This Quirky Crypto Now Owns A Subway
Ever since Blockchain technology made its debut in 2008, it’s given rise to plenty of delightfully weird and random ideas. One of the latest tales that could only have sprung from the fertile ground of cyberspace centers around a DAO that’s decided to establish a fast-food empire in the real world.
Before we get into how they intend to take over the world one fry at a time, let’s back up a little and explain what exactly a DAO even is.
Just DAO It
DAO is internet speak for Decentralized Autonomous Organization. These online communities are made up of people from all over the world, each of whom can remain anonymous if they so choose. The glue that binds them all together is the (literal) code on which their online organization is built.
Rather than electing a clear leader, a DAO operates on a set of coded rules and often employs its own cryptocurrency. When there are major decisions to be made, each member is allowed to cast votes based on the respective number of tokens they hold.
Due to the wonders of blockchain technology, the whole thing is incredibly transparent and more or less cheat-proof.
Now at this point, you may be asking…why though? What’s the point of a bunch of strangers getting together to wield their collective power through blockchain-based voting? Glad you asked.
The Point of DAOS
As history has proven, a large group of people with a common goal can accomplish all kinds of things. DAOs make it possible to achieve things you might never pull off alone.
Want to help raise funding for Ukraine? There’s a DAO for that. Ever wanted to own a rare copy of the U.S. Constitution? There’s a DAO that no shit attempted it back in late 2021. Okay, so they were ultimately outbid, but the fact that they were serious contenders is pretty impressive.
It was only a matter of time before some internet genius out there realized that the next logical step was clearly to use the power of the DAO to revolutionize the fast-food business. Like many other crazy ideas that went on to achieve greatness (here’s looking at you DOGE), the whole thing was initially proposed as a joke.
One night, a bunch of crypto investors were joking about how they should invest in a fast-food chain just in case their investments didn’t work out. But the more they thought about it, the better an idea it became.
After all, in this day and age, people are willing to pay millions of dollars for a digital cartoon ape. So why not invest in something that could actually score you a free burger every now and then? Such were the humble origins of what ultimately became FriesDAO.
Would You Like FriesDAO With That?
FriesDAO proclaims itself “a decentralized social experiment where a crypto community builds and governs a fast-food franchise empire via wisdom of the crowd.”
If you too have ever longed to indulge in the American dream that is owning a Subway restaurant franchise, then your day may finally have come. Well… kind of, at least.
As it turns out, the SEC is still a little prickly when it comes to granting partial ownership rights to 10,000 anonymous dudes behind computer screens. So, at the moment, FriesDAO has settled for being more of a social experiment.
So far, FriesDAO has raised over $5 million in funding, which they plan to loan out to prospective franchise owners as an interest-free cash advance. In return, they’ll be granted a limited amount of say in how the store is run until the investment is recouped.
While you won’t actually have a stake in the business, per se, you will be rewarded for any donations you choose to make with FRIES tokens. You can then stake your FRIES coins for incentives like KCHUP rewards, which may entitle you to free food from the store at some point in the future.
The FriesDAO Vision for the Future
As you may or may not have already gleaned, jumping aboard the FriesDAO train is not necessarily a pathway to wealth. At least not yet. At the moment, the point is more to see how a decentralized group of strangers fare in the running of a real-life business.
But should FriesDAO’s crazy plan prove to be a success, who knows what it could mean for the future of the restaurant industry? Maybe someday fast-food restaurants everywhere will owe their success to shadowy web3/metaverse crypto investors.
If such dreams manifest into reality, that original FRIES token or KCHUP NFT in your wallet could someday transform into a piece of crypto history.
After all, crazier things have happened. We did mention people are dropping millions on digital cartoon apes, right?
Sources
https://fries.fund/
https://news.bitcoin.com/a-project-called-fries-dao-raises-5-4-million-to-purchase-fast-food-restaurants/
https://www.thestreet.com/investing/friesdao-crypto-enthusiasts-want-to-buy-mcdonalds-subway
