- BlockbusterDAO launched this month with the hope of buying the Blockbuster brand from Dish Network.
- The DAO plans to raise $5 million in funding through NFT sales.
- Only one physical Blockbuster store remains open as of 2021.
Is this another attempt to juice the stock price of a nostalgia brand a la GameStop and AMC? Or is it genuine nostalgia?
BlockbusterDAO has just launched with the goal of buying the defunct video retail chain. “Our mission is to liberate Blockbuster,” declares a pinned tweet from the DAO’s official account (which already had to warn followers about impostors). The group aims to “turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products.”
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.
— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021
The DAO hopes to raise $5 million through the sale of non-fungible tokens (NFTs) starting at 0.13 ETH per [$483 currently] followed by a PR campaign, and finally making a cash offer to Dish Network, the current owners of the Blockbuster brand. BlockbusterDAO says after purchasing the brand, it will register all intellectual property in the name of the DAO.
“The Blockbuster brand is currently owned by Dish Network,” BlockbusterDAO tweeted. “Another interested party has low-balled an offer of $1.8 million for the brand, but it seems that the price tag is…