What exactly is the Jodorowskys Dune crypto collective trying to make, anyway?

Last year, a collective of cryptocurrency fans pooled millions of dollars to buy a copy of the story bible for director Alejandro Jodorowsky’s legendary never-made adaptation of the novel Dune. After winning a November auction, the group voted last week on a direction for the project and got promptly roasted online for allegedly not understanding what they’d bought. Their plans included an animated series inspired by Jodorowsky’s Dune, and as any good collector likely knows, buying a commemorative copy of a script or storyboard doesn’t give you the right to shoot your own version.

The actual situation seems more ambiguous than some critics are suggesting. The Dune story bible’s owners, known as Spice DAO (short for “decentralized...

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