LinksDAO, a decentralized autonomous organization (DAO), is moving forward with plans to buy a golf course in Scotland following a landslide community vote in favor of the purchase that closed early Wednesday.
Nearly 90% of the 953 respondents voted in favor of submitting an offer to purchase Spey Bay Golf Club in Forchabers, Scotland, while roughly 8% voted against it and 3% abstained. The 18-hole property, located about a three-and-a-half hour drive outside of Scotland's capital of Edinburgh, has an estimated market value of £750,000, or about $900,000, according to Golf Business News.
Funds for the purchase will come from the $10.5 million in revenue the DAO collected from its non-fungible token (NFT) project that sold out early last year. LinksDAO members in charge of the initiative expect the golf course purchase and due diligence process to take roughly a month and a half.
“A primary goal of LinksDAO from the outset has been to purchase an extremely high-quality golf course for our members to call their own – shaping the course and club culture with the direction of the DAO, and creating the future of a golf and leisure club in the process,” the proposal’s authors wrote.
LinksDAO NFT holders have access to several golf courses in the U.S. as part of their membership, but Spey Bay Golf Club could be the first property the organization has purchased through its governance voting process. The proposal's authors say the organization is reviewing more than 30 properties for purchase, with five prospective purchases in the later stage of the due diligence process.
“A cash outlay of this size would not significantly affect our remaining course purchase budget, and in fact would not change our ability to purchase any of the four U.S. course options that we are deepest in diligence on,” the authors added.
LinksDAO has 5,305 unique holders of its membership passes, which were issued on the Ethereum network in December 2021. At the time of writing, the floor price for the project on OpenSea was 0.31 ETH, or about $500. According to OpenSea, the project has done about 6,145 ETH in total sales volume, or about $9.9 million.
LinksDAO's treasury balance is unknown, but the organization has a market cap of $4.34 million, according to CoinGecko data. Basketball player Stephen Curry was an early investor in the organization.
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