A newly established DAO has been set up with the goal of buying the legendary video rental brand, Blockbuster, and turning it into a streaming platform and film studio. The company, named BlockbusterDAO, intends to do so through raising at least $5 million.
As recently explained in a tweet, the aptly named DAO aims to raise the funds through its Blockbuster DAO NFT minting event, where each NFT will be valued at 0.13 ETH (or $480 at the time of writing).
The goal of BlockbusterDAO is to buy the video rental brand off its current owners, Dish Network, and reinvent it into being a mainstay of web3 brands and products, alongside being a powerhouse in the future of the film industry. To do this, the DAO plans to turn Blockbuster into the first ever decentralized film (DeFilm) streaming platform, a concept which sees films being made through decisions made on a blockchain.
This effort from BlockbusterDAO, which is currently made up of 9,000 netizens on Twitter and Discord, coincides with other social media led campaigns which are trying to resurrect other memestock and cult-followed brands, such as AMC and Gamestop.
Blockbuster Video itself is an American video rental company which was founded in 1985. With once having 6,000 global stores and a valuation of over $8 billion, the franchise played a huge role in pop-culture throughout the 90’s and 2000’s. However, given the company’s almost-blanket shutting of operations in 2014 due to the uprise in digital streaming platforms, such influence since transformed into a mere sense of nostalgia for its millions of previous customers.
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