BlockbusterDAO, a decentralized autonomous organization that seeks to buy the now-defunct retail video chain, has gone live with a mission to raise $5 million through non-fungible tokens (NFTs). A report unveiled this news earlier today, noting that the DAO aims to liberate Blockbuster by turning it into the first-ever DeFilm streaming platform and a mainstay for web3 products and brands.
According to the report, BlockbusterDAO seeks to sell NFTs starting from ETH 0.13 (approximately $482). Additionally, the DAO intends to run a PR campaign and make a cash offer to Dish Network, the owners of the Blockbuster brand, since 2011. Should these attempts succeed, BlockbusterDAO seeks to register all intellectual property in its name.
Per Tasafila, the DAO’s pseudonymous founder, $5 million is a fundraising goal, not the valuation of the Blockbuster brand. With another interested party already placing a bid of $1.8 million, the DAO seems confident it can purchase Blockbuster for anything between $1.8 million and $5 million.
Ambitions to build the first decentralized film and entertainment platform
Explaining why he decided to create BlockbusterDAO, Tasafila said,
I spent many days of my childhood in Blockbuster sweating over which video game or movie to purchase. That’s pure, untapped nostalgia right there.
To help others relive such memories, BlockbusterDAO seeks to create a streaming platform and create original content. In so doing, the DAO believes it will become the leader of a decentralized film and entertainment industry.
According to him, building a massive DeFilm project would help transform the creative decision-making process and financing of the film and TV industries forever. Tasafila further noted that Blockbuster DAO would be like lighting in a bottle for the future of DAO governance.
Reportedly, the DAO is working on the details of its governance token and mulling which ERC token type to use. He added that the launch of BlockbusterDAO comes at an opportune moment, seeing as other similar DAOs have already helped highlight best practices and pitfalls.
This news comes as crypto communities continue forming DAOs to acquire real-world assets. The latest DAO to give this feat a shot was the ConstitutionDAO, which sought to purchase a limited copy of the US constitution. Despite raising over $40 million, ConstitutionDAO lost the bid to Citadel CEO Ken Griffin.
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