Investors on the crypto circuit have now set their eyes on Blockbuster, one of the best-known brands in the United States, and want to convert it into a decentralized streaming platform, Gizmodo reported. They have even formed a decentralized autonomous organization (DAO) to this effect and tweeted their grand plan on Boxing Day.
Last month, we covered how a bunch of enthusiastic crypto investors wanted to buy a rare copy of the U.S. constitution and even crowdsourced $47 million from over 17,000 smaller investors for this purpose. While the group lost the auction, it did popularize a template of how funds could be raised for a common purpose, albeit using decentralized currencies.
The eponymously named BlockbusterDAO plans to pull the same trick on a commercial brand that at its peak had over 9,000 stores but is now down to one. In a Twitter thread, BlockbusterDAO said that public sentiment has turned positive for the brand since its stores have closed and Web 3.0 could give it the much-needed new lease of life.
BlockbusterDAO estimates that Dish Network that currently owns the Blockbuster brand could give it up for a sum of $5 million that can be raised through a nonfungible token (NFT) mint. The DAO will further raise money through a Rewards Program where individuals will secure voting rights in return for their funds. The DAO could then seek rights to films to either lease them to other streaming platforms or publish them on its own site through a subscription model that works on its own tokens.
The DAO would decide which projects Blockbuster should invest in and the budgetary limits for them as the platform tries to attract talent and create its own original content and also delve into blockchain gaming, as well. the thread elaborated. It also spelled out its benchmarks for success.
When are we successful?— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021
When we win an Oscar AND a Golden Globe for a Blockbuster Original Film.
When we reach $1B in Annual Reocurring Revenue (ARR).
When we lead all DAOs in Total Value Locked (TVL).
While the steps in the thread sound straightforward, Gizmodo did point out that BlockbusterDAO currently only has a presence on Twitter and Discord, an instant messaging and digital distribution platform. It also reminds us that after raising $47million, ConstitutionDAO is refunding the money in its own tokens, one of which has been recently minted.
BlockbusterDAO might be a great concept but a very risky investment option.
Disclaimer: Some members of the IE team, including editors of this article, have personally invested in a number of cryptocurrency and stock markets. However, their private investment viewpoints have no impact on editorial content.