A myriad of DAOs have created the idea of decentralizing autonomous organizations (DAOs). This has made leverage of DAOs very common. Fries DAO is a DAO that invests in fast food restaurants. It has already raised $5.4 Million to reach its goal.
Fries DAO Creators Dream of a ‘DAO-Governed Fast-Food Franchise Empire’
Last week, Bitcoin.com News reported on a newly launched DAO that is attempting to purchase the NFL’s Denver Broncos football franchise for $4 billion. Ever since 2016’s Genesis DAO and the subsequent hack that followed, 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.
Fries DAO, a newly-launched DAO, is trying to use the DAO concept to buy fast food properties. The project describes itself as a “decentralized social experiment where a crypto community builds and governs a fast-food franchise empire.”
DAO has raised $5.4 Million and FRIES tokens can be used to govern. Following the formation of a treasury and distribution to all participants, FRIES tokens were distributed. 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 project’s main goal:
What’s the grand vision? Think of a giant fast food chain in every city. Get a free burger by flashing your Fries DAO NFT barcode at a local fast-food joint. Do the exact same thing to your neighbor. You can tell him that you like the FRIES Defi Strategy he published in Discord yesterday. We’re going to make history.
Everyone’s Doing a DAO Today, FRIES Tokens Reward Stakers With KCHUP Coins
There have been several DAO strategies over the past few months, such as the attempt to buy a rare U.S. Constitution copy, which was ultimately unsuccessful. Bitcoin.com News covered the DAO’s attempt to acquire the One Bel Air, a 105,000 square-foot megamansion located in Los Angeles on February 7.
A DAO recently acquired the non-fungible token (NFT) art collection issued by Ross Ulbricht, and the DAO fractionalized Ulbricht’s NFTs. In the last 12 months, a large number of DAOs have been launched by crypto platforms and blockchain platforms.
Fries DAO plans to issue non-fungible token members. “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 the members discussing the Fries DAO on the team’s Discord channel, community members initially wanted to buy a Subway fast-food restaurant. Additionally, holders of FRIES coins can use their tokens to get KCHUP rewards and additional incentives. “Each FRIES token is a symbolic recognition of each donation of 0.023088 USDC,” the website notes.
What do you think about the Fries DAO and the project’s goals? Please comment below to let us know your thoughts about this crypto-project.
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