A crypto VC helped launch a golf-focused DAO and raised $10 million in under 48 hours. Also, investor Mike Dudas reveals 8 Web 3.0 coin projects he is betting on. Crypto VC Mike Dudas helped launch the idea, which raised $10.4 million in under 48 hours. In a podcast, he explains how the DAO works, his VC investment strategy, and the best crypto projects to watch. Detail cryptocoin.com‘in.
Web 3.0 coin projects
Golf, the sport of calculation and patience, has collided with the noisy and crazy world of crypto. A few weeks ago, crypto venture capitalist Mike Dudas had the idea to create a decentralized autonomous organization (DAO) for golf enthusiasts. His ultimate goal was to raise enough funds to purchase the collective’s top 100 golf courses. After selling the idea to two of his close friends, Jim Daily and Chris Maddern, he began creating the DAO known as LinksDAO, as well as creating non-redeemable tokens for sale to raise funds for the project.
Dudas is already well established in the crypto industry by founding The Block, a research and news platform on digital assets. He recently founded venture capital firm 6th Man Ventures. Dudas spread the word using his network, raising $10.4 million in collective sales less than forty-eight hours after the NFT crash. Dudas joined Meb Faber on his January 17 podcast to explain how both LinksDAO and decentralized investing work and how he is currently personally investing in the crypto space.
How do DAOs work?
The DAO is a collective managed by its members rather than a single entity. The collective’s rules and governance are contained within smart contracts on a blockchain, which ensures transparency and eliminates the need for a central authority to oversee it. The best known DAO is ConstitutionDAO, which brought together more than 17,000 people to purchase a copy of the US Constitution. Eventually, the DAO was bid higher at auction by Ken Griffin, CEO of Citadel.
LinksDAO’s focus is on buying a golf course and building a more inclusive club. But the golf course will still be bought. Proceeds from the first NFT drop only go towards the formation of the DAO. Dudas said on the podcast that in return, owners will be able to determine a large part of the organization’s rules through voting mechanisms and receive bonuses. Dudas says on the podcast:
There are 15,000 in less than a month. We have more than 5,000 NFT owners who can contribute to management and contribute ideas. There are those from the PGA Tour pros, literally like Steph Curry bought the other day… we think we have the ability to change the game.
Dudas said it was a big experiment after all. The organization is still in the process of shaping and working towards decentralization. While it is still early days for DAOs and there will inevitably be growth challenges, Dudas sees this as a way to move towards collective ownership and the Web 3.0 vision that is central to his venture investment thesis. Dudas says on the podcast:
What we are effectively looking for is token ownership. We believe the whole point of Web 3 is collective ownership, coordination and incentives through tokens and these will be valuable things. So we want to have them.
Initial VC funding focused on the Web 3.0 infrastructure and application layer. The new second fund, raising around $125 million, expands on this theme while focusing on three other key Web 3.0 areas: 1. Tools to help people navigate the metaverse, specifically the virtual world. 2. Game. 3. Social networks. In recent months, Dudas has been investing more frequently in projects built on Solana, a smaller competitor to the Ethereum network. It is faster than Ethereum, which grapples with slow transaction speeds. Some have argued that Solana is less decentralized than other blockchains like Ethereum or Bitcoin. However, Dudas argues that this is not the case and says Solana offers reliable decentralization and security with higher throughput.
In the podcast, Dudas shares his rationale for investing in five exciting projects built on the Solana network, as well as three other Web 3.0 coin ventures to watch.
1. Proof Of Attendance Protocol (POAP). It is a protocol built on the Ethereum blockchain that provides digital proof that individuals have attended or attended an event. “I think this is going to be a really critical piece of infrastructure, but also towards the consumer, who is your passport, where you are and what you do,” Dudas said.
2. Rainbow Wallet. Rainbow Wallet is a crypto wallet. Dudas said, “I think it’s probably the best crypto self-storage wallet in the world. It’s just beautiful, elegant design, easy to use, an incredible team built at incredible speed.”
3. Etherscan. A blockchain explorer and analytics service for the Ethereum blockchain. “We have invested in Etherscan, the primary source of data and information for the Ethereum blockchain, as well as others such as the BOC chain, and basically you can see transparently what individual addresses have, how they behave, how they are.”
4. BetDEX. Its chairman is Nigel Eccles, founder of FanDuel. Basically a protocol to support and enable peer-to-peer betting and gaming on Solana.
5. Solanalysis. Dudas highlights Solanalysis as a great data and analytics product for the Solana ecosystem.
6. Magic Eden. Magic Eden is a leading NFT market where Dudas has invested within the Solana network.
7. Metaplex. Dudas of him: “We’ve invested a lot in Solana in the last few months. Metaplex, the core infrastructure for gaming and NFTs, is one of them,” he said.
8. Orca. Dudas said that Orca is the most user-friendly decentralized exchange in Solana.
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