Decentralized Autonomous Organizations (DAO) has been, alongside non-fungible tokens (NFTs), and blockchain games, one of the hottest topics in the crypto industry. These entities captured the attention of the mainstream in 2021; some believe they could revolutionize the way companies operate.
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This year, the industry has seen the emergence of well-known DAOs, such as the ConstitutionDAO, which operated as a new method for communities to organize around an objective. Now, a community initiative, founded by Tasafila (tasafila.eth), plans to raise $5 million to buy Blockbuster.
Former home movie provider dethroned and made obsolete by Netflix and stream services; Blockbuster is currently owned by Dish Network. The DAO is planning on raising the $5 million by minting NFTs which can be sold for 0.13 ETH each.
In that sense, the DAO seeks to “liberate Blockbuster” and manage the company via the on-chain governance model with the community. This will be the first step into making Blockbuster a “first-ever DeFi streaming platform”. According to Tasafila:
The Blockbuster brand is not only nostalgic, but it’s a historic landmark in the history of film. Despite its 1/1 brand recognition, the company was destroyed by terrible leadership with an inability to pivot and make dynamic business decisions.
The DAO sees potential in the Blockbuster brand which is, according to data provided Brandwatch and ConstitutionDAO via Twitter, is associated with streaming services. The brand is correlated with “top streaming services” with a general public sentiment turned positive since 2013, when Blockbuster closed its last store. The DAO proposed:
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.
Why Would Become Of Blockbuster If Turned Into A DAO?
This decentralized organization aims to make Blockbuster a “DeFilm project”, but ultimately any decision on what the project will become will be voted by the community. However, Tasafila provided interested users with a potential roadmap, via the DAO’s recently launched Discord channel.
First, they will “start building rewards” for the entity by creating an NFT vault called Blockbuster Reward Tokens (BRT). With this potential base, the project will create its DAO rewards system for community members and the project’s tokenomics.
Also, BlockbusterDAO will seek to “drive revenue through NFT collections, brand deals, merch”, and other products. The proceeds from these products will be used for future development and IP buying.
The decentralized organization contemplates the creation of film festivals, the possibility to start buying films, the deployment of a blockbuster streaming platform, attracting talent into the project, and much more. The DAO founder said:
Once we’ve developed a platform for content publication, we can start investing in original content. This is not a step we’d want to rush toward, as the time and money it will take is a big investment. We’d need confirmation from the DAO on what projects to invest in (…)
So far, the projects seem to be gaining traction with a community of 500 users on Discord alone. Time will tell if they have the capacity to fulfill its objectives or if they will follow the fate of other DAOs.
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As of press time, the total crypto market cap stands at $2.45 trillion with moderate gains in the past day.