After the chaotic failure of one crowdfunded attempt to purchase a copy of the U.S. Constitution with crypto and its dissolution, another “decentralized autonomous organization” (DAO) has set its sights on an even more nebulous and seemingly doomed plan: buying an NBA franchise.
Technology Rumors
On Sunday, the Krause House DAO―named after Jerry Krause, the late Chicago Bulls general manager—announced it had raised 200 ETH (just over $800,000) within 15 minutes on Saturday and was now sitting at 477 ETH ($2 million) with a new goal of 1000 ETH (about $4.3 million). Mind you, the least valuable NBA franchise—the Memphis Grizzlies—is worth some $1.5 billion.
For Flex Chapman, simply watching basketball isn’t enough. He wants a world where fans have a say in everything, from voting on uniform designs to approving hiring decisions. Basically, the software engineer wants to buy an NBA team — using crypto. “It’s the purest form of win-win that a league like the NBA can have, which has so much power and have done all the right things,” Chapman said. “This is that way to level up where people can actually participate in the league that they loved for decades.”
Chapman, a pseudonym he goes by in crypto circles, is trying to bring the NBA into Web3 with his organization, the Krause House, founded this past summer. The group plans to replace the usual model of a single billionaire owning a team. Instead, its 1,200 members would collectively buy and run an NBA team.
The plan started in the summer and quickly became Chapman’s full-time job. He wouldn’t name names, but he hinted that the organization included NBA agents and former NBA players. The Krause House has yet to launch its token — it’s expected to go on sale next Friday — but Chapman didn’t think capital would be the issue. He was more concerned with proving to the NBA that the members aren’t “a bunch of guys in a basement rallying together to disrupt the NBA.” Rather, they’re dedicated fans who are “actually capable of doing this.”
Co-founded by former football players Andrew Hawkins (Hawk) and Troy Jones, StatusPRO is a sports technology and gaming company that combines player data and XR (augmented reality & virtual reality) to create a suite of training and fan engagement products.
