A Decentralized Autonomous Organization (DAO) called "BlockbusterDAO" aims to purchase the famous video rental company, "Blockbuster," and turn it into a streaming service in the Web3 space. The organization seeks to purchase Blockbuster from its new parent company and turn it into a decentralized film streaming service soon.
Blockbuster as a Decentralized Film Streaming Service in Web3?
CHICAGO, IL - JANUARY 22: A sign marks the location of a Blockbuster video store on January 22, 2013 in Chicago, Illinois. Dish Network Corp., which owns the video rental chain, says it plans to close about 300 Blockbuster stores across the country, eliminating about 3,000 jobs.
A group made their voice heard on Twitter and created a thread that explains their mission and goals to buy Blockbuster from its current owners. DISH Network is known for its management of Blockbuster, and it showed no intentions of the sale of the platform now.
The group said that they are currently making a DAO or a decentralized autonomous organization that will help gather investments and help purchase the streaming company. It would also help in turning their concept into reality.
BlockbusterDAO said that it would put the new Blockbuster under their patronage to the Web3 space, and from there, it would become a decentralized service.
For now, the organization is all about talking and gathering its assets to purchase the streaming service.
Blockbuster DAO aims to Purchase it from DISH
The DAO aims to purchase the brand from DISH Network, and it seeks to raise as much as $5 million for it, soon to be a decentralized service. However, the only problem now is that DISH is not looking into buyers of the brand just yet.
The plans of DISH for Blockbuster remain unknown, but the group aims to better the brand as it is a nostalgic and top-ranking name in the industry that would help bring the decentralized service.
Blockbuster in the Streaming Service Now
Blockbuster is known for still standing. Despite the many threats to its existence, the company focuses on moving on with its operations, focusing on video and movie rentals from physical stores. Video stores are non-existent in this generation already, especially when top streaming services already dominate the market.
One of Blockbuster's rivals is Netflix, which started the on-demand video availability from DVDs in the mail until its transition to the internet and streaming service. The giant has been one of the top used services for years now, and it became even more popular during this pandemic as people turn to movies and series for entertainment.
Not to mention other players like Disney+, Hulu, Amazon Prime Video, Apple TV+, and more.
Blockbuster has a lot to catch up on, and while it does not have plans yet, the DAO group aims to spearhead the transition for them. Making Blockbuster a decentralized platform indeed is a massive step for the company and something new to the industry.
However, the world is already progressing, and the popularity of crypto is seen now and aims to take over the world soon, with Blockbuster as one of its top prospects.
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Written by Isaiah Richard
