Thursday, January 27

DAO wants to revive company that was crushed by Netflix | Bitcoin Portal

Is this another attempt to generate hype around the actions of a nostalgic brand à la GameStop and AMC? Or was it genuine nostalgia?

BlockbusterDAO just launched with the aim of buying Blockbuster, the defunct video rental retail chain.

“Our mission is to release Blockbuster”, highlights a tweet posted on the official account of the autonomous decentralized organization (DAO), which has already had to alert its followers about impostores.

The group aims to “make Blockbuster the first ‘DeFilm’ streaming platform [filmes descentralizados] and in a pillar of both brands and products of the Web3”.

DAO expects to raise $5 million through the sale of non-fungible tokens (NFT), starting at 0.13 ETH each (about $483) followed by an advertising campaign and finally making a cash offer to Dish Network, the current owner of the Blockbuster brand.

BlockbusterDAO claims that after acquiring the trademark, it will register all intellectual property in DAO’s name.

“Blockbuster brand is owned by Dish Network,” tweeted BlockbusterDAO. “Another interested party has offered a low offer of $1.8 million for the brand, but it looks like the price will have to be higher to fight any counteroffers.”

BlockbusterDAO is the newest crypto group to attempt to acquire a real world asset, entity or company. Krause House is a DAO formed to buy the US National Basketball League (NBA) franchise.

The most famous is the ConstitutionDAO, which was created to buy a limited copy of the American Constitution, but ended up losing the auction to Ken Griffin, CEO of Citadel.

In messages to Decrypt, Tasafila, anonymous founder of BlockbusterDAO, said the $5 million funding target is not an evaluation of the Blockbuster brand, but DAO clearly believes it can purchase Blockbuster for between $1.8 million and $5 million.

It is important to note that when ConstitutionDAO failed to win the auction of a rare copy of the American Constitution, some critics claimed that it did not help at all, as Ken Griffin knew exactly how much needed to overcome the DAO bid.

Blockbuster Actions

Tasafila also told Decrypt that his intentions are pure: “I spent many days of my childhood on Blockbuster choosing which video game or movie to rent. This is pure untapped nostalgia.”

May be. But a year ago, Blockbuster (BLIAQ), which is now trading at fractions of a penny, was briefly boosted by Reddit users when traders on the WallStreetBets forum banded together to trade shares in nostalgic 90s companies like GameStop, BlackBerry and Build-A-Bear.

Blockbuster hit a high of $0.03 per share before dropping to its current price of $0.001. In any case, the share price did not rise after the news of DAO’s takeover plans.

Blockbuster ceased operations in January 2014 after some remaining stores were closed. In December 2021, only one Blockbuster store is open, located in Bend, Oregon.

BlockbusterDAO states that the main objective is to relaunch the Blockbuster streaming platform and create original content, fostering a decentralized film and entertainment industry.

“It’s time to develop a massive DeFilm project that will revolutionize creative decision-making and funding in the film and television industries forever,” said Tasafila. “I believe BlockbusterDAO will be a huge transformation in the future of DAO governance.”

Tasafila said the DAO is still working on the details of its governance token and which ERC to use. “We are lucky to have entered the industry after those like ConstitutionDAO have shown us best practices as well as pitfalls,” he added.

*Translated and edited by Daniela Pereira do Nascimento with permission from Decrypt.co.





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