A decentralized autonomous organization (DAO) was created in the US in order to purchase the brand of the no longer functioning Blockbuster video rental network. They plan to create a streaming service based on it.
Thus, BlockbusterDAO said that Dish Network is asking for $1.8 million for the right to own the brand. According to representatives of the project, the real price tag will be much higher – about $5 million. This is necessary to discourage “any counter-offers”.
Furthermore, Blockbuster, once the largest video distribution network, filed for bankruptcy in September 2010. The company owes creditors about $900 million. In 2011, the American satellite provider Dish Network acquired Blockbuster. The transaction value was $228 million.
BlockbusterDAO plans to raise money through the sale of NFTs
Moreover, BlockbusterDAO plans to raise money through the sale of its own non-fungible tokens (NFTs). The price of each token will be 0.13 ETH (~$485 at the time of writing). If the organizers manage to raise the necessary amount and close the deal with Dish Network, all brand-related rights will register in the name of DAO.
In addition, BlockbusterDAO intends to transform Blockbuster into a decentralized film (DeFilm) streaming studio. The latter is a July experiment that aims to ” actually make a movie with decision making happening on a blockchain”.
The DAO presently has roughly 9,000 Twitter and Discord users, all of whom are debating how the DAO might achieve its objectives.
Ross Ulbricht Genesis NFT Collection
In December, FreeRossDAO acquired the NFT collection of Silk Road founder Ross Ulbricht. The winning bid at the SuperRare platform auction was 1,446 ETH (~$6.2 million).
Ross Ulbricht, the founder of the now-defunct dark web marketplace Silk Road; has caused quite a stir by announcing that his series of NFT will be auctioned off starting December 2.
Previously on December 1, the incarcerated Silk Road founder revealed his intentions to sell the Ross Ulbricht Genesis Collection. On the SupeRare NFT marketplace from December 2 to 8. Ulbricht created 11 works of art, which his followers then coined into NFT form.