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DAO is created to buy Blockbuster and turn it into a decentralized streaming platform

  • BlockbusterDAO wants to raise $ 5 million selling NFTs, buy Blockbuster from Dish Network and turn it into a «DeFilm» streaming network.
  • The DAO aims for the highest and believes he will succeed when he wins an Oscar or Golden Globe.

Decentralized autonomous organizations are legally recognized in some parts of the world, with tremendous growth and ambitious goals. The latest DAO aims to buy one of the brands that defined the film industry before streaming took over: Blockbuster. Once the purchase is made, it plans to turn it into a decentralized movie streaming platform.

Known as BlockbusterDAO, the organization was founded with a clear goal:

Our mission is to release Blockbuster and form DAO to take control of the brand together as we make Blockbuster the first DeFilm streaming platform and mainstream of Web3 brands and products, if not a powerhouse in the future motion picture industry .

Blockbuster was founded in 1985 as a home video game company and movie rental service company. During the 1990s, it grew aggressively and expanded worldwide with more than 9,000 stores and 80,000 employees. In the late 2000s, however, the economic downturn and the rise of Netflix and other competitors triggered a decline for the company that ended up filing for bankruptcy in 2010. It was later bought by Dish Network, an American television provider.

Despite the sharp fall, DAO believes they can revive the company.

The DAO believes the Blockbuster brand is nostalgic and a landmark in cinema history. According to them, the company would continue to thrive today without «terrible leadership with the inability to pivot and make dynamic business decisions.»

BlockbusterDAO believes it’s time to release the brand from purgatory and give it new life. In addition, the Blockbuster name is «ideal for becoming a Web3 product,» they say.

On how exactly the purchase will be made, the DAO says it mints 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 lure Dish Network to sell Blockbuster. Once the funds are raised, the DAO will launch an awareness campaign aimed at lobbying Dish and, if the company withdraws, acquires Blockbuster and registers all intellectual property in the DAO’s name.

Following the purchase, the DAO will take a series of measures that it believes will revive Blockbuster.

To align with Web3, the DAO plans to create a theatrical pass subscription model for the platform and make these ERC-20 pass signals with resale value.

Read also: Sports Enthusiasts DAO Raises Over $ 2 Million on Chicago NBA Bullfighting Team

Esdras Collins

Esdras Collins is an early investor in bitcoin and a veteran trader in the cryptocurrency and foreign exchange markets. He is fascinated by the complex possibilities of blockchain technology and is committed to making the subject accessible to all. His reports focus on the development of various cryptocurrency technologies.

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