Blockbuster plans to develop a digital token and NFT marketplace on a metaverse system. This move they plan to take can be a significant loss for companies like Netflix.
Late last year, a report mentioned that Blockbuster DAO is looking to raise $5m to acquire their company back from Dish Network. According to the report, their goal is to take the film industry to another level and offer “the first-ever Defi film streaming platform and a mainstay of both Web3 brands and products”.
Blockbuster’s digital revival vision can become the future of film. The decisions made on the blockchain network can essentially include everyone and become a transparent revolution for the film industry. Studios like Miramax, Metro-Goldwyn-Mayer, and Warner Brothers would be put to the test if they were faced with such a scenario.
While this has been a topic of discussion on the Blockbuster Twitter account, there have been no updates on the matter. One update tweeted last week mentioned that Blockbuster and Dish Network have been in contact.
What will the revival look like?
An ecosystem where digital and real-world assets exist and circulate together.
The most recent trademark application indicates that Blockbuster’s digital revival is moving forward. It’s unclear whether BlockbusterDAO was involved in or is directly responsible for the trademark submission. The plans of Blockbuster’s trademark have come amid activity in the NFT and Metaverse space.
Quentin Tarantino and Secret (SCRT) have joined to auction a 7 NFT Pulp Fiction set named “Tarantino NFTs” from January 17th. At the start of the week, the first of the seven NFTs sold for $1.1 million. Several filmmakers have been moving to finance movies with NFTs in the steps of Blockbuster and Tarantino. FF3 launched this month a new platform, enabling the film industry to fund production costs by NFT sales. The platform also allows its users to share film profits with investors and will enable them to collect and sell NFTs.
Hollywood’s big-name studios and regulators will be closely watching FF3, Blockbusters, and the likes of Quentin Tarantino.
The possibilities are unlimited for cryptos, the NFT market, and the Metaverse.
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