LinksDAO, a golf startup run by a decentralized autonomous organization, may soon make a bid for the newly listed Spey Firth Golf Club in Scotland, valued at around $900,000.
LinksDAO which bills itself as a “global group of golf enthusiasts” with a mission to build “the world’s greatest golfing community” officially began voting on proposals on Feb. 20 after weeks of informal deliberations.
This will be the first time a DAO has ever purchased a golf course. While voting officially closes on February 22 at 12:00PM ET, at the time of writing, more than 88% of the 4,100 LinksDAO token holders have voted in favor of the proposal.
If the final outcome still favors a purchase, the LinksDAO Acquisition Committee will meet with all parties involved to construct a "compelling offer" for the purchase of the club, with "full intention to successfully purchase the golf course," the proposal said. The proposal's authors "Bez," "Jim," "cbruce," and "nickwalkermsu" explained that while much of the DAO's research effort was in finding the right golf courses to buy in the U.S., "this list is too specific to neglect."
The author adds that the class is "playable today," and its high cap-to-low price ratio makes it a worthwhile investment.
"Even at three times the 'guide price', it is cheaper than most of the mediocre programs we have evaluated in the US to date," the authors explain.
So LinksDAO compressed the voting window to 48 hours to act quickly on potential purchases and hopefully get a good price for the club: "The timing of the sale requires us to act now, should we decide to participate in the process. We intend to execute this purchase while maintaining the pace of our efforts to acquire courses in the United States." LinksDAO is expected to fetch close to $900,000, roughly equivalent to its current market value, according to Golf Business News.
This 18-hole golf course is located in Fochabers, about three and a half hours' drive from Edinburgh, the Scottish capital. The DAO explained that the potential purchase would be funded by its fundraising fund and transfer of funds from its treasury to the company's bank account to support ongoing operations.
The authors of the proposal note that this will happen within 30 days of purchase. LinksDAO officially became a DAO in January 2022, backed by a $10.5 million fundraising campaign, and in just 24 hours, over 9,000 of its "casual" and "global" membership NFTs were sold on OpenSea out.
According to data from non-fungible token marketplace OpenSea, there are now 5,302 owners of LinksDAO members, which are issued on the Ethereum network. Members have an average base price of 0.29 Ether, or about $480 at current prices. LinksDAO’s market capitalization is currently $4.34 million, according to CoinGecko, although it’s not known how much money is in LinksDAO. NBA superstar Stephen Curry is one famous figure who invested in LinksDAO membership. However, it is unknown if he is still a token holder.
