103
FriesDAO, a new decentralized autonomous organization (DAO), hopes to offer participants the chance to own part of a fast-food franchise. FriesDAO aims to obtain and scale fast-food restaurant franchises like 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 states that starting with Subway franchise owners, they hope to guide partners into the blockchain space and cater to those already prepared to run DAOs more like a business. Importantly, and due to legal reasons, FriesDAO does not directly own any stores. Instead, the governance model allows members of the DAO to have a say in how treasury funds are spent and which stores will be acquired.
They also plan to provide NFT membership cards with bonuses, such as free food or deals at FriesDAO network stores. At the time of writing, the DAO raise closed at $5.4 million according to Twitter, exceeding their minimum $5 million figure. The tweet further outlines the roadmap stating that a Notice of Intent to issue tokens is being filed and that an Operating Agreement has also been released, recognizing all FRIES holders as co-owners of the DAO.
Bringing in the big guns
FriesDAO recently employed the services of Kory Spiroff, former president of Domino’s, to its advisory board. Spiroff brings more than 35 years of experience in the restaurant industry, starting his career delivering pizzas for Domino’s in 1985. He later became a franchisee in Hawaii and eventually became the Managing Director of Domino’s Germany before becoming President of QSR at Alamar Foods Company, which holds master franchise rights to the Domino’s and Dunkin’ franchises in the Middle East and North Africa.
FriesDAO will lean upon Spiroff’s expertise and professional network to help identity and potentially acquire franchises of well-known restaurant brands as it strives to achieve its ambition of bringing blockchain-based governance to the fast-food industry.
DAO’s take-off
DAOs can put power back into the hands of the people that utilize a service most and bring much-needed strategic clarity and direction to an organization. The idea of a group of investors or significant stakeholders having an ultimate say over the operations of a business is anything but a new concept. In this iteration, the members can be anonymous and don’t need billions in wealth to participate.
A few days ago, a Former Cisco systems employee launched a DAO to buy the Denver Broncos NFL team for around $4 billion. Stating that the move would establish an infrastructure so that fans from all walks of life can be owners of the Denver Broncos. If successful, the DAO would join the Green Bay Packers as an NFL team owned by its fans. Interestingly, fans looking to own a stake of the Broncos through the DAO could contribute as little as they like, instead of the $300 per share for the Packers.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds ETH, BTC, AGIX, HEX, LINK, GRT, CRO, OMI, IMMUTABLE X, GALA, AVASTR, GMEE, CUBE, RADAR, FLOW, FTM, BNB, SPS, WRLD, ATOM, and ADA.
