The concept of leveraging a decentralized autonomous organization (DAO) has become very popular these days, as a myriad of DAO ideas have been created. A new DAO dedicated to purchasing fast-food restaurants called Fries DAO has raised more than $5.4 million to achieve the goal.
The creators of Fries DAO dream of a ‘DAO-governed fast food franchise empire’
Last week, Bitcoin.com News reported on a newly launched DAO that is trying to buy the Denver Broncos football franchise from the NFL for $4 billion. Since Genesis DAO in 2016 and the subsequent hack, DAO concepts have grown in popularity and security seems stronger.
Basically, a DAO is automated, decentralized, and operated by the community’s blockchain governance system. A DAO’s native token is typically leveraged to be used as a stake in governance voting processes, and for paying for goods, services, and future goals.
A newly launched DAO called Fries DAO is trying to capitalize on the DAO idea of buying fast food properties. The project describes itself as a “decentralized social experiment where a crypto community builds and rules a fast food franchise empire.”
The DAO has raised more than $5.4 million and FRIES tokens will be utilized for governance. After forming a treasury, the project distributed FRIES tokens to participants. The DAO plans to “negotiate with franchise owners and brands to buy well-known fast food stores using the Fries DAO community treasury.”
The Fries DAO website explains the main goal of the project:
What is the big vision? Imagine a big fast food store in every major city, brought to life by your vote. Walk into your neighborhood, flash your barcoded Fries DAO NFT and get that free burger. Fist-bump that guy next to you who did the same thing. Tell him you liked this FRIES defi strategy he posted on Discord the other day. We are going to go down in history.
Everyone’s Doing a DAO Today, FRIES Tokens Reward Stakers With KCHUP Coins
During the last few months there have been many DAO strategies, like the group that attempted to purchase a rare copy of the U.S. constitution, but ultimately failed. On February 7, Bitcoin.com News reported on the DAO that wants to purchase the One Bel Air 105,000-square-foot megamansion in Los Angeles.
A DAO recently acquired the non-fungible token (NFT) art collection issued by Ross Ulbricht, and the DAO split Ulbricht’s NFTs. Additionally, crypto projects and blockchain platforms have launched a large number of DAOs over the past 12 months.
Fries DAO is planning to create non-fungible token memberships. “We’re seeking to evolve NFT membership cards, complete with beautiful art and assorted traits, into perks such as food or discounts at our Fries DAO network stores,” the project’s website details.
According to members discussing the Fries DAO on the team’s Discord channel, community members originally wanted to buy a Subway fast food restaurant. Additionally, FRIES holders can stake their coins for more incentives and get KCHUP coin rewards. “Each FRIES token is a symbolic recognition of each donation of 0.023088 USDC,” the website notes.
