In a Twitter thread, an Ethereum-based DAO named BlockbusterDAO announced that it is looking to raise $5 million in funding to acquire the Blockbuster brand.

In a pinned tweet, the DAO's official account declares that its mission is to liberate Blockbuster. The group plan to make Blockbuster a mainstay of both Web3's brand and products by making it the first DeFilm streaming platform for movies.

"It’s time to liberate the brand from purgatory and give it a new lease on life. A brand of the people should be owned by the people and governed by the people. Even the name, Blockbuster, lends itself to becoming a Web3 product."

With the NFT sale priced at 0.13 ETH per token ($483 currently), the DAO aims to raise $5 million to acquire Dish Network, the current owners of Blockbuster.

Previously, Retail Ecommerce Ventures CEO Tai Lopez had put forth a "low ball" estimate of $1.8 million. REV has been a successful buyer of brands, including Pier 1 and RadioShack.

In 2011, Dish Network acquired the Blockbuster brand, an American video rental company, and several franchise locations remained open up until 2019. The Blockbuster brand has nevertheless continued to be used by Dish's digital streaming services despite only one remaining outlet. By following ConstitutionDAO's lead, BlockbusterDAO is capitalizing on the desire among social media users to revive meme stock brands, including GameStop and AMC.

An autonomous organization, or DAO, is an organization that isn't governed by a central authority but instead is guided by a community of token holders that collectively votes on key decisions.

Some cryptocurrencies, such as Dash and Dai, are governed by DAOs. Gitcoin and MolochDAO are two DAOs that have raised funds for development on the Ethereum network.

Pavan A

CBW - External Analyst

INDIA