From merely technical jargon, DAO has become a buzzword on social media for the past year and has impacted mainstream society in areas such as art, sports, law, real estate, and finance. Today TRON 101 will introduce some interesting DAOs to show how they can affect our lives.
Previously, TRON 101 introduced the ConstitutionDAO, an organization committed to purchasing an original copy of the United States Constitution in an auction. Although a failed project, ConstitutionDAO has inspired the rise of more DAOs, among which comes Krause House, who aims to purchase an NBA team.
Named after Jerry Krause, the legendary manager of the Chicago Bulls, the organization claims to be “a community of fans, the basketball lovers and purists”. It is not uncommon for a sports club to be fully owned and governed by its fans, but Krause House is the first to try to do so by using blockchain.
Krause House has been raising funds by selling NFTs since its inception and successfully received around $4.2 million from over 1,700 contributors within a week. A massive amount of money for sure, this is just a drop in the ocean if someone wants to buy an NBA team. After all, even the “cheapest” team then, the New Orleans Pelicans, would cost a potential buyer a whopping $1.3 billion.
But James Shamenski, one of the founders of Krause House, believes that it is only a matter of time. He even added “Future owner @PelicansNBA” in the Bio of his Twitter account. So, what is the Pelicans’ reaction to his plan? A team spokesperson sent an email that said: “Not for sale.”
Krause House has seemingly become more down-to-earth recently, undertaking projects to renovate community basketball courts in New Orleans. The organization is also reportedly making contacts with the NBA G League, WNBA, and teams from Australia and New Zealand.
LexDAO is a nonprofit organization of legal professionals, with the purpose of researching and developing fast and efficient legal tools and blockchain protocols. The organization believes that the codification of legal services will promote judicial justice.
Although LexDAO has lawyers as its members, the organization states that it is not a law firm and does not provide legal services. LexDAO even named its headquarters building “lexDAO Not Your Lawyer”. Oh, did I mention that the building is located in the CryptoVoxels metaverse?
In fact, the mission of LexDAO is to train legal professionals on issues such as blockchain, cryptocurrency, and Web 3.0, with the goal of developing blockchain tools to address legal matters in both the virtual space and the physical world. For instance, the organization launched a multi-signature group of legal experts as an alternative to arbitration services; they also designed an escrow system called LexLocker to hold deposits for the delivery of goods or services.
Given the fact that most DAOs are currently facing legitimacy issues, organizations specializing in legal matters like LexDAO may be necessary for the blockchain.