Another sector that is beginning to gain strength in the cryptomarket is the Decentralized Autonomous Organizations, or DAOs. Their purpose is to bring together people who have similar investment views. That said, a DAO is looking to buy Blockbuster, a famous already bankrupt movie rental company, and turn it into a streaming service to compete with Netflix and others.
THE announcement BlockbusterDAO took place this past Sunday (26), explaining the reasons for this idea. First, the Blockbuster brand is not only nostalgic, it is also part of the history of movies, explains the post. Also, brand recognition can be critical to its success.
Last month, another DAO tried to buy a copy of the US Constitution. Although they lost the auction, the sum raised by the project shows signs that DAOs may be the next craze among cryptocurrency users.
The Story of Blockbuster
First, it is necessary to summarize the history of Blockbuster, not so famous for Brazilians. Founded in 1985, it has grown into the world’s largest film and video game rental network.
Despite this, the arrival of streaming services killed this sector, driving Blockbuster into bankruptcy in the early 2010s. The ironic thing about this story is that the then CEO of Blockbuster had the opportunity to buy Netflix for 50 million dollars in 2000 , but laughed at the offer, today it is worth 270 billion dollars.
Coincidentally or not, the profile @Bitcoin on Twitter this Sunday (26) posted a photo of a Blockbuster rental store, now closed and with only the marks of the bankrupt company’s logo.
“Just a reminder about inferior technologies… Another reason to buy #Bitcoin”.
Just a reminder about inferior technologies…
— Bitcoin (@Bitcoin) December 26, 2021
DAO wants to buy bankrupt rental company and turn it into a streaming service
Due to its success story, present in the lives of many citizens of the US and other countries, the name Blockbuster remains synonymous with movies and this DAO wants to take advantage of that.
The idea is to create a DeFilm project, or, in other words, a decentralized film streaming service, thus being managed autonomously, differently from traditional companies.
The BlockbusterDAO group says it needs to raise $5 million through the sale of NFTs to try to buy the Dish Network brand, current owner of the bankrupt Blockbuster. Today the name is valued at $1.8 million, but they are anticipating counteroffers.
After that, the idea is to hold festivals and also start buying films that can be shown on the platform itself, to be created, as well as being able to sell their exhibition rights to other competitors.
Finally, while it’s an ambitious idea, it’s worth remembering that ConstitutionDAO raised about $47 million to buy a copy of the US Constitution last month. Although they didn’t win the auction, these values and community determination seem to have been motivational for other projects, like BlockbusterDAO itself.