A new decentralized autonomous organization has raised millions in its quest to buy a real-world golf course.The LinksDAO sold out of memberships over the weekend and raised more than $11 million in ether.Holders of the LinksDAO membership have the right to purchase a membership to the course.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
A new decentralized autonomous organization, or DAO, has formed and raised millions in ether as it hopes to buy and operate a real-world golf course for its newly minted members.
The LinksDAO sold out of its 9,090 NFT memberships over the weekend, raising it 3,109 in ether worth about $11.7 as of Monday morning.
DAOs have proliferated over the past few months as the crypto world builds its own model for crowd funding. Among the most well-known groups is ConstitutionDAO's, which failed to buy a 235 year-old copy of the US Constitution in November. The DAO lost its bid to billionaire Ken Griffin.
But LinksDAO's stated goal seems more attainable than ConstitutionDAO as it scours the US for a potential golf course to buy, operate, and maintain. The DAO sold 6,363 Leisure Membership NFTs, and 2,727 Global Membership NFTs for 0.18 ether and 0.72 ether, respectively.
The memberships give its holders various rights including the right to purchase a membership at the first physical club acquired by the DAO, along with governance rights via the $LINKS token which launched in early 2022.
Already, the LinksDAO Membership NFTS have seen a total sales volume of more than $3 million in the secondary market, with the average price hovering around $1,500, according to data from NFT Stats. While the memberships have already sold out, investors can buy them via OpenSea on the secondary market.
The LinksDAO roadmap includes purchasing a golf course in mid-2022, and opening it to the community by late 2022 or early 2023. From there, LinksDAO hopes to expand to additional locations and create a global membership network of golf courses.
The DAO will retain 10% of the supply of each membership type that it can later sell to raise funds for marketing, partnerships, and strategic purposes, similar to how a public company will sell its own stock to raise funds for growth purposes.
While Web3 is seen as living in a digital world with avatars and social hangouts, the LinksDAO highlights that a democratized form of ownership of real-life assets, like a golf course, can be enabled by cryptocurrencies and NFTs.
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