I like to think that I’m working my “dream job.” After all, I love technology and I love stocks. What I do is in the overlap of those two things, and therefore, it’s a dream come true.
But, truth be told, there is probably one job I may like more than my current job. What might that be? Being an NBA franchise owner.
As many of you know, I played collegiate basketball, and from the ages of 5 to 22, basketball was life. My priorities have since shifted. Nowadays, I have a wife. I have a kid to take care of. And, of course, I have stocks to analyze. All of these are more important to me than basketball.
But hoops will forever hold a special place in my heart.
And while, at age 5, my dream was to play in the NBA, I’ve since come to realize that being six-feet tall, 180-pounds with greatly limited jumping capabilities doesn’t quite cut it on modern NBA rosters. So, today, my dream has shifted from playing in the NBA, to owning an NBA team.
The problem? I don’t have $5.5 BILLION lying around in spare cash.
That’s how much it would cost me to buy my beloved franchise, the Los Angeles Lakers, according to Forbes’ 2021 calculated valuation of the team.
Maybe one day… a man can dream, can’t he?
Or, actually, I don’t have to dream anymore. Because thanks to the blockchain, I no longer need $5.5 billion to own an NBA team. In fact, in the near future, anyone – you, me, our kids, our neighbors, etc. – will be able to own an NBA team for as little as a few bucks, thanks to what’s known as a DAO.
A DAO is a Decentralized Autonomous Organization, and it relies on blockchain technology for governance, as opposed to a central authority. Essentially, it’s a decentralized organization built on the blockchain, wherein governance of the organization is dictated by the organization’s participants, with voting power determined by “stake size.”
It’s democratized ownership. As opposed to one person or group owning an asset, a DAO allows for shared ownership of the same asset.
Let’s go back to the NBA team. Today, NBA teams are most usually owned by a single person – like Mark Cuban owns the Dallas Mavericks – and that single person has complete control over the actions of the franchise.
But with a DAO… well, with a DAO, that all changes.
Theoretically, an NBA team could be owned by a DAO, meaning that it would be partially owned by all the participants in that DAO, who could buy ownership in the DAO via governance tokens, and leverage those governance tokens to have a say in the actions of the NBA team.
It’s a doorway for the average NBA fan to become a part-time NBA team owner.
Granted, that hasn’t happened yet, but that’s not the point. The point is that it could happen very soon.
Because just last week, a DAO by the name of Krause House – named after the late Chicago Bulls general manager Jerry Krause – launched with the intention of raising enough money to own an NBA team.
Mechanically, the DAO plans to raise funds via the sale of NFTs on Ethereum, and in return, will offer three levels of governance corresponding to preordained contribution levels, wherein the more NFTs you buy, the bigger your governance stake. Eventually, Krause House believes it will sell enough NFTS – and pool enough money – to actually buy an NBA team.
The DAO is already off to a good start. So far, Krause House has sold 1,000 ETH worth of NFTs, equivalent to the group raising over $4.6 million.
Sure. That’s a far cry from $5.5 billion. But everyone – and everything – has to start somewhere, and this is a heck of a start for the Krause House.
Within a few years, we believe that a DAO will eventually buy an NBA team. Whether Krause House is that DAO, we don’t know. But we do know that DAOs represent the foundational ownership paradigm in the future blockchain economy, and that it is only a matter of time before the Lakers, Knicks, Nets, Rockets, and more are all owned by DAOs.
So, dream no longer. Owning an NBA team, folks, is within reach.
DAOs enabling common folks to own a stake in their favorite NBA, NFL, or MLB team is just a microcosm of the revolutionary changes being enabled by cryptocurrencies.
The simple reality is that cryptos are in the early stages of fundamentally reshaping the world, much in the same way that the internet was in the early stages of reshaping our world back in the 1990s.
And what happened over the past two decades? The internet changed the world, and internet stocks turning their early shareholders into millionaires.
History is repeating itself. Cryptos will reshape our world over the next two decades, and certain cryptos will turn their early investors into millionaires.
That’s a fact. The only question is: Will you be one of those lucky investors?
That’s a question I’ve been asking a lot recently. Especially with my upcoming collaboration between Louis Navellier and Eric Fry coming up early next week…
Because you’re still reading this, I have a good feeling that you are going to be one of those investors who changes their lives by betting smartly on life-changing, world-shaping revolutions such as the Crypto Revolution.
While my analysis varies greatly from Louis’ or Eric’s, we all share one thing in common – that is, our view on the opportunities to grow wealth in 2022.
And, in order to grow your wealth, you need know the right stocks and cryptos to buy today to make 10X or greater returns.
That’s something we plan to discuss on Tuesday, December 7, at 7 p.m. ET.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.