Blockbuster could soon be making a comeback in the cryptocurrency space after a new DAO formed with the goal of reviving the iconic video rental store.
The BlockbusterDAO hopes to raise funds to purchase Blockbuster from its current owner, Dish, and "turn Blockbuster into the first-ever DeFilm streaming platform."
Blockbuster LLC, popularly known as Blockbuster Video is an American movie and video game rental service that went through a major decline during the late 2000s. The brand was one of the most distinguished rental service organizations hosting 9094 stores globally that employed 84300 people.
BlockbusterDAO Wants To Buy Blockbuster
In a comprehensive Twitter thread, the BlockbusterDAO expanded on why it formed, and expanded on its proposals.
One of the major reasons why the DAO wanted to revive Blockbuster was due to the sentiment of nostalgia that the stores instilled in people.
The DAO went further to list how a structured DAO model could help revive Blockbuster, including how much it would need to raise. Using NFTs selling for 0.13 ETH ($512), it hopes to raise over $5m to purchase the brand.
A Decentralized Autonomous Organization (DAO) is a governance model that is often community-led and does not require a central authority to oversee critical decision-making for the company and is regulated by the community members who have invested their stake in the company.
Community Reaction to the DAO
The proposed BlockbusterDAO model piqued the interests of many Twitter users prompting a strong community reaction.
ConstitutionDAO, another large-scale DAO that attempted to purchase a copy of the US Constitution, gave the BlockbusterDAO its backing.
Other users pondered what exactly a revived Blockbuster could look like, suggesting an aggregator-type streaming service would be useful.
According to the DAO, it wants to tokenise subscriptions. It tweeted: "We can create a “Movie Pass” subscription model for our platform, making those passes ERC-20 tokens that have resale value."
[Image: Wikimedia Commons/Raysonho]