Blockbuster DAO Aiming to Raise US$5 Million to Buy Blockbuster

BlockbusterDAO, an Ethereum-based DAO (Decentralized Autonomous Organization) group, wants to raise US$5 million by minting and selling NFT.

BlockbusterDAO, a newly-formed Ethereum-based DAO (Decentralized Autonomous Organization) group, has announced that it wants to raise US$5 million by minting and selling NFT. The proceeds from NFT sales will be used for purchasing the Blockbuster video rental brand. Each minted NFT will be sold to investors at 0.13 ETH ($530) price each. 


Reports say that if BlockbusterDAO successfully sells all its minted nonfungible assets at the announced price to investors, they’ll build a new video service. The company announced:


“Our mission is to liberate Blockbuster and form a DAO to collectively govern the brand… turn Blockbuster into the first-ever DeFilm streaming platform” and a “mainstay of…the Web3 brands.”


The project ultimately wants to create its own streaming service where movie passes will be issued as Ethereum-based ERC20 coins. Tasafila.eth (the founder of a decentralized autonomous organization named Superinfinity that is focused on NFT ownership) is currently leading the effort. 


Decentralized Autonomous Organizations or DAOs don’t have any central leadership. The governance of the organization is done through voting by a community of governance token holders. A person earns the right of voting in major decision-making processes by investing in a DAO.