SailGP, the most exciting racing on water, has amended its rules of participation to allow for a community-owned and managed team. NEAR will power the new Fan-Owned Team, a blockchain platform that enables decentralized applications.
SailGP is a global sports league with high-speed sailing races and cutting-edge hydrofoiling boats. The league consists of eight national teams that compete in eight events across five continents.
Each event consists of two days of racing, with the winner taking home one million dollars.
SailGP has recently announced a groundbreaking initiative that will allow fans to own and operate a team in the league.
The first fan-owned team in global sports will build on NEAR, a blockchain platform that enables decentralized applications.
NEAR is a scalable, secure, and user-friendly platform that allows developers to create applications that run on a distributed network of computers.
The platform also uses a proof-of-stake consensus mechanism that rewards participants for securing the network and processing transactions.
Through its Rainbow Bridge protocol, NEAR supports interoperability with other blockchains, such as Ethereum.
The Fan-Owned Team will leverage NEAR’s technology to create a decentralized autonomous organization (DAO), a community-governed entity that operates through smart contracts and token voting.
The DAO will issue tokens to fans who want to join the team and participate in its management and decision-making. The tokens will also grant fans access to exclusive benefits, such as merchandise, events, and content.
A Community-Driven Vision
The vision behind the Fan-Owned Team is to create a more inclusive and engaging sports experience for fans worldwide.
By giving fans a stake and a voice in the team, the Fan-Owned Team aims to foster a sense of ownership, loyalty, and camaraderie among its members.
The Fan-Owned Team also hopes to inspire more people to get involved in sailing and environmental causes, as SailGP is committed to sustainability and social impact.
The Fan-Owned Team is currently selecting its leader and athletes, as well as its name, flag, and colors.
It is expected to debut in the 2023 season of SailGP, joining the existing teams from Australia, Denmark, France, Great Britain, Japan, New Zealand, Spain, and the United States.
The Team is an unprecedented experiment in sports governance and fan engagement. It represents a new paradigm for how sports teams can be created and operated in the digital age.
As SailGP CEO Sir Russell Coutts said,
“This is an opportunity for us to do something truly innovative and hand over the reins to the most important stakeholder in our sport – the fans.”
