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A DAO forms to buy Blockbuster and turn it into a decentralized streaming platform

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28
Dec
  • BlockbusterDAO wants to raise $5 million by selling NFTs, buy Blockbuster from the Dish Network and turn it into a “DeFilm” streaming network.
  • The DAO is aiming for the top and believes it will be successful once it wins an Oscar or a Golden Globe.

Decentralized autonomous organizations have become legally recognized in some parts of the world, and with this has come massive growth and ambitious goals. The latest DAO is aiming to purchase one of the brands that defined the film industry before streaming took over – Blockbuster. Once it makes the purchase, it plans to turn it into a decentralized movie streaming platform.

Known as BlockbusterDAO, the organization was formed with a clear goal in mind:

Our mission is to liberate Blockbuster and form a DAO to collectively govern the brand as we turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products, but a powerhouse in the future of the film industry.

Blockbuster was founded in 1985 as a home movie and video game rental services company. Throughout the ’90s, it grew aggressively and expanded globally with over 9,000 stores and 80,000 employees. However, in the late 2,000s, the economic recession and the rise of Netflix and other competitors led to the beginning of a decline by the company that ended up with filing for bankruptcy protection in 2010. It was then bought out by Dish Network, an American TV provider.

Despite the great falloff, one DAO believes it can revive the company.

The DAO believes the Blockbuster brand is nostalgic and is a historic landmark in the history of film. According to them, the company would still be thriving today if it hadn’t been for “terrible leadership with an inability to pivot and make dynamic business decisions.”

BlockbusterDAO believes that the time has come for them to liberate the brand from purgatory and give it a new lease of live. As a bonus, the name Blockbuster “lends itself to becoming a Web3 product,” they stated.

On how exactly the purchase will be made, the DAO says that it will mint NFTs that it will sell for 0.13 ETH each ($508). The goal is to raise $5 million which they believe will be enough to tempt Dish Network to sell off Blockbuster. Once it raises the funds, the DAO will begin an awareness campaign aimed at putting pressure on Dish and if the company folds, it will acquire Blockbuster and register all intellectual property in the name of the DAO.

After the purchase, the DAO will take a series of steps it believes will revive Blockbuster.

To line up with Web3, the DAO plans on creating a Movie Pass subscription model for the platform and making these passes ERC-20 tokens that have resale value.

Also Read: Sports enthusiasts’ DAO raises over $2M in pursuit of the Chicago Bulls NBA team

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