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The BlockbusterDAO is looking to fund at least $5 million to purchase Dish Network’s legendary video rental brand and transform it into a streaming film studio.

The purpose of a new decentralized autonomous organization (DAO) is to purchase the Blockbuster brand from Dish Network and transform it into a film studio and streaming platform.

Before closing virtually all of its operations in 2014, Blockbuster Video, an American video rental corporation founded in 1985, had 6,000 locations worldwide and valued at over $8 billion. Dish Network presently owns it, and it only has one location in Bend, Oregon.

BlockbusterDAO is a DAO that is interested in freeing Blockbuster from Dish Network. In a tweet on December 26, the DAO indicated that it intends to mobilize a grassroots campaign to purchase Blockbuster by generating at least $5 million through a Blockbuster DAO NFT minting event. Each NFT will be worth 0.13 Ethereum.

BlockbusterDAO intends to transform Blockbuster into a decentralized film streaming studio (DeFilm). DeFilm is a July experiment that aims to “really construct a movie with decision-making taking place on a blockchain.” The moniker ‘Block’ buster sounds appropriate for such a project.

The DAO is presently made up of roughly 9,000 Twitter users and a Discord server, all of whom are debating how the DAO might fulfill its objectives.

The BlockbusterDAO looks to be capitalizing on the social media-fueled urge to resuscitate meme stock businesses like Gamestop and AMC while also following in the footsteps of ConstitutionDAO (PEOPLE), which launched a little over a month ago.

ConstitutionDAO attempted to purchase an original copy of the United States Constitution at auction from the Dorothy Tapper Goldman Foundation.

ConstitutionDAO could not fulfill its purpose, as hedge fund manager Kenneth Griffin spent $43.2 million for the copy at a Sotheby’s auction on November 19. The DAO gave full refunds to everybody who donated after the auction. PEOPLE tokens were kept by those who did not accept refunds.

PEOPLE was added on Binance a little over a month later, on December 23, and is presently trading at around $0.11.

On December 27, the ConstitutionDAO team tweeted its support for the BlockbusterDAO efforts:

“PLEASE bring back blockbuster, @netflix has gone unchecked for far too long.”

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