These days, we are seeing more DAOs polling resources together to set up businesses in the material world. Thanks to the ability of people from all over the internet to come together to form a Decentralized Autonomous Organization (DAO), this business model is becoming much more popular.
One of the latest of these developments comes from FriesDAO, which successfully raised $5 million in an initial offering earlier this year. As per recent reports, the DAO is looking to acquire its first restaurant in New York City.
FriesDAO Closing in on Acquisition
The food business that FriesDAO is looking to acquire is a frozen yoghurt and boba tea establishment that has been described as an ‘absentee store’. Not only is the business profitable, according to FriesDAO, but it could also see involvement from a top NFT collection.
The NFT collection, which has been unnamed so far, has apparently offered support to the project if some sort of branding deal can be done. In the last few months alone, we’ve seen several NFT collections such as the Bored Ape Club and DeGods enter branding deals for food products so this is not far-fetched at all.
FriesDAO has also pointed out that this potential deal would remove revenue restrictions from using the NFT collection’s assets.
“This would potentially allow us to own the store directly, explore and set our own policies, increase community engagement through creative endeavors, and possibly start our own franchise,” the management of FriesDAO said.
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