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A DAO wants to buy blockbusters for $ 5 million

The aim of the group is to revive the former video rental giant as a digital service.

This is what awaits you in this article

The central theses

  • A newly formed group called BlockbusterDAO plans to raise $ 5 million to buy Blockbuster from Dish Network (NASDAQ :).
  • the DAO plans to raise funds by coining NFTs to procure, each at a price of 0.13 ETH ($ 530) to be sold to investors.
  • If the purchase is successful, the DAO will spend funds on partnerships and building a streaming video service.

A DAO based on the name BlockbusterDAO announced on a Twitter thread that it was raising $ 5 million in NFT sales to buy the video rental brand Blockbuster.

DAO wants to acquire blockbusters

The group, which operates on Twitter as BlockbusterDAO, aims to raise $ 5 million in ETH. This is to be achieved by minting and selling original NFTs, which will cost 0.13 ETH ($ 530) each.

The $ 5 million offer is based on a low ball estimate of $ 1.8 million previously submitted by Tai Lopez, CEO of Retail Ecommerce Ventures. REV has successfully bought brands like Pier 1 and RadioShack, suggesting the estimate is fair.

Both companies would have to buy blockbusters from the US television company Dish Network, which currently owns the brand.

Although several blockbuster franchise stores remained open after Dish Network acquired the brand in 2011, only one branch has remained open since 2019. Dish continues to use the Blockbuster brand in its digital streaming services.

Group wants to build streaming services

If BlockbusterDAO successfully buys the Blockbuster brand, it will aim to build a new video service around the name. It initially plans to buy festival films and work with other distributors and companies.

“Our mission is to break free blockbusters and form a DAO to rule the brand together,” the group wrote, which means members can vote on future investments and budget allocations.

BlockbusterDAO added that it plans to “make Blockbuster the very first DeFilm streaming platform” and a “mainstay of the Web3 brands.” Ultimately, the project aims to build its own streaming service that uses film passes as. Ethereum ERC-20 tokens are issued.

Efforts are currently being led by Tasafila.eth, who is also the founder of Superinfinity, a DAO focused on owning NFT.

What is a DAO?

DAOs, or decentralized autonomous organizations, are organizations that nominally have no centralized leadership and are instead often governed by a voice of a community of governance token holders. Anyone who invests in a DAO usually receives the right to vote in important decision-making processes.

Certain DAOs, like Gitcoin and MolochDAO, have funding for development in the Ethereum ecosystem. Some popular Cryptocurrencies like Dash and Dai are also managed by DAOs.

DAOs caught mainstream attention in November of that year when a group of crypto investors raised funds to purchase a rare, original copy of the U.S. Constitution from a Sotheby’s auction. This DAO raised $ 45.6 million for its goal but was ultimately outbid.

Source: Crypto News Deutsch

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