- A newly-formed group called BlockbusterDAO aims to raise $5 million to buy Blockbuster from Dish Network.
- The DAO plans to raise funds by minting NFTs, which will be sold to investors at a price of 0.13 ETH ($530) each.
- If the purchase is successful, the DAO will spend funds on partnerships and on building a streaming video service.
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An Ethereum-based DAO named BlockbusterDAO has announced in a Twitter thread that it is aiming to raise $5 million in NFT sales in order to purchase the Blockbuster video rental brand.
DAO Seeks to Acquire Blockbuster
The group, operating on Twitter as BlockbusterDAO, aims to raise $5 million in ETH. It aims to do so by minting and selling original NFTs that will be priced at 0.13 ETH ($530) each.
The $5 million offer is based on a “low ball” estimate of $1.8 million previously put forward by Retail Ecommerce Ventures CEO Tai Lopez. REV has successfully bought brands such as Pier 1 and RadioShack, suggesting that the estimate is a fair one.
Either entity would need to buy Blockbuster from the U.S. television provider Dish Network, which currently owns the brand.
Though several Blockbuster franchise stores remained open after Dish Network acquired the brand in 2011, only one outlet has remained open since 2019. Dish has nevertheless continued to use the Blockbuster brand in its digital streaming services.
Group Aims to Build Streaming Service
If BlockbusterDAO successfully buys the Blockbuster…