People are still figuring out what to do with DAOs, the decentralized autonomous organizations that typically allow members to vote on proposals through the number of crypto tokens they hold. Some are social clubs, others buy land, and some venture capitalists are using them to mingle with founders. Now an international sailing league co-founded by Larry Ellison, Oracle’s chairman and co-founder, is trying to use a DAO to own a sailing team.
SailGP, the two-year league that holds races around the world, is partnering with the Near Foundation, the non-profit that helped launch Near Protocol, a blockchain that supports decentralized applications. The protocol is backed by investors including Blockchain Ventures, Three Arrows Capital and Andreessen Horowitz, which bought tokens via the foundation.