Group pays US$ 3 million for an edition of Dune to create NFT, but has a surprise
A group of cryptocurrency investors shelled out $3.04 million to purchase a rare version of the science fiction book Duna to turn it into non-fungible tokens (NFTs) and an animated series. What they didn't know is that the amount paid was only for a copy of the book and not for the commercial rights of use.
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In the case of the purchase of an adaptation of Dune made by Alejandro Jodorowsky, the initiative was to ensure that the original version would not be lost in time. It is estimated that there are fewer than 20 copies of this adaptation in the world today, so there is a real risk that it will disappear in a few years.
We won the auction for €2.66M. Now our mission is to:
1. Make the book public (to the extent permitted by law)
2. Produce an original animated limited series inspired by the book and sell it to a streaming service
3. Support derivative projects from the community pic.twitter.com/g4QnF6YZBp
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–— Spice DAO (,) (@TheSpiceDAO) January 15, 2022
The Decentralized Autonomous Organization (DAO) is a conglomerate to acquire unique assets and hold them as people's intellectual property. Instead of just a private collector buying a good, DAO uses a crowdfunding system to raise the necessary money and make collegiate decisions.
The idea of DAO was to convert each page of the book into an NFT and then burn the book. The collection of NFTs would then allow everyone to have a piece of the world's history, but burning the physical book would be completely unnecessary, possibly part of a marketing strategy to attract people's attention.
However, as they do not own the image rights to the work, they cannot reproduce it in a digital environment. DAO said it now intends to create a spin-off inspired by the series and assemble a creative team to create the world's first NFT-funded feature film.
DAO got the desired publicity
The group is likely to abandon the idea of burning the book, as this is a practice that dates back to the Middle Ages and is totally condemned by world public opinion. Purchasing a copy for almost 100 times the base price stipulated by the auction house, and being laughed at around the world, may have been enough to get the desired publicity.
In November 2021, the institution raised about $47 million to buy a rare copy of the Constitution of the United States of America, but lost the auction. The DAO also became famous when it bought NFTs created by the founder of the Silk Road website , Ross Ulbricht, a famous dark web trading platform.
Read the article on Canaltech .
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Text source: CoinRevolution
