Krause House, a DAO with the lofty dream of purchasing and operating an NBA team, has teamed up with Web3 crowdfunding platform Juicebox on a bounty fundraiser. The first-of-its-kind initiative will give fans and basketball lovers the opportunity to “contribute towards a unique milestone in NBA history.”
The Ethereum-based NBA Charity Bounty was developed with the help of Nicholas, an NFT dev at Juicebox. According to the project’s page on Juicebox, the bounty is open to virtually any NBA player. Any player who is able to complete a 50+ point game after NBA All-Star Weekend will be able to donate all the contract funds from the fundraiser to a charity of their choice.
A player must pass through two steps to make a claim. First, the player is required to submit an NFT commemorating the 50pt game to Krause House. This will represent a claim of the funds. Over at the DAO, a single lucky Juicebox contributor will be randomly selected to claim this NFT. The selection odds will be weighted based on contribution.
The second requirement is to make a post to an “official player social media account tagging Krause House and the charity that will receive the bounty funds.”
Krause House has kicked off the charity bounty program with a seed fund of $1000 worth of ETH. However, contributors who donate more than .023 ETH (about $1,500 at current market prices) will receive a commemorative Krause House NFT. It is worth mentioning that the said NFT will not carry any present or future value within the DAO and will solely serve as an identifier of contributors.
Kaspotz commented on the news:
Here at Krause House, we're excited with the potential for this project to prove that fully on-chain bounties can incentive non-web3 actors to join and actively participate in the space
Meanwhile, in the event that the funds are not claimed by any NBA player by the end of the 2022/2023 NBA season, the program will be retired, with the option for contributors to withdraw their funds. Furthermore, contributors have the freedom to withdraw their donations at any time before an NBA player submits an official claim.