The DAO will participate in the NFT drop of Yuvraj Singh.
Legendary cricketer Yuvraj Singh had announced earlier this month that he would be launching his Non-Fungible Tokens (NFT) in collaboration with Colexion.
The NFT represents the bat Singh used to score his maiden century.
Now, a Decentralized Autonomous Organization (DAO), in partnership with Polygon Studios, has been formed that would bid on his NFT drop. Its name is YuviDAO.
If the community wins the bid, it will collectively decide about the future of the NFT.
The wallet of YuviDAO is hosted on the Polygon chain.
Fans can contribute to the DAO by sending ETH.
The highest contributor will get a chance to bowl 6 balls to Yuvraj Singh.
And, if the DAO wins the bid, the next 3 highest contributors will be meeting the cricketer.
There are other prizes and perks as well including private events with Yuvraj Singh, match tickets, etc.
If the community fails the bid, the funds will be returned to the original owners.
A DAO is a democratic unit wherein members take decisions collectively through voting mechanisms. They are similar to cooperative societies as they pool their resources and run an initiative. It is the attempt at decentralized governance.
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Cover Photo Source: Flickr
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