BlockbusterDAO, a decentralized organization, wants to rebrand Blockbuster, an American-based provider of video rental services, as a streaming service. According to a Twitter thread, the organization plans to raise $5 million through a sale of NFTs each priced at 0.13 ETH. The DAO says the franchise has been "low-balled" at $1.8 million. However, the group says the price tag is going to be higher to beat out any counter-offers.
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The Blockbuster brand is currently owned by Dish Network. The DAO plans to buy the franchise from the current owner and register all intellectual property in the name of the organization. However, no deadlines for the initiative have been provided so far.
In November, the US Securities and Exchange Commission (SEC) halted registration for two tokens called "Ducat" and "Locke" by Wyoming-based company called American Cryptofed DAO. The watchdog said that American Cryptofed DAO's regulatory filing contained "materially misleading statements and omissions."
The watchdog also said that American Cryptofed DAO failed to write down the required information about the company's business, management and financial condition.
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