- A new decentralized autonomous organization has raised millions in its quest to buy a real golf course.
- LinksDAO sold out its memberships over the weekend and raised over $11 million in ether.
- LinksDAO membership holders are entitled to purchase a course membership.
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A new decentralized autonomous organization, or DAO, has formed and raised millions in ether as it hopes to buy and operate a real golf course for its new members.
LinksDAO has sold 9,090 of its NFT memberships over the weekend, raising 3,109 ether worth $11.7 as of Monday morning.
DAOs have proliferated over the past few months as the crypto world builds its own crowdfunding model. Among the most well-known groups is ConstitutionDAO, which failed to purchase 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 appears more achievable than ConstitutionDAO because it is looking in the United States for a potential golf course to purchase, operate and maintain. The DAO sold 6,363 recreational member NFTs, and 2,727 global membership NFTs for 0.18 ether and 0.72 ether, respectively.
Memberships give holders various rights including the right to purchase membership in the first physical club acquired by DAO, along with governance rights via the $LINKS token launched in early 2022.
Already, LinksDAO’s NFTS membership has seen 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 membership has already been sold out, investors can purchase it via OpenSea on the secondary market.
LinksDAO’s 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 for golf courses.
The DAO will keep 10% of the supply of each membership type that can later be sold to raise money for marketing, partnerships and strategic purposes, similar to how a public company would sell its shares to raise funds for growth purposes.
While Web3 is seen as living in a digital world with avatars and social hangouts, LinksDAO highlights that the democratic form of ownership of real-world assets, such as a golf course, can be enabled through cryptocurrencies and NFTs.