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BlockbusterDAO to Raise $5M in NFT Sales, Wants to Buy Defunct Video Brand

BlockbusterDAO hopes for a $5 million fundraiser goal, and takes aim at ultimately buying back the Blockbuster brand, ushering in a new era of decentralized film and entertainment.

blockbuster
Photo by Jorge Villalba / iStock

BlockbusterDAO has seen a full launch with the objective to buy back the now-defunct video chain Blockbuster. “Our mission is to liberate Blockbuster,” a pinned tweet states on their official account. This group seeks to “turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both Web3 brands and products.”

The DAO wishes to raise $5 million via the sale of NFTs, or non-fungible tokens, beginning at 0.13 ETH per ($483 currently) and follow up with a PR campaign, before finally making a cash offer to the current owners of the Blockbuster brand; Dish Network.

BlockbusterDAO states that after the purchase of the brand, it plans to register all IP’s in the name of the DAO.

“The Blockbuster brand is currently owned by Dish Network,” they wrote in a tweet. “Another interested party has low-balled an offer of $1.8 million for the brand, but it seems that the price tag is going to be higher to beat out any counter-offers.”

BlockbusterDAO’s attempt to purchase a real-world asset is the latest crypto group to go down this path. Krause House is a DAO formed to buy an NBA franchise. Also, ConstitutionDAO was formed to purchase a limited copy of the U.S. Constitution, though it ultimately lost the auction to Ken Griffin, the CEO of Citadel.

The DAO’s founder, known on Twitter as Tasafila, spoke with Decrypt, to tell them that the $5 million figure fundraiser goal, not the valuation of the brand, though the DAO firmly believes it can get Blockbuster for an amount ranging from $1.8 million and $5 million.

He took the time to reassure them that his intentions are indeed good, saying “I spent many days of my childhood in Blockbuster sweating over which video game or movie to purchase. That’s pure, untapped nostalgia right there.”

Blockbuster stopped operations in January 2014 once the few remaining company-run stores were closed. As of this month in 2021, there’s only one Blockbuster store in Bend, Oregon, that’s open. BlockbusterDAO states its ultimate goal is a relaunch of the streaming platform in Blockbuster’s name, and for them to create original content, making them a spearhead in the decentralized film and entertainment industry.

“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,” Tasafila stated. “I believe that Blockbuster DAO will be like lighting in a bottle for the future of DAO governance.”

The DAO is still working out all the details pertaining to its governance token, as well as which ERC token type they’ll be using. “We are fortunate to have entered the arena after those like Constitution DAO who have shown us best practices as well as pitfalls,” Tasafila added.

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