Meta Digest

DAO Plans to Raise $5 Million to Revive Blockbuster Video

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With the intention of acquiring the Blockbuster name from Dish Network. Also transforming it into a movie studio and streaming service, a new DAO has been create.

Blockbuster Video, founded in 1985, is an American video rental company. It once possessed 6,000 stores worldwide and $8 billion valuation. In 2014, it shuttered nearly all of its operations. 

Committed to “liberating” Blockbuster from Dish Network, the DAO is called BlockbusterDAO. In a tweet, December 26, the DAO elaborated its action plans on purchasing Blockbuster through a Blockbuster DAO NFT minting event by raising $5 million in minimum. NFTs are worth 0.13 ETH each.

A decentralized film (DeFilm) streaming studio will be the outcome of BlockbusterDAO’s Blockbuster. However, A pilot programme known DeFilm was take place In july with the goal of really. Making a movie with decision-making taking place on a blockchain.

Blockbuster DAO

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. Also a mainstay of both the Web3 brands and products. But a powerhouse in the future of the film industry,” says Blockbuster DAO in the tweet. 

Approximately 9,000 Twitter users and a Discord server currently make up the DAO, which meticulously assesses its chances of success.

It seems that the BlockbusterDAO is utilizing social media led desire to revive memestock brands including Gamestop and AMC. Also act in accordance to that laid down by ConstitutionDAO (PEOPLE) more than a month ago.

ConstitutionDAO targeted to purchase the Constitution of the United States of America. Also its original copy at auction from the Dorothy Tapper Goldman Foundation. 

However, ConstitutionDAO did not successfully attain its objective as Kenneth Griffin. Hedge fund manager, spent an entire amount of $43.2 million on November 19 in the Sotheby’s auction for the copy. 

After the auction, the DAO rendered full refunds for anyone who chooses to donate. Those who did not accept the refunds kept their PEOPLE tokens.

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