Decentralized Autonomous Organizations (DAO) have been one of the hottest issues in the crypto business, alongside non-fungible tokens (NFTs) and blockchain games. In 2021, these entities attracted the general public’s attention, and some believe they have the potential to alter the way businesses operate.
This year has witnessed the birth of well-known DAOs, such as the ConstitutionDAO, which functioned as a new mechanism for communities to organize around a common goal. Tasafila (tasafila.eth) has launched a grassroots drive to fund $5 million to purchase Blockbuster.
Blockbuster was dethroned and rendered useless by Netflix and streaming services; Dish Network now owns Blockbuster. The DAO intends to raise $5 million by minting NFTs that may be sold for 0.13 ETH each.
In that sense, the DAO aims to “liberate Blockbuster” and control the firm with the community via the on-chain governance approach. This is the first step toward transforming Blockbuster into the “first-ever DeFi streaming platform.” Tasafila claims that:
The Blockbuster brand is not only nostalgic, but it’s a historic landmark in the history of film. Despite its 1/1 brand recognition, the company was destroyed by terrible leadership with an inability to pivot and make dynamic business decisions.
The DAO sees promise in the Blockbuster brand, which is associated with streaming services, according to data released by Brandwatch and ConstitutionDAO through Twitter. Since 2013, when Blockbuster closed its last shop, the brand has been associated with “top streaming services,” with public attitude turning favorable. The DAO advocated the following:
It’s time to liberate the brand from purgatory and give it a new lease on life. A brand of the people should be owned by the people and governed by the people. Even the name, Blockbuster, lends itself to becoming a Web3 product.
This decentralized group seeks to make Blockbuster a “DeFilm project,” however, any decision on what the project will become will eventually be decided on by the community. Tasafila, on the other hand, supplied interested users with a prospective roadmap via the DAO’s newly formed Discord channel.
First, they will “begin building prizes” for the entity by establishing the Blockbuster Reward Tokens NFT vault (BRT). With this theoretical foundation, the project will develop its DAO incentives system for community members and its tokenomics.
In addition, BlockbusterDAO plans to “generate revenue through NFT collections, brand deals, merch, and other things.” The proceeds from these goods will be used for future development and intellectual property acquisition.
The decentralized group is thinking about starting film festivals, buying films, launching a blockbuster streaming network, bringing talent to the initiative, and more. According to the DAO’s founder:
Once we’ve developed a platform for content publication, we can start investing in original content. 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 (…)
So far, the projects appear to be gathering pace, with a Discord community of 500 individuals alone. Time will tell if they have the capacity to achieve their goals or if they will follow in the footsteps of other DAOs.
The total crypto market cap sits at $2.45 trillion, up slightly from the previous day as of press time.
