The cryptocurrency collective constructed round a duplicate of Alejandro Jodorowsky’s Dune script bible will not be a collective and is attempting to promote its Dune bible.
Spice DAO (quick for decentralized autonomous group) not too long ago started “Redemption Part One,” a elementary shift in its route. After a sequence of setbacks in an bold plan for a crypto-powered media studio, the group is letting individuals who maintain its $SPICE token money out by withdrawing their cash from the group’s treasury. It would change its identify to “Spice Membership,” a “members solely group” as an alternative of a physique with a proper voting construction. And it’ll lower its maintenance bills to the naked minimal, a course of that features handing off the delicate and worthwhile guide that impressed its creation.
Members who maintain $SPICE would possibly earn returns from the Spice Membership’s remaining initiatives. The group hopes to generate profits from the sale of the guide and a non-fungible token (NFT) collaboration with comics artist Frank Miller. However that plan is sophisticated by the dismal state of the cryptocurrency market and authorized questions round DAOs and tokens like $SPICE in addition to doubts about whether or not the guide may very well be auctioned for something remotely approaching its buy value of roughly $3 million.
The group’s present plan contains promoting the Dune bible within the fourth quarter of 2023, coinciding with the discharge of the movie Dune: Half Two. The group beforehand partnered with comics writer Frank Miller Presents on an NFT sequence, which it’s nonetheless planning to assist launch. Any remaining $SPICE holders might get a share of its treasury after these initiatives go dwell, though the authorized language is considerably cagey. Within the Spice Membership Discord, challenge lead Kortelin famous that the workforce was being cautious in anticipation of potential crypto regulation. Alternatively, they’ll “burn” their $SPICE and withdraw 0.3 ETH, or round $450, per million tokens. The group’s treasury at present signifies its internet price is round $1 million.
Spice Membership was one in all many crypto DAOs, but it surely was unusually bold. Begun as a crowdfunding challenge to purchase a duplicate of Jodorowsky’s Dune bible, it ended up with a multimillion-dollar treasury after successful a November 2021 public sale. The DAO hoped to keep up the bodily situation of the Dune guide, discover a approach to scan and distribute its contents publicly, and produce media much like Jodorowksy’s never-made adaptation of Dune. Thus far, Spice Membership managed the primary of those duties, paying for maintenance with treasury funds. It additionally funded a contest to seek out tales that may very well be became a TV miniseries and paid for a script from Love, Dying and Robots author Philip Gelatt. These initiatives in addition to the Frank Miller NFTs have been put ahead by a small core workforce after which handed by a vote of people that had bought $SPICE tokens.
However, within the months after the public sale, the group bumped into quite a lot of issues — some predictable, some much less so. It had hassle discovering a approach to make the Dune bible out there to members with out violating copyright legal guidelines. The group additionally purchased the bible proper earlier than a downturn in crypto costs that has since turn out to be a full-fledged crash, decimating its treasury, which was largely held in Ethereum. Earlier this 12 months, one of many founding members stepped down after being linked to a intentionally hateful on-line artwork challenge persona, main the challenge’s authentic figurehead Soban “Soby” Saqib to distance himself from the operation.
As a part of the latest transition to “Spice Membership,” Saqib is stepping again from the challenge much more, relinquishing his entry to the treasury.
In the meantime, Kortelin indicated on Discord that the guide had “no prepared patrons” in the intervening time, though that would change earlier than the deliberate sale subsequent 12 months. Both method, the guide is unlikely to succeed in its authentic sale value — which was unusually excessive for an version of the Dune bible, presumably because of hype across the crowdfunding marketing campaign.
“Actually want this labored out higher, DAO delusion was at its peak when the group went into this journey collectively,” Saqib posted on Discord after the liquidation operation started. “Not less than the DAO is making folks complete and never letting hubris get in the way in which.”