A DAO wants to remake Blockbuster as a DeFi streaming platform
The Future. BlockbusterDAO is planning on selling minted tokens in an effort to raise $5 million to buy… you guessed it… Blockbuster (or whatever is left of it). The DAO aims to use the 90’s kid-favorite brand to launch, ironically, the first decentralized streaming service. If successful, BlockbusterDAO could usher in a new way to finance and distribute indie films, all while having instant name-brand recognition.
Stream it again, Sam
A DAO (decentralized autonomous organization) wants to “liberate” Blockbuster.
- BlockbusterDAO is looking to raise $5 million in to buy the former video rental-king from Dish Network (if they even want to sell).
- The DAO is fundraising through the sale of BlockbusterDAO NFTs, which are set to go for 0.13 ETH each (about $482).
- The ultimate goal of the purchase is to turn Blockbuster into a web3 version of the very thing that destroyed the brand years ago: Netflix.
The organizers of the BlockbusterDAO hope that the brand can be a launching pad for “collectively dedicated IP decisions” or make acquisitions that would “contribute to a new vault of original Blockbuster films,” …all of which the community would contribute to and, ultimately, benefit from by way of token derivatives.
Roll the meme
BlockbusterDAO’s ambition is not that different from the newly launched HollywoodDAO — which has a number of film and TV professionals signed on as advisors and stakeholders. What makes BlockbusterDAO unique is that it hopes to use the goodwill and nostalgia associated with the brand as a launching pad for those bigger plans.
It’s not a bad strategy, considering that many of the top meme stocks of the past year — GameStop, AMC, Blackberry — all rode that same nostalgia to become the darlings of Reddit-educated retail traders. With that same enthusiasm in the crypto crowd, BlockbusterDAO’s monetary goals may just be modest enough to work.