Friday, July 1

DAO Aims To Raise $ 5 Million To Resuscitate Blockbuster Video By CoinTelegraph

© Reuters. DAO Aims to Raise $ 5 Million to Revive Blockbuster Video

A new decentralized autonomous organization (DAO) has been formed with the goal of buying the Blockbuster brand from Dish Network and turning it into a movie studio and streaming platform.

Blockbuster Video is an American video rental company founded in 1985 that grew to 6,000 stores worldwide and was valued at more than $ 8 billion, before closing nearly all of its operations in 2014. Today it is owned by Dish Network and only operates one store in Bend, Oregon.

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The DAO interested in “freeing” Blockbuster from Dish Network is the aptly named BlockbusterDAO. The DAO explained in a December 26 tweet its plans to rally a grassroots effort to buy Blockbuster by raising at least $ 5 million through a Blockbuster DAO NFT minting event. Each NFT will be worth 0.13 ETH.

Read the full article on Cointelegraph

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