The cryptocurrency collective constructed round a duplicate of Alejandro Jodorowsky’s Dune script bible will not be a collective and is making an attempt to promote its Dune bible.

Spice DAO (quick for decentralized autonomous group) not too long ago started “Redemption Section 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 a substitute 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 become profitable from the sale of the guide and a non-fungible token (NFT) collaboration with comics artist Frank Miller. However that plan is difficult 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 could possibly 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 tasks go stay, 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 attainable crypto regulation. Alternatively, they will “burn” their $SPICE and withdraw 0.3 ETH, or round $450, per million tokens. The group’s treasury at the moment signifies its internet value is round $1 million.

Spice Membership was one among many crypto DAOs, nevertheless it 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 take care of the bodily situation of the Dune guide, discover a solution to scan and distribute its contents publicly, and produce media just like Jodorowksy’s never-made adaptation of Dune. To date, Spice Membership managed the primary of those duties, paying for maintenance with treasury funds. It additionally funded a contest to search out tales that could possibly be changed into a TV miniseries and paid for a script from Love, Dying and Robots author Philip Gelatt. These tasks in addition to the Frank Miller NFTs had 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 a wide range of issues — some predictable, some much less so. It had bother discovering a solution 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 into a full-fledged crash, decimating its treasury, which was largely held in Ethereum. Earlier this yr, 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 current 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 meanwhile, though that might change earlier than the deliberate sale subsequent yr. Both manner, the guide is unlikely to achieve its authentic sale value — which was unusually excessive for an version of the Dune bible, presumably due to 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. “At the very least the DAO is making folks complete and never letting hubris get in the way in which.”

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