Crypto community FriesDAO on a mission to acquire fast food restaurants
A crypto community that stands behind FriesDAO – a decentralized autonomous organization – has decided to try pooling funds in order to acquire and govern fast food franchise restaurants.
Coin Rivet spoke with Bill ‘Swo’ Lee, FriesDAO’s first organizational consultant and partner at Launch Code Capital, who explained that the organization intends to “tie real-world assets to DeFi platforms and in chain”.
“FriesDAO is the result of like-minded individuals who believe that traditional businesses can adapt to blockchain-based governance,” he said.
Lee added that “decentralization allows for rapid scaling of repeatable frameworks because members can self-organize into sub-groups in the DAO and help the wider community expand its goals.”
“The tokenization process aligns member incentives and accelerates the discovery of experienced contributors from the relevant industry by bringing them all together,” he said.
“Additionally, blockchain-based decision-making allows for a level of transparency that traditional centralized companies don’t have.”
Lee explained that fast food franchises typically have a consistent, repeatable business model with fewer variables that need to be managed on a nuanced basis.
“This consistency makes DAO-based governance much more viable without having to worry about the nitty-gritty, allowing us to focus on macro strategy for growth and expansion,” he added.
“The main goal is to have a restaurant in the friesDAO network in all major cities that becomes widely accessible to the majority of people, especially members of the friesDAO community who have had a say in the process of expansion .”
Speaking of the general expectations of the organization, Lee noted that members who donate will receive FRIES tokens as “a symbolic representation of their contribution to this enterprise, giving them a say in the decision-making process for shape the community.
“We are looking to secure the first store in 3-4 months, followed by various expansion strategies, including possible loan or cash advance strategies to seasoned owners who wish to open additional stores as part of the network. friesDAO,” he said.
“Staking FRIES tokens could potentially earn NFTs that can be used in those stores that include promotional offers such as even free food.”
Lee explained that, initially, the company would focus on the United States, “home of the most well-known fast food franchise brands.”
“Given the stringent securities regulations in the United States, if we can successfully achieve our goals in a compliant manner, we will most likely be able to replicate that much more easily in other countries,” he explained.
“We have members in the community all over the world, so we anticipate friesDAO to have a global footprint with affiliate stores.”
He added that this is an exciting new venture that explores a new way of organizing around business and the real world.
“There is no doubt that crypto and blockchain have had a huge impact on our society and it is only a natural step to explore innovative ways of working as technology continues to evolve and progress. especially as the social aspect increasingly permeates our daily lives,” he said.
Disclaimer: The views and opinions expressed by the author should not be considered financial advice. We do not give advice on financial products.