Spice DAO has decided to rebrand as Spice Club and shift towards “Redemption Phase One”, which comes after a series of unsuccessful attempts to create a cryptocurrency-powered media studio.
Because of this, holders of the organization’s native token, $SPICE may now cash out by withdrawing their money from the group’s treasury and severing ties to the soon-not-to-be collective.
Spice Club will be members-only and to bootstrap its finances as it shifts towards the new model, it hopes to sell the Dune book, which was developed as a non-fungible token with the help of Frank Miller, a popular comic book artist.
To realize this plan, Spice Club will need to wait until Q4 2023, when the second movie about the Dune saga releases, Dune: Part Two.
Remaining $SPICE holders will be allowed to cash out at that point, although the language still needs some clarification. The group’s treasury currently holds an estimated $1m worth of $SPICE.
While the collective missed some of its ambitious goals, such as publicizing the bible, it’s adapting successfully so far.
Whether it succeeds will depend on the release of the remaining $SPICE funds that want to be cashed out by participants.
However, Spice Club seems committed to pursuing other projects and part of this would involve making sure its reputation is intact.
In the meantime, you can use cryptocurrencies to visit and play at 1xBit, FortuneJack, and Bticasino.io.