In the United States, a decentralised autonomous organisation has been formed to acquire the Blockbuster brand, the once-defunct video-rental network. Based on it, they plan to develop a streaming service.
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. Read the 🧵👇
— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021
“Our goal is to liberate Blockbuster and form a DAO for the collective governance of the brand, turning it into the first DeFilm streaming platform in history, on which Web3 products will be created,” the BlockbusterDAO statement said.
The once-dominant Blockbuster video rental network filed for bankruptcy in September 2010, owing creditors about $900 million. In 2011, it was acquired by the American satellite provider Dish Network. The deal was valued at $228 million.
BlockbusterDAO said Dish Network is asking $1.8 million for the right to own the brand. According to project representatives, the real price tag will be much higher—around $5 million. This is intended to deter “any counteroffers.”
Okay but HOW do we buy Blockbuster?
1.Raise $5M+ through the Blockbuster DAO NFT mint at a 0.13Ξ each.
2. Begin awareness and PR campaign to build pressure to sell
3. Buy Blockbuster from Dish Network
4. Register all intellectual property in the name of the DAO
— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021
BlockbusterDAO plans to raise funds by selling its own NFTs. The price of each token will be 0.13 ETH (~$508 at the time of writing). If the organizers manage to raise the required amount and close the deal with Dish Network, all rights related to the brand will be registered in the name of the DAO.
In December, FreeRossDAO purchased the NFT collection of Silk Road founder Ross Ulbricht.