A new decentralized autonomous organization (DAO) dubbed BlockbusterDAO has been formed to raise USD 5m and acquire the defunct movie rental business Blockbuster.
“Our mission is to liberate Blockbuster and form a DAO to collectively govern the brand as we turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products, but a powerhouse in the future of the film industry,” the project said.
The DAO, which is apparently less than two days old, aims to purchase the brand from its current owner Dish Network, which had bought it back in 2011 for USD 320m, and turn it into a decentralized film streaming service.
“It’s time to build a massive DeFilm project that will revolutionize the creative decision-making and financing of the film and television industries forever,” the DAO said, adding that they would raise funds by selling BlockbusterDAO non-fungible tokens (NFTs) for 0.13 ethereum (ETH) (USD 530) per item.
The team noted that they have chosen the USD 5m target to be able to beat out possible counter-offers as an interested party has already put forward an offer of USD 1.8m for the brand.
Should the DAO manage to acquire the brand, it would develop an NFT strategy to fund activities such as buying movies from the film circuit. It also plans to create a “Movie Pass” subscription model, which allows subscribers to purchase up to a specific number of movie tickets per month for a monthly fee, for its “DeFilm Streaming” services. The passes would be ERC-20 tokens that have resale value.
The DAO also agues that, since Blockbuster was “a key player” in the video game industry, the brand could become a strong platform for blockchain gaming.
As reported, another DAO called ConstitutionDAO was developed in mid-November in an attempt to purchase a rare, first-edition printed copy of the US Constitution. The DAO managed to raise over USD 40m in less than a week but fell short in its bid.