LinksDAO, a decentralized autonomous organization (DAO) founded by The Block's Mike Dudas, raised $10.5 million by selling 9,090 non-fungible tokens (NFTs) for its golf-related initiative in a little over 24 hours.
In an interview with Golf.com, Dudas said the capital will be used to fund DAO operations, including course scouting, acquisition planning, and legal compliance. The organization won't put the money raised by the NFT sales toward buying a course.
The LinksDAO NFTs also don't constitute membership in the golf club. Instead, the digital collectibles give owners the right to buy a membership down the line. Dudas emphasizes that the campaign is rather a "grand experiment," than a business model.
While it remains unclear how exactly the DAO wants to buy a "Top 100-caliber course," Dudas assumes they will acquire one by mid-2022 and open it for play by the end of the year or early 2023. The purchase will also be made with cryptocurrency.