DAO To Buy Blockbuster Video And Offer Decentralised Film Streaming

Decentralised Autonomous Organisations (DAOs) and attempting to buy historical artifacts are catching on in late 2021. Last month, ConstitutionDAO attempted to purchase a rare first-edition copy of the US Constitution, and now a new DAO, BlockbusterDAO, is trying to buy one of the best-known pre-digital brands of the 1990s and early 2000s.

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. Read the 🧵👇

— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021

Big Plans for Blockbuster LLC

After ConstitutionDAO was outbid by former Citadel founder Kenneth Griffin, a new DAO – BlockbusterDAO – announced its intention to purchase the iconic video brand. According to its Twitter feed, the DAO wants to ultimately create a decentralised film streaming service, with additional plans for movie financing and production down the line.

The thread also explained why BlockbusterDAO intends to go through with the purchase:

The Blockbuster brand is not only nostalgic, it’s a historic landmark in the history of film. Despite its 1/1 brand recognition, the company was destroyed by terrible leadership with an inability to pivot and make dynamic business decisions.

BlockbusterDAO, Twitter

To achieve its goals, BlockbusterDAO wants to raise US$5 million to purchase the brand from Dish Network, a US television provider which acquired Blockbuster in 2011. The DAO aims to raise the finance by selling BlockbusterDAO non-fungible tokens (NFTs) for 0.13 ETH each (US$494 at the time of writing).

Although ConstitutionDAO was unsuccessful in its efforts to purchase a copy of the US Constitution, the group is now giving donors a choice – to either accept refunds, or remain in the DAO and receive a “We The People” (WTP) governance token.

DAOs: the New-Age Crowdfunding Solution

As DAOs continue to gain popularity for various reasons, capital raising seems to be the most prominent. For those wishing to buy a National Basketball Association (NBA) team, or an island in the Caribbean, for instance, but don’t necessarily have US$50 million lying around, DAOs are the perfect way for individuals to realise such dreams.

DAOs – the new-age crowdfunding solution – show what a community of people can do when they band together to achieve a collective goal.