The fate of the defunct company Blockbuster, the world’s largest video store chain for years, could become a DAO. A similar group as CounstitutionDAO that wanted to purchase a copy of the US Constitution is being set up to buy the Blockbuster brand.
The group explained that they want to constitute a DAO to collectively rule the brand and make Blockbuster the first DeFilm streaming platform. The group’s objective is to create a DAO (Decentralized Autonomous Organization) to buy the brand from Dish Network, which is the owner of Blockbuster. The current owner has already received several offers for the brand.
According to the group on Twitter, they plan to raise more than $5M through the DAO, through the sale of NFT tokens. Decentralized cooperation, which is made possible by blockchain technology, has already been proven. Examples like ConstitutionDAO, which managed to raise $ 46 million in less than 3 days is one example. BlockbusterDAO will offer tokens Blockbuster DAO NFT con A value of 0.13 ethers (about $ 500 today), the DAO reported via Twitter.
Blockbuster, DAO and DeFilm streaming
Thanks to the DAO (Decentralized Autonomous Organization), the community seeks to manage the brand and turn it into a product of the “new” Web3. In his welcome message on Discord, the group has stated that the decentralization of films (DeFilm) will change the way the film industry is financed and managed forever.
If BlockbusterDAO buys the brand, then Blockbuster will restart operations as a movie studio and become a DeFilm streaming platform, making a substantial contribution to the future growth and development of the motion picture industry. The organization explained the current importance of getting Blockbuster back, after it has become an industry icon around the world. Blockbuster was the largest chain of movie rental stores, with more than 9 thousand stores in the world.
DAO: Governance, transparency and security
Through a DAO, a code-governed decentralized organization, BlockbusterDAO investors will be able to decide on the future of the brand. Within DAOs, the user community is governed by rules established through smart contracts written on the blockchain. What provides transparency, immutability, autonomy and security.
According to the group, the Blockbuster DAO “will lead the DeFi revolution in the film industry for years to come”. Although they have not yet defined the way forward, BlockbusterDAO is thinking about the possibility of adopting Ethereum’s ERC-20 standard tokens to create unique and immutable passes for its community. The DAO explained that it could buy the rights to movies and partner with a distribution company to make it to theaters. Or, publish the content on your website exclusively or lease the content to other streaming platforms. Using ERC-20 tokens to create “movie pass”.
Blockchain and NFT games
In addition to a DeFilm streaming platform, BlockbusterDAO also wants to turn Blockbuster into a blockchain gaming platform, to expand its presence within the growing world of NFTs and the Metaverse. DAO wants to offer initiatives of collective interest to Blockbuster, adapting to the needs of the new generation of consumers. The brand can become a solid platform that facilitates access to blockchain games, where users can generate rewards and develop their own economies. Also, through NFTs, you could negotiate the intellectual rights of films among interested investors.
The phoenix of the cinema
Despite Blockbuster’s failure more than 7 years ago, the brand remains intact in the minds of many consumers. Infact, the brands reputation has improved. Based on this, BlockbusterDAO considers that the community is ready to exercise governance and maintain ownership of the famous brand.