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By Sarojini McKenna, Co-Founder & CEO Dacoco, Co-Founder Alien Worlds
It has been two years since Troy Vincent, Executive Vice President of Football Operations at the National Football League, described the NFL as “a broken system.” The comment was made with respect to an indisputable lack of diversity, equity and inclusion in the sport; a problem which was fueled by private monarchical ownership that’s become a breeding ground for questionable ethics, both on and off the field.
As calls for much needed improvement and greater accountability continue to murmur, many pundits argue that a plausible solution to the NFL’s deep-seated issues is ongoing migration to a corporate structure. The concept has merit and has been adopted in isolation, with the Green Bay Packers the first and only community-owned team in the major league in the US. Despite being the solution the industry has conceived, it’s not the only solution.
The advent of blockchain technology has invited a world of new possibilities for the reconfiguration of finance, technology and business. One such metamorphosis is the DAO, or Decentralized Autonomous Organization. A DAO is a group of people that collaborate via a blockchain account using smart contracts, tokens and NFTs. Each DAO has a treasury made up of its own governance tokens. Members can stake tokens and vote on how the DAO is operated, thus dictating the strategic direction of the organization and working together to guide its success. In short, a DAO is an alternative system for ownership and operation of any given business whereby groups of people must come together to make decisions and drive momentum. They are, therefore, a plausible solution in sports where fans, players, coaches and support staff aspire to find alignment and equanimity.
Under this structure, participants are incentivized for meaningful contribution and participation. Input and involvement is remunerated with decision making power provided in the form of governance tokens, removing the oligarchical organizational control, which history long and short in sport and beyond has consistently revealed leads to the abuse of power, a lack of diversity and poor outcomes – typically for the most marginalized voices in the room.
So who could participate in a sporting DAO? The answer: anyone who wants to. Tokens held by members act as decision making power and influence. Naturally, this means that those with the financial means might be inclined to acquire a greater volume of tokens from the outset, however it opens up ownership to anyone with a vested interest in the organization’s success. This means even fans could directly influence the business machinations of their beloved teams. It’s a democratic system of governance that would ensure everyone’s opinion is heard and accounted for. Some might argue that fans, in particular, should not be entitled to any decision making power, but when it is their engagement and investment which keeps sport alive, at the very least it warrants debate.
It’s a simple fact that when we are personally, emotionally and financially invested in something, be it a job, a personal relationship, a business etc., we are more engaged and attentive, because success or failure will have first hand implications. This significance drives us to ask questions, learn, connect with our peers and make calculated assertions and decisions aimed to remove friction and strive towards the best possible outcomes. A sporting DAO would be no different. Imagine an ecosystem where fans, players past and present, their families, coaches and more could share their perspectives, impact change and know that when a touchdown is scored, the celebration is in part theirs to truly own.
About the author:
Sarojini McKenna is a Co-Founder of the breakthrough NFT Metaverse, Alien Worlds, one of the world’s most popular blockchain games. She has bridged traditional business practices with decentralized communities and concepts since the early days of cryptocurrency. Prior, she spent more than four years in M&A at Rothschild in London and has represented equity on Boards of Directors. Saro holds an MA Hons from Oxford University where she was a Mrs. JH McKeown scholar.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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