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BlockbusterDAO Hits R3WIND: What’s Next After Failing to Buy Nostalgia Brand – Decrypt

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By Andrew Hayward
Jul 2, 2022Jul 2, 2022
8 min read
ConstitutionDAO fell short of its goal to raise enough money to purchase a copy of the U.S. Constitution at auction, but the effort yielded considerable mainstream attention and showed the world the potential power of DAOs, or decentralized autonomous organizations.
And then it became a meme. Quickly, moonshot DAOs sprung up, proclaiming that they were going to buy other things, too. Krause House DAO wants to buy an NBA team. LinksDAO plans to buy a golf course for its members. SpiceDAO bought the “script bible” for a canned film adaptation of sci-fi novel, “Dune,” with plans to make it public and create projects around it.
BlockbusterDAO is another project that launched around the same time to ample media buzz, as the collective aimed to raise $5 million through NFT sales to acquire the near-defunct Blockbuster Video brand from current owner Dish Network. The creators tapped into collective nostalgia, and aimed to transform the faded IP into a new Web3 streaming video platform.
But all of that initial hype and momentum ultimately hit a major roadblock.
On Wednesday, the core team behind BlockbusterDAO announced that after months of meetings, negotiations, pitch decks, and legal consultations, Dish Network allegedly decided that it didn’t want to hand over the Blockbuster IP rights, which it purchased out of bankruptcy for $320 million in 2011—to a DAO.
A DAO is an online collective of people who come together with a shared goal or purpose, often with a token used for community governance. Along with DAOs focused on acquiring things, there are DAOs that invest in digital fashion or NFT artwork, raise funds for charitable aims, govern decentralized protocols, and more.
… (Since 2013,) sentiment has improved from a score of -20 to positive 14. In other words, people's feelings for Blockbuster turned positive once its stores were gone.”https://t.co/XYnDrM92ay
— R3WIND (@R3WINDxyz) December 26, 2021

Blockbuster had been a video rental giant from the late 1980s into the early 2000s, but stumbled amid the Netflix-driven shift to streaming media. Just one Blockbuster franchise store remains open. The DAO believed that the distressed brand could be bought for less than $5 million, citing a reported lowball valuation of $1.8 million from entrepreneur Tai Lopez.
“There was definitely a real shot at making this happen,” pseudonymous BlockbusterDAO steward Gugz, who said he’s a television and film producer, told Decrypt. “We had lots of productive conversations with [Dish]. At the end of the day, I think it's just that the two visions weren’t aligned.”
In a blog post, the BlockbusterDAO team described in detail the process of pitching Dish Network on its plans and working through multiple scenarios, including the potential creation of a limited liability corporation (LLC) co-owned by Dish that would be progressively decentralized over time.
Ultimately, according to the BlockbusterDAO team, Dish Network gave the final verdict on May 31, allegedly claiming that it “did not want to license the brand to a DAO.” Dish Network representatives did not respond to multiple inquiries from Decrypt.
“They wanted to remain in the driver’s seat in terms of controlling that brand,” Gugz told Decrypt. “Although we were disappointed, we understand their point of view.”
The most prominent goal of the planned DAO community—acquiring the Blockbuster brand—has been dashed. But rather than pack it in and move on, the contributors are keeping up the aim of launching a Web3 streaming video platform called R3WIND.
An apparent nod to Blockbuster’s “Be Kind, Rewind” slogan from the VHS era, R3WIND is envisioned as a creator-friendly platform that’s described as “Vimeo meets Shopify with best-in-class organic marketing.” Users will be able to upload or import videos and then tie them to storefronts with NFTs and physical merch alike, with the platform governed by a DAO community of token holders.
It’s designed to let Web3 creators harness and monetize their communities of fans without relying on centralized platforms, which take sizable fees and potentially limit their reach. Meanwhile, a "share-to-earn" element means that fans can earn token rewards by sharing their favorite videos and creators and generating sales.
We're BLOCKBUSTING out of the old and ready to bring to life a new video platform.
NEW NAME, SAME VISION 🌈⚡️🎬
Check us out at 👉 https://t.co/TOuJO115q1 pic.twitter.com/tzsPKLkNV2
— R3WIND (@R3WINDxyz) June 29, 2022

“We feel incredibly validated by the mission that brought us together, which was creating a decentralized streaming service,” said pseudonymous BlockbusterDAO founder, Tasafila, who said that he’s an entrepreneur who works in e-commerce.
“Obviously, the details and the execution of that have changed over time, and probably will [continue to],” he added. “What great startup doesn’t have a few good pivots in them?”
The R3WIND members pointed to pain points for creators in current centralized video platforms. Such sites and apps take a significant cut of ad revenue, and use opaque algorithms to surface (or bury) content. There’s also a feeling among creators that they have to constantly grind to churn out new content, or they’ll be ignored by the algorithm.
“I personally know tons of creators who have just burned out,” said Gugz. “They cannot keep up with the volume, and the art suffers because they can’t focus on the work.”
R3WIND plans to tap into the burgeoning “Film3” market, as decentralized film production models are gaining steam. Web3 startups like Roman Coppola’s Decentralized Pictures and FF3 are using token-driven models to give fans a say in which projects are made. R3WIND could similarly benefit creators while letting DAO members help shape the platform’s future.
“Let’s be honest about how we came to life: It was via a tweet,” said Gugz. “This massive community came together because everybody felt the same thing, and sort of had the same general vision: Let’s build something that makes the world more equitable for creators.”
“We’re not so naive as to believe that that vision alone holds the community together forever, right? It’s a starting place,” he continued. “We are so much more than just a vision. We’re an incredible team, and we’re going to build a product.”
BlockbusterDAO is officially no more, with R3WIND branding taking over its social channels alongside the announcement of the pivot on Wednesday. “That was one aspect to our story,” said Tasafila of the Blockbuster initiative, “and probably, mostly, a thing of the past.”
Wherever R3WIND ultimately goes from here, it’s likely to carry that shadow of the potentially brief era in which DAOs sprung up with grand—and in some cases, perhaps overly ambitious—aims to collectively own and operate things. Has the trend of DAOs launching to purchase pricey brands, teams, or physical items run its course?
BlockbusterDAO isn’t the only one to pivot, either. Krause House founders told Decrypt in May that they still eventually aim to buy an NBA team, but in the meantime, they’ve started with a team in rapper Ice Cube’s 3v3 BIG3 league. SpiceDAO has reportedly encountered issues with its plans around the Dune “story bible,” and may be shifting plans, per The Verge.
“When we started out, especially when you look at the news coverage, it was hard not to kind of lump us into the ‘meme DAO’ box,” Tasafila admitted of BlockbusterDAO. “The story was very meme-ish, and it gained a lot of incredible traction.”
Despite the stated $5 million funding goal, Tasafila and Gugz said that BlockbusterDAO never raised a dime. The core team was still trying to convince Dish Network to sell the IP over the past months, all while developing the premise behind the planned Web3 video platform.
“In December 2021, we could have dropped an NFT and raised millions of dollars. I’m very confident of that,” Gugz explained. “We just didn’t want to be the group that was taking people’s money at a time when we did not know how to spend it.”
WAIT, WHAT IS SHARE-TO-EARN ?? 👀
S2E is a way to activate your community and fans. Anyone can connect their wallet, generate a unique link to your content, share it across the internet, and earn whenever it leads to a purchase. pic.twitter.com/YSAxhG2CFs
— R3WIND (@R3WINDxyz) June 29, 2022

As R3WIND, the contributors suggest that they’ve evolved past the “meme DAO” label, and that they’re serious about building a Web3 streaming video platform. They’ve developed a 20-year plan as part of a community brand sprint, and they plan to raise capital and establish a formal DAO structure to let users govern the platform, contribute to R&D work, and more.
As for other DAOs that did raise funds for moonshot goals, which have either been changed or remain out of reach (at least for now), Gugz suggested it’s too early to tell. He likened them to any other kind of startup—many will fall short, he said, but some may eventually thrive.
“What is their legacy? I don’t know. I think most of them, purely statistically, won’t make it—but that goes for any startup organization,” he said. “I don’t think that’s specific to DAOs. Some of them, before their treasuries run out, will find their way and they’ll do something meaningful.”

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This Week's NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower – Markets and Prices Bitcoin News – Bitcoin News

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by Jamie Redman
Non-fungible token (NFT) sales this week dropped 10.88% lower than the week prior. Roughly $118.02 million worth of NFTs were sold this week compared to last week’s $132.43 million. Further, the top two NFT collections with the largest market capitalizations shed significant value during the past seven days. While Bored Ape Yacht Club’s market valuation lost 21.29%, Cryptopunks’ market cap slid by 19.18%.
NFTs had a lackluster week as sales and prices have followed in sync with falling crypto asset prices. Statistics show that a large number of NFT collections have lost considerable market value during the past week. For instance, metrics show that Bored Ape Yacht Club’s (BAYC) floor value on September 13, 2022, was $114,388 and today, the floor value is around $90,026. BAYC’s market valuation on September 13 was $1.14 billion and today it’s down 21.29% to $900.25 million.
Data shows that the second most expensive NFT floor value belonged to Cryptopunks on September 13, and that’s still the case today. However, the cheapest Cryptopunk last week was around $98,941, but today you can get one for $79,960. Cryptopunks’ market cap has nosedived 19.18% lower during the past week. The same can be said for a majority of blue chip NFT collections like PROOF Collective, Mutant Ape Yacht Club (MAYC), Castaways, and Doodles.
Seven-day statistics show that the BAYC NFT collection is the compilation with this week’s top sales, as $8,603,290 in trades were recorded. BAYC sales have increased by 17.33% and the second largest NFT collection in terms of weekly sales is RENGA. The RENGA NFT collection has managed to print $5,822,323 in seven-day sales, up 121.08% since last week. Overall, however, NFT sales across 17 blockchains monitored by cryptoslam.io are down 10.88% lower than last week.
This Week’s NFT Sales Slide, Bored Ape Market Cap Drops 21%, Floor Prices Sink Lower
Ethereum (ETH) captured the top NFT sales and Solana (SOL) recorded the second largest number of digital collectible sales this week. Although, ETH-based NFT sales slipped 1.66% lower than last week with $79.05 million in seven-day sales. SOL-based NFT sales are down this week 42.11% lower than last week with $23.71 million. Both Flow and Immutable X saw an uptick in NFT sales. Flow NFT sales jumped 59.42% higher, and Immutable X NFT sales saw a significant 790.96% increase.
The top five most expensive NFTs sold this week all stemmed from the BAYC collection and include Bored Ape #441, Bored Ape #2897, Bored Ape #5733, Bored Ape #4179, and Bored Ape #1846. Bored Ape #441 sold for 351,000 DAI and Bored Ape #2897 sold for 215.38 ether or $296,404. Bored Ape #5733 was sold three days ago for 120 ether or $176,458, and Bored Ape #4179 sold for 123 ether or $176,307. Lastly, the fifth most expensive, Bored Ape #1846, was sold for 106 ether or $151,939 four days ago.
What do you think about this week’s NFT sales dropping more than 10% lower than last week’s sales? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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