Blockbuster hops onto the NFT wagon quicker than Netflix

Sahana Kiran
Source – Mental Floss

With digitalization taking off in full spree, an array of platforms are forced to ride the same wave. Blockbuster, a prominent video rental chain appeared to be making a big comeback by hopping onto the digital bandwagon.

Over the last couple of months, non-fungible tokens a.k.a NFT sales were skyrocketing. As major platforms veered into the market, Blockbuster clearly did not want to be left behind. In a recent trademark application, it was discovered that the video rental firm was venturing into the NFT market.

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Trademark attorney, Josh Gerben brought this to the notice of the community. He took to Twitter and pointed out that the video rental giant was planning on exploring cryptocurrencies as well. The tweet read,

The term “Metaverse” has become the talk of the town. The metaverse is nothing but an amalgamation of all kinds of digital experiences under a signal roof. It is regarded to be as revolutionary as the internet. While the internet put Blockbuster out of business, the firm didn’t want to risk it anymore.

Blockbuster and Netflix

Blockbuster encountered raging success throughout the ’80s and ’90s. However, this did not last too long. As the world was moving into the digital sphere, an array of video rental places shut shop. But, unlike other stores, Blockbuster was offered a major deal with Netflix in 2000.

Blockbuster could have owned Netflix for just $50 million in 2000. However, the video rental firm backed out. Soon after this unsuccessful deal, Netflix witnessed parabolic growth while Blockbuster filed for bankruptcy.

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Furthermore, the video rental firm went on to roll out its very own online streaming platform, Blockbuster Online. However, the existing streaming giants like Netflix overshadowed the firm.

But now, Blockbuster clearly did not want to lag. The firm is likely to enter the NFT space even before its counterpart Netflix. While Netflix hasn’t affirmed its entry into the NFT market, it recently posted an NFT centric tweet hinting at a possible dive into the market.