In the ’90s, Blockbuster was a big mac for video and game rentals in the US. As streaming services began to shape the way we watched movies, it experienced a major decline in the late 2000s. The brand was once one of the pre-eminent rental service agencies, employing more than 80,000 people in more than 9,000 stores worldwide. Blockbuster could not keep up with the times and was acquired by Dish Network. However, with news that the Big Mac could make a comeback in the form of a new streaming service, the internet is buzzing again. The Blockbuster brand is not only nostalgic, but a historic milestone in film history. Despite its first-class brand recognition, the company was dragged down by poor leadership who were incapable of making adjustments to proactive business decisions,
The Blockbuster DAO has been established, the DAO – the Decentralized Autonomous Organization, will run on the blockchain and make most decisions transparent and automated. Its goal is to buy the Blockbuster brand from Dish Network and turn it into a movie studio and streaming platform. The Blockbuster DAO group is trying to raise $5 million to acquire the brand’s intellectual property. The DAO raises funds through NFT minting activities, where each NFT is worth 0.13 ETH. They will put more power in the hands of community members and viewers to decide the future of licenses and original programming on the streaming service.
Why buy Blockbuster?
Through Brandwatch, the founding team found a strong correlation between Blockbuster and streaming services. About 2 million mentions of Blockbuster and one of the top streaming services. But interestingly, sentiment scores started to increase in 2013, the year Blockbuster closed the last Dish company store. Since then, sentiment has improved from -20 to +14. In other words, once the Blockbuster store disappeared, sentiment toward Blockbuster turned positive.
Blockbuster DAO decided to acquire the brand from Dish Network, giving it a new lease of life. A people’s brand should be owned by the people and managed by the people. Even the name Blockbuster is suitable for being a Web3 product. The Blockbuster DAO will build a large-scale DeFilm project that will revolutionize creative decision-making and financing in the film and television industry.
Blockbuster DAO will reshape the film and television industry in a Web 3.0 world
Staking rewards for Blockbuster DAO
Blockbuster IP is owned by Blockbuster DAO. The founding team will design the incentive mechanism for DAO. The team will create a community treasury called Blockbuster Reward Tokens (BRT). These tokens will be circulated in the Blockbuster ecosystem. In addition to the staking rewards for NFT holders, they will also be used to reward community members for their participation and activities.
Empower Blockbuster NFTs and use the proceeds to fund development
Blockbuster DAO expands commercial content platform. Drive revenue through NFT collections, branded transactions, merchandise, and other uses of IP. These earnings are fed back to DAO members.
Hold a festival circuit and start buying film rights
As a DAO backed by a single IP, the DAO needs to ensure that purchasing IP is a priority. They would then go on a festival tour and then send representatives to look at the film projects and finally decide what (and how much) to buy. Once the community has successfully purchased the film, it can partner with the distribution company to show it in theaters, publish the content to the Blockbuster DAO proprietary website, run exclusive screenings for the DAO, or rent the content to other streaming platforms.
Release of blockbuster streaming platform
Blockbuster DAO should be the first market for DeFilm streaming. We could create a “movie pass” subscription model for our platform, giving these passes ERC-20 tokens of resale value. This goes in many directions in terms of consumer rights, including movie spinoffs, public/private sales of re-listed intellectual property, or some kind of rewards program that collects consumer data.
Blockbuster DAO Content Publishing Platform
Blockbuster will develop a content publishing platform where community members can start investing in original content. This is long-term planning because the time and money it takes is a big investment. DAOs need to identify which projects to invest in and how much budget can be allocated to them. DAOs can also raise project budgets by selling movie IP, which can be a percentage of total revenue or royalties.
Equity gains attract creative talent
Blockbuster provides equal equity opportunities to artists, cast and crew of original productions.
Interactive collective content and blockchain games
For millennials, Blockbuster is also a big player in the video game industry. The brand can become a powerful platform for blockchain games, as well as developing innovations on existing game modes.
As seasoned community members continue to join and share their thoughts, Yuppie hears a larger community vision. Bringing a paradigm shift in the media space through decentralization, the community retains all the value it creates.