Blockbuster Preparing to Enter Crypto and NFTs
Blockbuster, a once ubiquitous video store chain, has filed a trademark application with the US Patent and Trademark Office, shedding light on its cryptocurrency ambitions.
The filing states that the company is investigating the issuance of a token and will allow users to “receive, accept, view, buy, sell and exchange” NFTs.
Blockbuster also apparently plans to offer entertainment services based on “metaversal experiences.”
Don’t call it a comeback…
Blockbuster (now a subsidiary of Dish Network) has filed a trademark application claiming it plans to offer a BLOCKBUSTER brand:
— Josh Gerben (@JoshGerben) January 26, 2022
Blockbuster, which once owned more than 9,000 brick-and-mortar stores, became a giant of the VHS rental market in the 1990s. In 2000, the company raised $800 million from late fees alone, with a valuation totaling billions of dollars. In the same year, Netflix CEO Reed Hastings offered Blockbuster a partnership to expand its online presence, but he was reportedly “laughed at”. The rest is history: Blockbuster went bankrupt in 2010, while Netflix has turned into a $166 billion streaming titan.
It is now owned by satellite TV company Dish Network, which recently announced a partnership with Cardano developer Input Output.
The last remaining Blockbuster store in Bend, Oregon, became a major tourist attraction in recent years and gained international recognition.
The NFT gold rush is shifting into high gear, with many major companies jumping on the latest crypto craze. As reported by U.Today, video hosting giant YouTube said it would explore NFT features for creators, potentially becoming a new power player in the $40 billion market.
Walmart, the world’s largest retailer, also appears to be preparing to venture into NFTs and the Metaverse based on its trademark filings handled by CNBC last week.