Benzinga | Dec 27, 2021 05:12PM EST

Could Blockbuster Come Back To Life? This DAO Will Try

BlockbusterDAO -- a peculiar decentralized autonomous organization (DAO) -- plans to buy video rental store chain Blockbuster to bring it back to life.

See Also: What is a DAO?

What happened: BlockbusterDAO plans to raise $5 million in a non-fungible token (NFT) sale, according to a Monday Bitcoinist report. Except for one Blockbuster store still open, most were closed in 2014 after the company's bankruptcy in 2010 with more than $900 million in debt when Netflix Inc. (NASDAQ:NFLX) rendered its business model obsolete. Now what is left of Blockbuster is owned by Dish Network Corp (NASDAQ:DISH) from which BlockbusterDAO is attempting to buy the brand and "liberate" it.

According to pseudonymous BlockbusterDAO founder Tasafila, Blockbuster will evolve to become the first-ever "DeFi streaming platform (DeFilm)" which will drive revenue through "NFT collections, brand deals, and merch."

Blockbuster could compete against Netflix under the leadership of a DAO that allows the community to control the company. Tasafila explained the firm could "start investing in original content after launching its streaming platform." He admitted that "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."

Photo: Daniel Einstag (Daniel70mi) via Flickr