FriesDAO to Acquire Fast Food Chain as Part of Its Crypto Governance Experiment

New proof-of-concept decentralized autonomous organization (DAO) FriesDAO wants to democratize access to the fast food industry. Cointelegraph spoke to FriesDAO advisors Brett Beller and Bill Lee about their mission to be "part of something that connects cryptocurrencies and virtual ownership to real-world assets."

The goal of FriesDAO is to acquire and expand QSR franchises like Popeye's, Burger King, and Taco Bell by inviting FRIES token holders to operate a decentralized network of QSRs right. Starting with a Subway franchise owner, the FriesDAO team wants to guide their partners into the blockchain space. They realized that “what started out as a joke” turned into a serious proposition for those who were ready to run a DAO like a business.

Lee clarified that FriesDAO does not directly own any of the stores for legal reasons. Instead, the governance model allows DAO members to have a say in how treasury funds are spent and which stores will be acquired. They also plan to offer non-fungible token (NFT) loyalty cards with perks like free food or discounts at the FriesDAO web store.

As of this writing, according to the DAO website, it has raised $5.4 million, surpassing its minimum goal of $5 million.

Most recently, FriesDAO added former Domino's president Kory Spiroff to its advisory board. In an interview with Cointelegraph, Kory stated that he believes that blockchain technology can bring the efficiency of the QSR industry to a new level.

“The inherent transparency coupled with the immediacy of community-based insights can significantly reduce the time and effort required to understand consumer preferences. It is like a permanently staffed, zero-cost built-in focus group that can be Called immediately upon notification, providing critical feedback."

Asked about McDonald's plans to create McMetaverse restaurants, Beller said it was "inevitable" that the chain "will take a metaverse approach and build a virtual store that delivers food, like in a video game."

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