Crypto Group Plans To Buy Blockbuster And Relaunch As A Streaming Service
At one time, before streaming dominated the movie industry, Blockbuster Video was the pinnacle of movie rentals. The video store chain managed to take over most of the small mom & pop video stores of the 80s and 90s, placing itself at the top of the food chain. It seemed unlikely that anyone else could ever beat him. But once the Netflix streaming platform and digital technology embraced, Blockbuster quickly became a relic of the past. In fact, only one Blockbuster store remains – a location in Bend, Oregon. But it looks like a crypto group has their own plans for the brand – with the intention of turning Blockbuster into a streaming service.
The group, which calls itself Blockbuster DAO, is eagerly trying to raise $ 5 million in a bid to buy Blockbuster’s intellectual property rights. Most of the business decisions would be automated and executed on the blockchain made by DAO, aka Decentralized Autonomous Organization.
Interestingly, this would give viewers more power to decide what to watch on the service. This news comes via FX Empire.
“The very first DeFilm (decentralized) streaming platform and a mainstay of Web3 brands and products.” They also aspire to transform the platform into “the powerhouse of the future of the film industry”.
They are currently hoping to raise $ 5 million to buy the rights to the Blockbuster name, as well as launch a public relations campaign to get Dish to sell Blockbuster in the first place. As such, it will be interesting to see where the project goes from here. It is certainly an ambitious one to say the least. Here’s how they plan to raise the funds:
“BlockbusterDAO plans to raise $ 5 million or more through BlockbusterDAO NFT mints at a price of E 0.13 each.”
If successful, this Blockbuster streaming app could be rather revolutionary for the entertainment industry. So while it was long suspected that Blockbuster was essentially dead following the streaming boom, it could very well have the potential to initiate an unexpected comeback. So expect more details as we have them.