Their plan for a DAO, which will be run by its members and built on blockchain platform NEAR, is set to issue both security tokens and fan tokens. The security tokens represent ownership in the sailing team and will be made available to 2,000 accredited investors, whereas people who buy the fan tokens will be entitled to vote on team decisions.
The DAO that meets SailGP’s entry requirements is expected to be formed as early as this month, Coutts said. The community-led organization will need to decide whether to establish a new team or purchase an existing one out of the current nine national teams. “We believe this will be the first fully DAO-operated team under the U.S. securities framework,” said Coutts, CEO of SailGP. The team could join the championship as soon as June 2023 when the fourth season kicks off.SailGP races use identical foiling 50-foot catamarans capable of flying across the water at a top speed of 60 mph, and culminates in a winner-takes-all $1 million prize.
Ellison and Coutts have been steering SailGP toward being commercially sustainable with a zero carbon footprint. Their aim is to power its entire fleet with renewable energy by 2025.