if a DAO involves ownership of something rather than membership in a community.
Meanwhile, in sports, MotorDAO aims to give fans a voice in motorsport and provide a blockchain-enabled fan governance model across the entire sports industry. And professional American football league Fan Controlled Football announced a $40 million Series A funding round led by Animoca Brands and Delphi Digital. It has four teams where the governance of the team is determined by the NFT holders.