Blockbuster DAO wants to buy the defunct video brand for $5 million in NFT sales.

BlockbusterDAO has just launched with the goal of buying the extinct video retail chain. The group aims to "turn Blockbuster into the first-ever DeFilm streaming platform and a mainstay of both the Web3 brands and products."

The DAO intends to earn $5 million by selling non-fungible tokens (NFTs) starting at 0.13 ETH per [$483 presently], and finally a cash offer to Dish Network, the current owners of the Blockbuster brand. After purchasing the brand, BlockbusterDAO claims it will register all intellectual property in the DAO's name.

It’s time to liberate the brand from purgatory and give it a new lease on life. A brand of the people should be owned by the people and governed by the people. Even the name, Blockbuster, lends itself to becoming a Web3 product.

— BlockbusterDAO (📼,📼) (@BlockbusterDAO) December 26, 2021

BlockbusterDAO is the most recent cryptocurrency group to buy a real-world asset, corporation, or business. Krause House is a DAO set up to purchase an NBA team. ConstitutionDAO was founded to purchase a limited edition of the United States Constitution, but it lost the auction to Ken Griffin, the CEO of Citadel.

"It's time to build a massive DeFilm project that will revolutionize the creative decision-making and financing of the film and television industries forever," The DAO's pseudonymous founder Tasafila said. "I believe that Blockbuster DAO will be like lighting in a bottle for the future of DAO governance."