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DAO wants to turn Blockbuster into a decentralized streaming service

DAO wishes to buy Blockbuster and turn it into a decentralized streaming service. In a Twitter thread, BlockbusterDAO, an Ethereum-based DAO, declared its intention to raise $5 million in NFT sales in order to acquire the Blockbuster video rental brand.

DAO wishes to buy Blockbuster and turn it into a decentralized streaming service

DAO wants to turn Blockbuster into a decentralized streaming service

Image Source: Coin News

A decentralized autonomous organization (DAO) has targeted another historical treasure, the defunct movie rental company Blockbuster, just weeks after attempting to purchase an original copy of the US Constitution.

BlockbusterDAO is the name of the new DAO. According to a December 25 Twitter thread, BlockbusterDAO aims to take over the Blockbuster name and turn it into a decentralized film streaming service, with ambitions for movie funding and production in the future.

BlockbusterDAO plans to fund $5 million to buy Blockbuster from Dish Network, an American television corporation that purchased the movie rental company in 2011. BlockbusterDAO intends to raise funds by selling BlockbusterDAO NFTs for 0.13 Ethereum (about $530 USD).

“One reported offer ‘low-balled’ $1.8 million for the brand, but it seems that the price tag is going to be higher to beat out any counter-offers,” wrote the DAO’s creator on Twitter.

DAOs sprang to prominence in 2021 as a means for organizations to make choices democratically and achieve a common purpose. To vote on these decisions and raise funds for the DAO, they frequently utilize NFTs, governance tokens, or other types of cryptocurrency.

ConstitutionDAO, which collected $11 million in a failed bid to purchase a rare copy of the United States Constitution, and FreeRossDAO, a prison reform advocacy group working to free Silk Road founder Ross Ulbricht, are two recent notable DAOs.

On November 15, the DAO began raising funds in cryptocurrency after receiving some soft commitments. They raised 2,632 ETH in that duration, which is presently worth $11.1 million – however, this might alter depending on the price of Ether. Constitution The DAO is a huge collection of cryptocurrency investors attempting to place a joint bid on a rare copy of the United States Constitution.

DAOs, or decentralized autonomous organizations, are organizations that are managed by a vote of a community of governance token holders rather than a central leadership. Those that invest in a DAO typically obtain the ability to vote on important decisions.

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Also read: Ray Dalio rejects the possibility of $1M worth Bitcoin

 

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