Just weeks after a DAO attempted to purchase an original copy of the US Constitution, another historical artefact has become the target of a DAO: the defunct movie rental company Blockbuster.
The new DAO is appropriately named BlockbusterDAO. According to a December 25 Twitter thread, BlockbusterDAO seeks to govern the Blockbuster brand and create a decentralised film streaming service out of it, with future plans for movie financing and production.
BlockbusterDAO intends to raise $5 million in order to purchase Blockbuster from Dish Network, an American television provider that purchased the movie rental company in 2011. BlockbusterDAO intends to raise funds by selling BlockbusterDAO NFTs for 0.13 ETH (approximately $530 USD).
“One reported offer ‘low-balled’ $1.8 million for the brand, but it seems that the price tag is going to be higher to beat out any counter-offers,” wrote the DAO’s creator on Twitter.
DAOs rose to prominence in 2021 as a means for groups to make democratic decisions and achieve a common goal. To vote on these decisions and raise funds for the DAO, they frequently use NFTs, governance tokens, or other forms of cryptocurrency.
Recent notable DAOs include ConstitutionDAO, which raised $11 million in a failed attempt to purchase a rare copy of the United States Constitution, and FreeRossDAO, a prison reform advocacy group working to free Silk Road founder Ross Ulbricht from prison.