DAO on a plan to raise $5M for its resurrection project of the Blockbuster Video
The new decentralized autonomous organization (DAO) has now been formed with the aim of buying the Blockbuster brand from Dish Network for turning it into a film studio and streaming platform.
An American video rental company, Blockbuster Video, was founded in 1985. It once had 6,000 stores globally, valued at over $8 billion, before it had shuttered its total operations in 2014. At present, it is owned by Dish Network and operates through just one store in Bend, Oregon.
The DAO has shown interest in “liberating” Blockbuster from Dish Network, therefore aptly named as BlockbusterDAO. The DAO has explained in a December 26 tweet that it is planning on rallying a grassroots effort for buying Blockbuster through raising at least $5 million via a Blockbuster DAO NFT minting event. Each NFT at the event is valued at 0.13 ETH.
BlockbusterDAO has plans of turning Blockbuster into a decentralized film (DeFilm) streaming studio. DeFilm is the first kind of an experiment that was launched in July and proposed making a movie with” decision making happening on a blockchain.” For the project, hence, ‘Block’ buster seems to be the fitting name.
The DAO is presently composed of about 9000 netizens on Twitter and a Discord server, both of who deliberate over how the DAO would be able to achieve its set goals.
The BlockbusterDAO is apparently tapping into the social media led to the desire for resurrecting meme stock brands like Gamestop and AMC, while simultaneously following a similar path to which is laid down by ConstitutionDAO (PEOPLE) almost over a month ago.
At the auction, ConstitutionDAO is aimed at buying an original copy of the Constitution of the United States of America from the Dorothy Tapper Goldman Foundation.
ConstitutionDAO had failed in achieving its goal as hedge fund manager Kenneth Griffin was reported to have paid a total of $43.2 million for the copy in the Sotheby’s auction held on November 19. After the auction, the DAO had offered full refunds for anyone who would donate, while those who did not take refunds could keep their PEOPLE tokens.
On December 23, PEOPLE was seen listed on Binance. It currently trades for about $0.11 there.
The ConstitutionDAO team voiced its support for the BlockbusterDAO efforts via a tweet on December 27 wherein it outrightly pleaded to “bring back blockbuster” since “Netflix has gone unchecked for far too long.”