Could Blockbuster Come Back To Life? This DAO Will Try

BlockbusterDAO — a peculiar decentralized autonomous organization (DAO) — plans to buy video rental store chain Blockbuster to bring it back to life.

See Also: What is a DAO?

What happened: BlockbusterDAO plans to raise $5 million in a non-fungible token (NFT) sale, according to a Monday Bitcoinist report. Except for one Blockbuster store still open, most were closed in 2014 after the company’s bankruptcy in 2010 with more than $900 million in debt when Netflix Inc. NFLX rendered its business model obsolete. Now what is left of Blockbuster is owned by Dish Network Corp DISH from which BlockbusterDAO is attempting to buy the brand and “liberate” it.

According to pseudonymous BlockbusterDAO founder Tasafila, Blockbuster will evolve to become the first-ever “DeFi streaming platform (DeFilm)” which will drive revenue through “NFT collections, brand deals, and merch.”

Blockbuster could compete against Netflix under the leadership of a DAO that allows the community to control the company. Tasafila explained the firm could “start investing in original content after launching its streaming platform.” He admitted that “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.”

Photo: Daniel Einstag (Daniel70mi) via Flickr