Bitcoin Market to Launch Real Football Club via DAO and Distribute Tokens to Customers

Charlie Taylor

The Mercado Bitcoin brokerage will create a real football club, registered with the Brazilian Football Confederation (CBF), whose management will be entirely done in the metaverse via DAO (Decentralized Autonomous Organization). The project, classified by the company as “first in the world”, will be officially launched during the World Cup in Qatar, later this year. The club’s plan is to sift through talent throughout 2023 and officially enter the field in 2024. DAOs are governed by project token holders and are built on rules that automatically run on a blockchain. In the case of the new club, Mercado Bitcoin will issue a total of 100 million governance tokens, which will be used to fund the project and provide opportunities for people to invest and participate in the management of the team. Each of the 3.5 million Bitcoin Market customers will win one of the tokens, worth R$10, for free. ”. The tokens will also be able to be traded on the exchange’s platform and bring return on investment to their owners. One of the decisions to be taken by the community via DAO is to choose between dividing the financial result between themselves or keeping the profits as part of the team’s assets – which can then be used to buy new athletes, for example. The broker’s idea is that the tokens have a greater decision-making power than the currently existing fan tokens – whose choices, for the most part, are restricted to items such as the design of the team’s third uniform – although they generate income of more than US$ 350 million to those involved. biggest clubs in the world. Therefore, DAO will decide not only on the club’s own identity – its name, colors, badge and even the city where it will be based – but also on all strategic and financial management, a model classified by the company as “turbo fan token ”. “We want to show that there is a much smarter way to manage a team”, explains Sérgio Veiga, Sponsorship Director at Mercado Bitcoin. The brokerage says that the product is classified as a fan token, which does not fit the product into the category of securities, which are regulated in Brazil by the CVM. The only part that will be left out of the choice of the digital community of supporters will be within the field of play itself: team lineup, training, choice of substitutions and decision on who takes penalties, for example, will be in charge of the team coach. . In the event of a tie in the DAO votes, the issues will be decided by a committee composed of market executives from partner companies, with no political relationship with the team. A kind of value ceiling for decision-making should also be created, in order to prevent a single whale of tokens from having a disproportionate weight in decision-making.

Sérgio Veiga, director of the Bitcoin Market (Photo: Adam Tavares/Disclosure)

First steps

The activities of the Metaverse DAO Football Team – as the project is called while the final name is not chosen by the community – will begin with the choice of coach and coaching staff, in January 2023. From then on, the objective is to carry out screenings in all Brazilian states in search of talent to form the club’s under-21 teams, both in the men’s and women’s modality. The company says it will have an egalitarian salary policy regardless of gender, position or prominence. The first competition that the club seeks to participate in is the 2024 Copa São Paulo de Futebol Júnior. From there, the idea is for teams to start playing official competitions and climb steps to reach the upper divisions of Brazilian football. Veiga says that the inspiration for the team came from the experience acquired with tokens linked to Vasco and Santos — the fan tokens listed on the exchange’s platform — and from the sponsorships closed with Corinthians and Vasco. According to the executive, with the start of the Metaverse DAO Football Team, the Bitcoin Market will decrease its exposure to “traditional” football. The company will stop printing the Corinthians shirt as of June, “to focus its energy on the team that is starting”, he says.

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