The Dune Crypto Group is in Danger of being Slammed

Dune Crypto Group is in DangerDune Crypto Group is in Danger

It’s also developing its animated series

Dune Crypto Group: Spice DAO, the cryptocurrency collective that has purchased the script book for Alejandro Jodorowsky’s elusive Dune adaptation is still trying to figure out how to take advantage of the success of its project. This week, the group ceased working with a member who had posted hateful and threatening messages in the context of an web art project. The creator of the project has offered that Spice DAO will back off its nebulous idea of creating an independent media company owned by the communitybut it’s unclear if the group is actually altering the plans.

At the close of 2021 The autonomous decentralized organization (or DAO) raised millions of dollars to buy an extremely rare copy of Jodorowsky’s Dune bible, and then discovered it with a substantial amount of leftover money after winning the auction. The backers of the organization voted to start the complex multi-pronged venture using the funds which included a writing contest to obtain intellectual property, also known as “IP” that could be developed into a cartoon series. (Contrary to reports from various sources, Spice DAO did not declare that the show could be directly adapted from the Jodorowsky novel Dune.)

Dune Crypto Group is in Danger

The group then agreed to a contract together with Love, Death and Robots writer Philip Gelatt to deliver a script that was based on the winner’s entry. The group decided to pay one million over the course of three years to collaborate with Frank Miller’s comics artist’s new publishing company that will be the non-fungible token (NFT) lineup. It’s also arranged for long-term storage of the physical version of the Dune bible, and talked about plans for a public display.

Spice DAO remains far from the goal of making television series the degree in “decentralization” is debatable -it has a tiny core team that develops proposals and manages the logistics for almost every operation. It’s also got an unusual amount of actual-world activities for a loosely-organized crowdfunding group. It’s among the oddest and most complex projects to emerge from the cryptocurrency hype boom and so far it’s escaped the severe crashes similar to the ones others have faced.

However, there was a recent scandal that caused a rift in one of the DAO’s most important organizing members, Charlie or Charlotte Fang. Fang was a part of the Remilia Collective, which helped in the creation of the Spice DAO alongside crypto millionaire and Dune enthusiast Soban “Soby” Saqib. Fang was who was described in an article in January in a January post as “essential in the project’s conceptualization and launch,” was later named the group’s strategic lead and treasurer.

The weekend before, Fang admitted to having been the creator of “Miya,” an online persona who’s commentary was a bit over the top vulgar screeds, racial slurs as well as the promotion of self-harm and anorexia, as well as alleged links with an internet-based “suicide cult” dubbed Systemspace. Fang has described the remarks to be “banter among friends” and “a form of critical satire” that was created for an online art project. However, Fang declared that the connection with Milady Maker was “toxic baggage” and stepped off Milady Maker, a Remilia NFT project. “Miya has nothing to do with Milady Maker and should stay that way so I’ll be stepping down from the team from here,” Fang stated in his.

According to Kotaku pointed out the first consequences for Spice DAO were not clear. Spice DAO members (people who have a token called $SPICE) were skeptical of Fang’s involvement in its Discord server. Then, on May 24, other members of the core team took away Fang off the roster of keyholders of the Treasury. “He stepped down from the core team,” stated Spice DAO’s statement made to the Verge.

Saqib made a scathing condemnation of Fang the day before. “Just would like to make it explicit that I am completely against Charlie. Remilia’s involvement with [Spice DAO] was sporadic and we’re working on the best way to let token holders view the book, and to issue an amount of money to make the holders completely satisfied,” Saqib said on Twitter. The tweet also suggested it was possible that Spice DAO would be scaling down its plans, stating the “the DAO will no longer pursue creating IP.””WHAT I’VE LEARNED FROM THIS IS THAT DAOS ARE VERY HARD.”

Saqib clarified his reasons in later tweets. “This DAO was rushed from the beginning and has given me many lessons. In the moment this Dune Bible is being scanned. After these scans are complete, we’ll figure out the best way for token holders to access the content. In hindsight , I believe that the DAO ought to have concentrated on this, rather than creating a decentralized studio” He wrote. “I personally am disgusted by the whole situation. What I’ve learned is DAOs are extremely hard to get and tokens are not a good way to build community that are based on IP.”

It’s unclear the meaning of “no longer pursue creating IP” signifies or what an “refund” would entail. The tweet of Spice DAO’s Official Spice DAO Twitter account indicated that they are still working on an “multimillion-dollar animated series” with Gelatt. It also said it’s planning to also unveil a silent 60-second animation based on a different contest entry. Members decided on to to pay creator Ben Clarkson $24,000 to create in March. Then Saqib himself confirmed it was moving forward with the introduction of The Frank Miller NFTs, with the holders of $SPICE receiving free tokens in the series. Saqib did not immediately respond to a query about SpiceDAO’s plans via an Twitter Direct message.

Dune Crypto Group is in Danger
Dune Crypto Group is in Danger

Although Saqib isn’t part of Spice DAO’s core group, he’s the main Spice DAO figurehead and holds an account key for the treasury and his tweets suggest an eroding interest in Spice DAO’s most exciting concepts. However, the group’s operations head Kortelin posted an much more exuberant but nebulous description of the Spice DAO’s mission on the group’s forumwhich suggests that the group remains keen on media production.

The next stage of our development is to develop a unique decentralized storytelling system. We are the first to pioneer decentralized storytelling on Web3 as a brand new type of collaboration media that is controlled, steered, and controlled by the community that owns it. We are an incubator of content as well as a crypto native think tank that is commercialized and made a profit by the community, which serves as the collective author of every project. Spice DAO is gamifying user-created content that allows users to take part in the process of creating instead of just passively experiencing it.

The first project we’d like to change to the new digital contracts would be Dune Bible. Dune Bible. As co-owners of the fifth edition of Dune Bible every Spice DAO member is part of an exclusive group. Let’s join forces to make the Dune Bible available in the first place!

In Discord Kortelin has declined to make a public statement on what an “decentralized storytelling protocol” would comprise or what the Dune bible fits in it.

SPICE DAO, LIKE OTHER TOKEN PROJECTS, IS NAVIGATING A CRYPTO CRASH

All the while, Spice DAO is contending with the consequences of a recent cryptocurrency crash and, in particular, the drastic reduction on the worth of crypto tokens such Ethereum which is where most of the money of Spice DAO is stored. (There’s an future plan for the move towards an USDC stablecoin.) The group’s present reserves of Ethereum was worth $3 million at the time the auction took place in November. Its value today is less than $1.3 million. The Spice token itself was worth less than nothing from the beginning of 2022, and is used largely to vote. It’s possible that the Frank Miller NFT lineup could add funds to the Treasury because Spice DAO can collect a commission when they’re sold or sold again. However, it’s going to need a significant investment of money to create an entire TV show particularly in the event that Spice DAO ends up offering the option of refunded money to backers.

DAO tokenholders are believed to have the final say on any major decision, such as whether they receive refunds or continue “creating IP.” In the real world however, all of the proposals of the core team have been overwhelmingly and unanimously approved. Thus, the future direction of the DAO will be decided by a select group at the top with regular $SPICE holders joining to ride along.

In his tweet, Saqib expressed pride that Spice DAO had at least reached its main goal of getting Dune Bible. Dune Bible. “Despite its shortcoming, SpiceDAO was still able to secure a culturally significant artifact using Web3,” Saqib wrote. “Let’s complete the core function of the DAO, make spice holders as whole as possible, and move on.”

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