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FriesDAO Raises $5.4 Million to Buy Fast Food Restaurant
In the latest flurry of ambitious projects, a decentralised autonomous organisation called FriesDAO has raised an impressive US$5.4 million with plans to buy fast-food restaurants.
The first target on FriesDAO’s radar is a Subway franchise. According to the DAO, its token holders will be able to vote on how the franchise operates but will not receive a profit share:
It’s The Year of the DAO
News of this DAO comes only a week after “BuytheBroncos” flagged its intention to acquire National Football League (NFL) team the Denver Broncos. In other DAO-related news, the Marshall Islands has now officially recognised DAOs and aims to become a global DAO hub.
You Want FRIES Tokens With That?
After raising US$5.4 million over the week ended February 20, FriesDAO has distributed FRIES tokens to its participants. The token will not confer any ownership rights of the restaurants, or give holders any share of the profits, but they can be used to vote on proposals regarding how they operate:
Ketchup With Those FRIES?
From next week, token holders can start staking their FRIES to receive KCHUP tokens, which can then be used to buy NFTs that will provide them with incentives such as free burgers:
The DAO has said that the plan is to buy at least one fast-food restaurant in the first year. Should this not be realised, the funds raised will be returned to the community, minus any expenses.
According to FriesDAO’s Discord server, the first restaurant it is trying to acquire is a branch of sandwich chain Subway. It has asked its token holders to review the financial details ahead of a potential vote on the purchase.
Author
Jana Serfontein
Jana has keen interest in what cryptocurrencies have to offer in regards to NGO’s, governments and the financial system. And is also intrigued with the psychological effect that cryptocurrencies have on society.
