DAO representatives stated that they intend to create an on-chain and membership utility centered on Subway, Domino’s, and other restaurants.
FriesDAO, a new proof of concept decentralized autonomous organization, or DAO, aims to democratize access to the fast food industry. FriesDAO advisors Brett Beller and Bill Lee stated that they want to be a “part of something that connects crypto and virtual ownership to real-world assets.”
FriesDAO intends to acquire and scale fast food franchises such as Popeye’s, Burger King, and Taco Bell by inviting FRIES token holders to run a decentralized network of Quick Service Restaurants, or QSR. The FriesDAO team hopes to educate their partners about the blockchain space, beginning with Subway franchise owners. When they realized there was a “hole for people who were ready to run DAOs more like a business,” what “started as a joke” became a serious proposition.
Due to legal considerations, Lee clarified that FriesDAO does not directly own any of the stores. Rather, the governance model allows DAO members to have a say in how treasury funds are spent, as well as which stores are acquired. They also intend to give NFT membership cards perks like free food or discounts at FriesDAO network stores.
According to its website, the DAO had raised $5.4 million as of the time of publication, exceeding their minimum $5 million goal.
FriesDAO raise closes with $5.4M! $FRIES claiming is expected to be this Tue/Wed.
As a Wyoming DAO LLC, a Notice of Intent to issue tokens is being filed this Monday.
— friesDAO (🍟,🍟) (@friesdao) February 20, 2022
Kory Spiroff, former president of Domino’s, recently stated that he truly believes that blockchain technology can bring a new level of efficiency to the QSR industry, according to FriesDAO.
“The inherent transparency of community-based insight, combined with the immediacy of consumer preferences, may significantly reduce the time and effort required to understand consumer preferences.” It’s like a constantly staffed, no-cost built-in focus group that can be summoned at any time to provide critical feedback.”
When asked about McDonald’s plans for McMetaverse restaurants, Beller said it was “inevitable” that the company would “take a Metaverse approach of a virtual store that will deliver food as if you were inside a video game.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.