NASCAR has seen a lot of buzz lately about crowdfunding. The success of Josh Wise in being crowdfunded by the digital currency Dogecoin has been widespread. This begs the question: how did they do it? Is it possible for other people to sponsor their own favorite driver?
Dogecoin has been around for only about a half of a year, but in this time the community has grown massively. The major gathering space for the Dogecoin community has reached over 80,000 subscribers. The amount of people involved in the community helped a bunch in raising all the money needed, $55,000. However, some Dogecoin related business owners chipped in funds as well.
In order to see a design you want on your favorite driver's car, it would be no easy task but feasible. Crowdfunding is really dependent on the size of the crowd. This way a bunch of small donations can come together to create a big impact. The popularity of the driver is another factor to consider. Josh Wise had gone sponsorless for sometime before the Dogecoin community stepped in. If Dogecoin had gone with a more expensive driver to sponsor, the outcome could have been different. The impact of the Dogecoin businesses also helped move the cause along. It also can be argued that Dogecoin holders could gain monetarily by sponsoring a driver, so they were more willing to give donations.
Dogecoin was unique in the fact that the crowd had something to gain monetarily in the sponsorship. Future crowd funding of other drivers could be difficult, so if you attempt it you better have a strong community behind you.
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