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Utsav Gupta 2022-11-09 22:05:37 +00:00
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@ -8,7 +8,7 @@ SpiceDAO (formerly DuneDAO) bought a rare copy of Alejandro Jodorowsky’s produ
## Lore
In 1974, director Alejandro Jodorowsky set out to make a fourteen hour long film adaptation of Frank Herbert's 'Dune'. Jodorowsky presented studio executives with an extensive book of concept art of the adaption which included set designs, character designs and a sketch of the entire film. Having such lofty ambitions, with top tier background score and cast, the project was [killed](https://en.wikipedia.org/wiki/Dune_\(novel\)#Early_stalled_attempts) due to a lack of funding with 10 to 20 existing copies of the book. These copies, nowadays, [usually go up for auction](https://www.esquire.com/entertainment/books/a38815538/dune-crypto-nft-sale-mistake-explained/) selling for $25,000 - $40,000.
In 1974, director Alejandro Jodorowsky set out to make a fourteen hour long film adaptation of Frank Herbert's 'Dune'. Jodorowsky presented studio executives with an extensive book of concept art of the adaptation which included set designs, character designs and a sketch of the entire film. Having such lofty ambitions, with top tier background score and cast, the project was [killed](https://en.wikipedia.org/wiki/Dune_\(novel\)#Early_stalled_attempts) due to a lack of funding with 10 to 20 existing copies of the book. These copies, nowadays, [usually go up for auction](https://www.esquire.com/entertainment/books/a38815538/dune-crypto-nft-sale-mistake-explained/) selling for $25,000 - $40,000.
On November 22, 2021, one of the copies went up for [auction](https://www.finebooksmagazine.com/news/world-auction-record-dune-storyboard-christies-paris) which was bought by the SpiceDAO for 2.66 million euros (a little over $3 million) or about 89 times its price estimate. The SpiceDAO was co-founded by [Soban "Soby" Saqib](https://twitter.com/sobylife/) along with a friend and was able to raise $750,000 in Ethereum with the help of 800+ Dune-loving DAO enthusiasts hoping to get a vote on the book's future. Soby put down his own 2.66 million euros in cash to ensure a win and avoid the fate of the [ConstitutionDAO](https://cryptowake.xyz/stories/constitutiondao/). This was also done because the auction seller did not accept Ethereum as a form of payment. After having won the auction, the custody of the book had to be transferred to the DAO and things like the books location and its accessibility had to be decided on. A new fundraising effort helped the group raise $11.8 million in ETH and fiat, with the vision to let the community make the final decisions via the SPICE token - a governance token that gives holders a vote on the DAO's decisions.