A new organization is on the scene, and just like the one that tried to buy a copy of the United States Constitution at the auction house, this one has its eyes on a bigger prize.
In a Christmas Day thread, the group announced that it would be raising more than $5 million to wrest the brand from the control Dish Network. The end goal is to bring Blockbuster into the Web3 space, turning it into the first undecipherable film streaming service and eventually establishing the brand as a tastemaker, with the potential to win major awards and generating in excess of $1 billion in annual recurring revenue. It sounds straightforward.
The brand is a target due to the fact that it is a historic landmark in the history of film. The group says that the company's brand recognition was not enough to save it from terrible leadership and an inability to pivot and make dynamic business decisions. The United States of America and the movie theater are very similar.
For the uninitiated, a DAO is a hedge fund that pools resources from the public with individuals able to influence the outcome by purchasing token, NFTs, or other forms of cryptocurrencies. Decentralized ownership schemes, which are structured to be democratically-minded rather than traditional forms of ownership, are becoming more and more popular as a way to invest. It is worth keeping in mind that these groups are often disorganized and don't have a website. The group is only using a Discord server.
The plot to purchase the U.S. Constitution drew in nearly 20,000 investors before collapsing. After the failed bidding on the Constitution, things got a little complicated for the DAO. The group decided to give donors the option to receive their refunds as governance token (PEOPLE) for their original value in ether, minus gas fees, or as a newly-minted governance token called We the People (WTP).
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