BlockbusterDAO Aims To Create Decentralized Streaming Service

BlockbusterDAO aims to create a decentralized streaming service and will raise up to $5 billion to acquire the defunct movie rental business Blockbuster as we are reading more in today’s cryptocurrency news.

The project said:

“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.”

Step 2: Develop a Blockbuster NFT presence and use proceeds to fund development

This will be a multi-layer step of the roadmap that allows the DAO to scale to a commercial content platform.

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

The DAO that is apparently less than two days old, aims to buy the brand from the current owner Dish network that initially purchased it back in 2011 for $320 million and turn it into a decentralized streaming service. The DAO noted that they will raise funds by selling BlockBusterDAO NFTs for 0.13 ETH per item:

“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 team also noted that they chose the $5 million target to be able to beat out the possibility to counter-offer as an interested party which put forward an offer of $1.8 million for the brand. If the DAO manages to acquire the brand, it will develop an NFT strategy to fund activities for buying movies from the film circuit and it also plans to create a “movie Pass” subscription model which will allow the subscribers to buy a specific number of Movie tickets per month for a monthly fee for the DeFilm Streaming services. These passes will be ERC-20 tokens that have resale value and the BlockbusterDAO also argued that since Blockbuster was a major player in the video game industry so the brand will become a strong platform for blockchain gaming.

Another DAO dubbed ConstitutionDAO was developed in mid-November in an attempt to buy a rare and printed copy of the US constitution and the DAO managed to raise more than $40 million in less than a week but then fell short in the bid. The DAO has formed a month ago with the goal of purchasing a copy of the US Constitution which was auctioned on Sotheby’s a few days ago.
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Despite raising over $45 million, the DAO failed to win the auction and lost to Citadel CEO Ken Griffin. A lot of the observers were frustrated during the auction because the core contributors of the DAO didn’t communicate the bidding strategy or who will bid on behalf of the investors and the DAO.