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What a week it's been for Web 3.0! $SOS has been deemed "the people's token" since OpenDAO has been able to do what OpenSea has failed to accomplish with their marketplace: Support those who have participated in the NFT world.
Decentralized Autonomous Organizations (DAOs) are the poster child of Web 3.0. Unlike your regular blue-chip companies that run on a system built by the wealthy, thus keeping power at the top of the organizational pyramid, DAOs aim to provide equal opportunity to all interested parties in an organization.
Quite simply, DAOs accomplish this through a governing rule-set based on the initial open-source code. This eliminates the need for a board of directors or any other managerial body within a company. Unlike public companies listed on a stock market, investors all have an equal vote.
So what do DAOs have to do with Blockbuster? Blockbuster has been bankrupt for the better part of two decades, and many remember it as the company that missed out on purchasing Netflix for a steal. So why is Blockbuster back in the spotlight then?
Well, just two days ago a new DAO emerged in the Twitterverse. And guess what? Its mission is to take Blockbuster from the ashes and give it an opportunity to win the public's heart yet again.
BlockbusterDAO is the name of the game. The decentralized organization believes Blockbuster is a nostalgic brand that could turn into the first-ever DeFilm streaming platform if managed correctly. That's right; decentralization is coming to all aspects of the Web.
One of Blockbuster's problems amidst its financial growth and cultural impact was its lack of adaptation to the business climate. Netflix entered the market around the mid to late 90s and came to Blockbuster with an attractive deal: $50 million to acquire the entire company.
And as well all know by know, the management at Blockbuster laughed them out of the room. How could streaming services top Blockbuster's tried-and-true business model? There was no way!
Clearly, they were wrong. Netflix is now a 1/4 trillion-dollar company that continues to grow YoY, whereas Blockbuster is bankrupt. How sad 😢.
The DAO didn't just break headlines for the fun of it. They see real value in Blockbuster as a brand.
What's more, Blockbuster is currently owned by Dish Network. The parent company has been receiving low-ball offers to take Blockbuster off its hands for some time now. The thing is, BlockbusterDAO still has to counter-offer what's on the table.
First, they will try to raise $5 million in the BlockbusterDAO NFT mint set at 0.13 ETH each. This will provide enough funding for them to negotiate a lucrative counter-offer that will surpass anything Blockbuster has received until this moment.
One of their other vital missions is to build a community marketing campaign to pressure Dish Network to sell. Even with the funding, if Dish Network chooses not to sell, the DAO will not have anything to work with.
What happens once Blockbuster is bought?
This is where the fun begins.
Investors will be able to stake the DAO's token for Blockbuster rewards. You could say this is the equivalent of public companies paying out dividends each quarter. Who doesn't like passive income?
Next is the question of scaling the organization. BlockbusterDAO plans to develop its NFT presence, thus entering a new round of funding. This will go to the development of the commercial content platform.
Now comes the concern of purchasing film assets. With only a single IP, buying other film IPs is a priority to grow the initial content offered in the eventual release of the DeFilm streaming platform.
A lack of content = a failing business model.
Then comes the moment we have all been waiting for: The glorious return of Blockbuster with a new and improved business model. Not only will BlockbusterDAO's DeFilm streaming platform become the first-mover in this industry, but it will also have the first-ever streaming subscription model based on ERC-20 tokens. How cool is that?
And this roadmap goes on and on. If you want to check out the full Twitter thread, click here.
I don't know what to think about BlockbusterDAO. For one, I think it's a step in the right direction for the evolution of the Web. It's cool to see how talented individuals tackle systemic issues in the business world.
On the other hand, there are too many "ifs," and nothing is concrete yet. Will the DAO even raise enough funds to purchase the brand name? Only time will tell.
I can't wait to see what 2022 has in store for us.