S’pore entrepreneur Kiat Lim launches world’s first football DAO
Local entrepreneur Kiat Lim launched the world’s first professional football DAO to empower football fans to own a stake in the sport.
Called CO92 DAO, he is backed by Kiat’s father, Singaporean billionaire Peter Lim, and former Manchester United players such as Gary Neville, Ryan Giggs, Nicky Butt and Paul Scholes, all of whom are dubbed “legends” of the game. class of 1992.
DAO refers to a decentralized autonomous organization, and it is essentially a distributed governance model that connects people with shared passions, values, and beliefs.
In particular, CO92 DAO’s goal is to unite sports enthusiasts around the world with their passion for sports by allowing them to participate in decision-making for CO92 DAO-supported projects through token ownership.
Essentially, it allows football fans to invest in sports-related opportunities. Traditionally, participation in the professional sports space has generally been limited to wealthy investors in closed circles.
A DAO fills this gap, giving its tokenholders “more affordable and inclusive access” and tangible benefits that aren’t typically available to most fans.
“CO92 DAO’s goal is to make football fan ownership accessible to everyone. We have access to unique sports projects and want to work with fans to create value together,” Neville said.
The DAO will focus on strategic projects with football-related entities to create value, drawing on the expertise and access to professional sports projects of the Class of 92 and Peter Lim, a passionate sports owner of Valencia CF.
Some of these projects could include football clubs with high growth potential, as well as football-related technologies and businesses.
Revolutionizing the concept of football club ownership
CO92 is billed as the only professional football DAO rooted in the passion, ideas and knowledge of its former Manchester United creators.
“The Class of 92 have a unique view of the world of professional football on the one hand, and the passion of the fans firmly ingrained on the other. This means that we always pick the best projects and do it right with the community and the fans,” said founder Kiat Lim.
The 28-year-old entrepreneur has been heavily involved in the Web 3.0 journey. He co-founded ZujuGP to transform football consumption, followed by ARC, a social networking platform that uses non-fungible tokens (NFTs) as proof of membership.
With CO92 DAO, he focuses on revolutionizing the concept of football club ownership.
“It’s not a fan token. With CO92 DAO, the DAO structure democratizes professional sports ownership and breaks down traditional barriers to allow for more opportunities for involvement,” he explained.
“By building on the principles of an ownership economy and leveraging Web 3 technology, we are creating a more inclusive and engaging environment for fans to be involved in decision-making, participating in the whole game ecosystem and share all aspects of success. together.”
In addition to Kiat, CO92 DAO’s leadership team is made up of team leader Gabriel Yang, who sits at the intersection of technology, football and cryptocurrencies, and specialist blockchain and crypto advisors Sherwin Lee and Darius Sit, who is also the founder of QCP Capital.
Although still in its infancy, the CO92 DAO said it was already looking at a range of professional football project opportunities and will announce developments from the DAO in the coming months.
All in all, it looks like sports and crypto partnerships are becoming more mainstream. Most recently, Bundesliga league football club TSG Hoffenheim teamed up with Dogecoin-inspired Baby Doge Coin to announce their NFT partnership.
Additionally, the Lebron James Family Foundation recently partnered with Crypto.com to educate kids about blockchain technology, Metaverse, and all things crypto.
Cryptocurrency companies are also quickly becoming some of the biggest advertisers and sponsors in sports. According to a media reportthe crypto industry is expected to spend over US$160 million on sports sponsorships in 2022.
As CO92 DAO aims to connect football enthusiasts globally, it is poised to truly revolutionize the fan experience, empowering them to have an interest and potentially influence club decisions even from afar. .
The possibilities of what it can do for the sports arena are endless, and we can’t wait to see what it has in store for us as we head into Web 3.0.
Featured image credit: CO92 DAO/Alex Livesey via Getty Images