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These folks are trying something like that: https://saybyebuy.com/ As an idea, I feel it's wonderful. It would massively reduce wastage.
What scares me about proposals like this is that it's further stratification of society into two separate classes: those who actually own everything and those who must appease the owners. For example, I can put £40 in my sock drawer every month and, in eight months, I could buy a PS4 and use it for the rest of my life. I could then start save that £40 toward a different purchase. Alternately, I could go with the site…
I agree and I have piles of DVDs to show for it. Here's my problem. One DVD is a fine example, but what about 10, 100, 1000? At some point, it's worth it to use Netflix for storage.
I also have stacks of VHS tapes, and audio cassettes and LPs. The life of my playback hardware is finite. I can refresh the hardware or somehow try to copy my old media to new media. I'll have to think what I might have done different if something like Netflix had existed when I started buying audio and video to own and accumulate.