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Twitter account @BlockbusterDAO announced in a Dec. 25 tweet that it is forming “a DAO to collectively rule the brand as we transform Blockbuster into the first-ever DeFilm streaming platform and a mainstay of Web3 brands and products, but a powerhouse in the future of the film industry.
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The DAO said the positive sentiment surrounding the Blockbuster brand, including nostalgia around the company, adds value to the name. In a storm of tweets, the DAO explained how it could buy the Blockbuster brand from its current owner – Dish Network – how much it plans to offer and what it plans to do if and when the purchase is made.
What is a DAO?
Let’s start with the basics. For those who are not familiar, DAO stands for Decentralized Autonomous Organization. The first DAO was launched in 2016 to help developers automate decisions and facilitate cryptocurrency transactions. In the case of the acquisition of the Blockbuster brand, the DAO will ostensibly act as a venture capital fund.
A DAO operates without a CEO or a board of directors. Most decision making is automated. However, the DAO can issue non-fungible tokens (NFTs) to investors, giving them the right to vote. In the case of BlockbusterDAO, these investors would have the ability to vote on decisions regarding the Blockbuster brand.
Most recently, a group of people created a DAO – ConstitutionDAO – and raised $ 47 million in an attempt to buy a rare copy of the US Constitution at a Sotheby’s auction. The group did not win the auction, although the rare artifact ultimately sold for $ 43.2 million, Sotheby’s announced in a tweet. According to The Verge, ConstitutionDAO had placed a maximum bid of $ 43 million, narrowly losing the competition to Citadel hedge fund manager Ken Griffin.
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How much is the blockbuster worth?
BlockbusterDAO believes the Blockbuster brand is worth over $ 5 million, although a company recently made an offer of $ 1.8 million, which Dish Network declined, according to BlockbusterDAO’s tweet.
If the DAO collects the funds – via the sale of NFT worth around $ 530, bought with 0.13 in Ethereum – it will start to continue buying.
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BlockbusterDAO plans to raise additional funds through the continued sale of NFT and a rewards program that encourages community participation. BlockbusterDAO would start collecting intellectual property through film festivals and other channels, then distribute the films in theaters, on a BlockbusterDAO proprietary website or streaming platform, or by leasing the rights to the film from. third-party streaming platforms.
Ultimately, the goal would be to create the first DeFilm streaming platform to hit the market and potentially enter the video game industry, all while resurrecting a beloved iconic brand.
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