Many of us have at least once thought about running our own cafés, chilling with our friends at the end of the day in OUR own outlet. Well, here’s your chance to be a co-owner of a coffee shop. Enter theCaféDAO, the first-ever DAO-run coffee shop.
Wait, you can join theCaféDAO for just $5?
We have seen various NFT-based restaurants and eateries, and we have also seen whiskey NFTs, but theCaféDAO is really something else. At its core, the trade is an employee-driven business that workers actually want to join and help to grow. Customers that support the business will also have a voice in business decisions in the future. Essentially, the business’s success and profits reward the whole company, not just the executive team and shareholders.
A conventional coffee chain concentrates financial prosperity among the few owners, while the rest of the company earns salaries that are technically ‘business expenses’. theCaféDAO rewards those that add value to the business. For instance, employee loyalty, customer support, creative business ideas, and lending money to the DAO, all deserve rewards.
You can already see the DAO in action on the official website. There are currently 2 Coffee Proposals (CPs), and both are already completed. For example, CP 2 is a proposal to run a brick-and-mortar business at the Seattle NFT Museum as a pop-up coffee store from 31 April to 1 May. Obviously, the DAO approved it.
Last week, Dustin Tong and his team had their first pop-up coffee stand outside the Seattle NFT Museum, where customers can learn more. During the weekend, they also had the opportunity to run a few Web3 workshops for the public. The team strongly believes that this is the future of business, and what better way to kick off with everyone’s favorite beverage, coffee.
Introducing the tokenomics, with a hint of caffeine
The tokens are known as Coffee Tokens (CT). However, the team will now use imitation Coffee Tokens (iCT) until the main launch. This is to prevent any unnecessary blockchain-related fees during the testing phase. Given that they only operated for 2 days, there are only 83 iCTs in circulation. theCaféDAO aims to have a fair launch with absolutely nothing set aside for any party. The only initial token distribution is for a $34.65 loan to buy a French press.
There will be no maximum CT supply. CTs will be generated according to the revenue generation and burned to cover operational costs. There is no ‘passive income’ in this community. The more you contribute, the more CTs you get. If owners feel that they no longer want to participate in theCaféDAO, they may opt to cash out their CTs. Since all the CTs are backed by actual revenue placed in the treasury, the CT value will still remain the same at $5 per CT.
Interesting concept isn’t it? Anyway, do look out for their next store opening to get your hands on some aromatic Coffee Tokens!