A decentralized autonomous organization (DAO) wants to raise $5 million from the sale of NFTs to turn bankrupt Blockbuster into a movie-streaming platform, like Netflix, but decentralized.
BlockbusterDAO’s goal is to buy Blockbuster from Dish Network, an American television provider that bought the movie store in 2011. The group then plans to register all intellectual property in the organization’s name.
After that, the “sky is the limit”.
Blockbuster will be reborn from the ashes?
According to a Twitter thread posted on Dec. 27, BlockbusterDAO plans to govern the Blockbuster brand and create the decentralized streaming service.
In addition, DAO intends, in the future, to offer film financing and production services among other things.
“Our mission is to liberate Blockbuster and form a DAO to collectively govern the brand as we turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products, but a powerhouse in the future of the film industry..”
DAO will sell NFTs to resurrect Blockbuster
To raise the funds needed to get the plans off the ground, the organization will market BlockbusterDAO NFTs. Each non-fungible token will cost 0.13 ETH. That is, around US$ 530.
The DAO said the franchise was reduced in price by $1.8 million. However, the group says the price will be higher to outweigh any counter-proposals.
However, no deadline for the initiative has been provided so far.
“It’s time to unleash the mark of purgatory and breathe new life into it. A brand of the people must belong to the people and be ruled by the people. Even the name, Blockbuster, lends itself to becoming a Web3 product,” says one of DAO’s tweets.
Still following the tweets, DAO said it plans to launch a staking service with BlockbusterDAO’s token, BlockHead.
There are still other plans in mind, but the organization noted that all of this will only be defined by the DAO itself in the future.