Could a DAO ‘Liberate’ Blockbuster?

Christmas. A time for family, a time for cheer, and, apparently, a time to reveal a prospectus for creating a DAO to purchase the Blockbuster brand from Dish Network.

“Our mission is to liberate Blockbuster and form a DAO to collectively govern the brand as we turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products, but a powerhouse in the future of the film industry,” wrote tasafila.eth, a self-described startup founder, screenwriter, and NFT collector, on the night of the 25th in a tweet thread that garnered over four thousand likes.

Why Blockbuster?

Tasafila.eth believes that Blockbuster, the defunct movie rental business, holds appeal as a nostalgia play. Specifically, tasafila.eth points to a recent Brandwatch report that shows people now think positively about the brand. Wrote the BlockbusterDAO idealogue, “The Blockbuster brand is not only nostalgic, but it’s a historic landmark in the history of film.”

To make a play on the Blockbuster brand, BlockbusterDAO must purchase it from Dish Network. According to tasafila.eth, the DAO will most likely have to raise $5 million. If the DAO continues moving forward using its current roadmap, BlockbusterDAO plans to raise funds via an NFT drop, which would sell DAO NFTs at .13 ETH each.

Once initially funded, BlockbusterDAO expects to expand its reach via a seven-step roadmap outlined by tasafila.eth on Discord.

1. Allow Blockbuster DAO NFT staking to collect BlockBuster Rewards
2. Develop a Blockbuster NFT presence and use proceeds to fund development
3. Run the film festival circuit and start buying films
4. Release a Blockbuster streaming platform (“DeFilm”)
5. Option speculative screenplays for Blockbuster Originals
6. Attract Creative Talent with Equity Earnings on Success
7. Interactive Collective Content and Blockchain Gaming

BlockbusterDAO is the latest in a string of DAOs attempting to make somewhat memetic purchases. For example, in November, ConstitutionDAO raised $50 million in a failed attempt to purchase a physical copy of the Constitution at a Sotheby’s auction. To give a more successful iteration, in October, PleasrDAO was able to secure a one-of-one physical copy of a Wu-Tang Clan CD for $4 million. LinksDAO is also making a move similar to BlockbusterDAO, in that a group of golfing fans is attempting to band together to purchase a top-100 golf course.

BlockbusterDAO is reminiscent of the GameStop and AMC WallStreetBets movements last year that found value in the nostalgia associated with the brands. It remains to be seen whether this similarly takes off.