NFTs
“By pooling resources across a large fan base, DAOs can crowdfund the vast sums of money needed to invest directly in a team”
“In theory, there’s huge potential for minority ownership facilitated by DAOs,” says Thomas Alomes, SVP and head of market insights at Sports Tech World Series. “By pooling individual resources across a large fan base, they can crowdfund the vast sums of money needed to invest directly in a team.” But the sums involved in major- league sports are astronomical. The takeover of Chelsea FC cost businessman Todd Boehly and VC firm Clearlake Capital £4.25 billion. No NFT-funded DAO is going to raise more than a fraction of that just yet. Also, federations like the EPL or NFL are simply too complex and large to be taken over by DAOs.
Socios’ Fan Token holders have influenced decisions, from the exterior look of the team bus to new kit designs. Some clubs have allowed fans to make choices about match-day warm-up music and locker room decorations. “You could even have your say about the starting XI,” claims Socios. FAN GOVERNANCE The potential of DAOs goes far beyond this, addressing a desire among communities to have more of a say in how their club operates, down to firing a manager or buying a new striker. In the face of that promise, voting on what the mascot wears seems (ahem) tokenistic.
FAN APP Socios.com explainer
50 FEED:XTREME SEPTEMBER/OCTOBER 2022
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