Global league Sail GP, founded by software tycoon Larry Ellison, is on the verge of having an entire team that’s owned and operated by crypto fans. The group is set to begin its fourth season in the latter half of 2023, and things look like they’re about to change up dramatically.
Sail GP Is Bringing Crypto to the Forefront
Sail GP has joined hands with blockchain development firm NEAR to allow crypto enthusiasts to engage with both their favorite athletes and teams in a variety of ways. The organization features the world’s top-rated sailors, many of whom have won Olympic gold and even the America’s Cups. In the coming months, Sail GP says it’s going to expand from eight to ten teams.
Through its partnership with NEAR, Sail GP will see to the release of several new non-fungible tokens (NFTs) that would grant holders partial ownership in the organization and its assorted teams through a DAO or decentralized autonomous organization. Russell Coutts, the co-founder of Sail GP, and Marieke Flament – the CEO of NEAR – explained in a joint statement:
That’s in some ways why this is so exciting. This is groundbreaking technology, a groundbreaking initiative. We don’t believe it’s been done before, especially on this scale, and when you think about it, with our events being all over the world, we’re not just in one territory. That’s of interest as well.
Those with ownership rights in the organization will be able to vote on important matters involving teams and have a say in the direction the group takes in the future.
A Whole World of New Fans
Coutts is himself a sailor from New Zealand who has won the America’s Cup a total of five times. He believes that the DAO will attract more than just sailing enthusiasts; he thinks this will open the door for a wide array of sports and crypto fans alike. He comments:
I think sports fans, racing fans, businesspeople, tech people… You can imagine this being a very diverse group of people, and they would probably feed off each other’s skills. The whole concept of, ‘Hey, we’d like to have a say in what’s going on,’ will appeal to a lot of people out there… We want to be leading in terms of tech, whether it’s our boats, our media, interactions with our fans. We want to be modern and leading. We want to be at the forefront of not just what’s happening today, but we want to be looking at and leading what’s happening tomorrow.
The world of NFTs has grown to unprecedented levels in recent years. What started out as a simple division of the crypto space in early 2020 has now expanded into a whole new industry that is valued in the billions. Many of these tokens sell for hundreds of thousands of dollars.