Meatbags, a Solana NFT-based community, is pooling money to buy a Cold War-era bunker. To reach the goal of $1.4 million, they’re selling 100,000 “Billionaire Bunker Club” NFTs at $14 a piece. It's a DAO, a vote on bunker use, potential refunds...sounds familiar, doesn't it? Is it a smart move, or just another crypto pipe dream?
A Survival Condo or a Rug Pull?
Let's be brutally honest. The crypto space as a whole has had its share of raucous and ambitious projects. When ConstitutionDAO attempted to purchase a copy of the Constitution. LinksDAO aimed to purchase a golf course. One succeeded, one didn't. Meatbags’ Billionaire Bunker Club pretty solidly falls on the spectrum between “interesting idea” and “potential disaster.”
The allure is clear. This physical asset is a walkable, rideable piece of history. It includes full planning permission for a luxury habitation and is entirely secured by blockchain technology. It preys on our most base fears, our fears of what’s to come. In an era of rising perils, such a bunker seems less farfetched, no? It hits that Anxiety/Fear trigger hard.
$1.4 million. That’s between the purchase price, renovation, negotiation wiggle room, and property management fees. Don’t forget, the bunker’s price was listed at $862,000 without fees. Where's the rest going? And even more critically, who gets to decide where it goes? The DAO, of course, but DAOs aren’t necessarily models of democratic idealism. They can be sloppy, pokey, and gamed.
Consider this: We're talking about turning a nuclear bunker into a tourist attraction or Airbnb. Would that even be the best use of a survival shelter? Or, is the project simply hedging its bets? It’s a hopeful vision, but not in spite of the uncertainty—it seems to look forward to a world that isn’t exactly end of days. Instead it just seems like they’re selling you peace of mind, and selling you the stick-built version of a timeshare served in a cement bunker.
Decentralized Governance or Centralized Control?
The DAO is the linchpin. NFT holders automatically receive governance votes, allowing the community to help determine the future of the bunker. Sounds great in theory. How many holders will actually participate? Will a few whales with massive dollar holdings dominate it? The question is, will the typical NFT holder even be interested after the initial novelty?
This is where the ‘unforeseen link’ enters the fray. Think about traditional governance. We elect representatives, with the expectation that they will do what’s in the best interest of all of us. How often does that really happen? DAOs were meant to be better, less indirect, less opaque. They're still susceptible to the same human flaws: apathy, greed, manipulation.
Strategically, having the Meatbags team airdrop 10,000 of the NFTs to existing NFT holders was an ingenious way to seed early engagement. It sets up a possible countervailing power bloc from the outset. Or the possibility that these consolidated holders will vote in lockstep, and thus de facto control the DAO’s direction.
And what of the “on-chain land deed”? Doesn’t that make it sound high-tech! In practice though, it’s a fancy digital certificate showing you own a piece of a bunker-owning DAO. It’s radically different than having a second home or investment property. It’s similar to owning stock in a corporation that’s sole asset is a building.
Novelty or Necessity?
The resulting project fits perfectly within the Meatbags’ “Surviville” storyline. Quirky, funny, fun, exciting, playful—these are all words associated with the brand, and this bunker buy is certainly on-brand. Is it useful? Is it addressing an actual need, or is it simply riding a wave of excitement?
I believe the answer has everything to do with how crypto-skeptical you are on a personal level. If you’re a true believer in DAOs, you believe they have the potential to change how we govern and own assets. This notion might hit you as an incredible test case. If you're more cynical, like me, it might feel like a cleverly marketed way to extract money from people's anxieties.
The potential for refund is reassuring. But what if they purchase an “offbeat” venue? Will it be as compelling? Will the DAO even agree?
At the end of the day, the Billionaire Bunker Club is still a bet. It's a gamble on the future, a gamble on crypto governance, and a gamble on the Meatbags team's ability to execute.
I'd say, approach with caution, do your own research, and ask yourself: are you buying a piece of the apocalypse, or just a piece of the hype?
