LinksDAO Wins Bid to Buy Scottish Golf Course
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A DAO shaped by people whose passions lie on the intersection of crypto and golf has proved you ought to purchase a million-dollar Scottish golf course by promoting NFTs.
LinksDAO, a crypto-centric group of some 5,400 golfers, submitted the successful bid for the Spey Bay Golf Club, designed in 1907 by the famous golf course architect Ben Sayers.
Founded in late 2021 at the peak of the crypto bull market, LinksDAO raised what was then $10.5 million dollars value of ETH by promoting NFTs that provide two levels of membership — Global and Leisure.
These present various ranges of DAO governance votes and the right to purchase individual or household memberships in the actual golf programs bought — Spey Bay being the first, assuming the deal closes after due diligence is carried out.
The most notable profit is access to some 450 golf golf equipment in the Links Play community. Others embody member-exclusive occasions, entry to a Discord community and varied different perks are additionally included.
CryptoSlam! places the total gross sales and resales of the 9,090 NFT memberships at $29 million.
It’s price noting that LinksDAO, the decentralized autonomous organization, won’t really own or run the club. Links Golf Club is a regular firm with the ability to do necessary issues like own property. The DAO itself is at its core a yea-or-nay organization that votes on whether or not to move ahead with acquisitions and other issues.
While the plan is to focus on U.S. clubs, the Spey Bay purchase received 88% of the vote.
GIven its listing price of $905,000, Spey Bay was seen as too good a chance to move up, Links’ leadership advised Golf Digest.
The plan is to spend cash on the somewhat-neglected, family-owned club’s maintenance.
The goal, broadly, was to “extra broadly democratize the nation membership membership expertise,” Links Golf Club CEO Jim Daly told CNBC shortly after LinksDAO was founded.
That stays the case, Links Head of Strategy Adam Besvinick told Golf Digest this week. He said:
DAO’s have made other steps into the true world, with Constitution DAO famously making an attempt — and failing — to purchase a replica of the U.S. Constitution for a staggering $46 million, but were up towards billionaire hedge fund manager Ken Griffin’s far-too-deep pockets.
More currently, Doge DAO is organizing a “pilgrimage” to Japan to meet Kabosu, the Shiba Inu canine behind the meme appropriated by Dogecoin.