Blockchain is coming to Hollywood. We have already talked about TaTaTu, which uses blockchain to combine social activities with watching movies, but there is more than one potential blockbuster blockbuster on the road.
A financial technology company that leverages blockchain technology and digital resources within the film and entertainment industry, MovieCoin, today announced the start of its public pre-sale .
With a hard cap of 10,000 Bitcoins (BTC), the presale public follows the conclusion of the private pre-sale of MovieCoin, which successfully reached the soft cap of the company 2,000 BTC. MovieCoin will accept the Ethereum (ETH), Bitcoin and Bankex (BKX) tokens during presale, with a minimum commitment of 5 BTC or equivalent.
So what is the big picture?
"MovieCoin includes funding and production content, commercial and consumer services, technology development and licensing," said President and CEO Christopher Woodrow. "The financing and content production company offers ownership of entertainment activities filmed to financial investors seeking institutionalized and programmatic access to the financing of premium content." Our team of experienced Hollywood conductors will source and qualify commercial film investment opportunities. and entertainment. "
Woodrow is no stranger to Hollywood, of course.
He has financed and produced numerous notable feature films including box office hits Black Mass and Hacksaw Ridge as well as critically acclaimed success Birdman . Mr. Woodrow's films have grossed over $ 700 million worldwide and have been nominated for 16 Academy Awards and have won 6 Academy Awards, including Best Picture.
"MovieCoin's corporate and consumer services address the benefits associated with the MovieCoin platform and Moviecoin token to active participants in the entertainment industry such as talent, production companies and various service providers," said Woodrow. "Consumers looking to participate in entertainment can also use Moviecoin tokens to buy movie tickets and other entertainment offers."
Why use blockchain technology for this problem compared to funding and traditional technologies?
"In the context of cinema and entertainment Crowdfunding is a niche technique that adapts to a particular set of circumstances," said Woodrow. "With the help of Bankex, our application of blockchain technology and tokenisation can change the world on a much larger scale than traditional technology solutions."
This includes the financing of the main versions.
"The SmartCoin fund is a funding program set up to fund and own a portfolio of large-scale feature films and feature films," said Woodrow. "MSF tokens are issued to finance content production on the MovieCoin platform, allowing investors to access film funding at lower cost than traditional direct investments."
Blockchain technology also solves another problem.
"These tokens bring new levels of liquidity to a traditionally illiquid space," said Woodrow. "In general, film financing investments require long-term contractual arrangements or participation interests in private companies.The MSF tokens, on the other hand, provide a secondary means of exchange, where financiers can exchange their shareholding to the value of market. "
Finally, the very nature of the blockchain comes into play through a distributed transparent ledger.
"With the help of distributed blockchain register technology, investors can track how assets and capital are used simultaneously, adding speed to a sector known for complex accounting practices and extended payment cycles", said Woodrow.
In addition to crowdfunding the film industry, and allowing users to file a complaint in the industry at a lower level than before, MovieCoin wants to bring together all the players in the film industry.
"We will support the support of entertainment service providers, talents, unions, guilds and other industry stakeholders to create Movecoin tokens, a separate token that works as a specific currency for the industry and as a new standard for making payments during the global entertainment industry, "Woodrow said. "Moviecoin tokens will prevent third-party gatekeepers, including aggregators and royalties collection services, from holding capital that is due to other parties longer than necessary." This will be a great victory for those who gain their attention on the lots. of study and behind the camera. "
Ultimately, MovieCoin wants to be the payment method preferred by content consumers.
"Over time, our goal is to make the Moviecoin tokens a accepted payment method in entertainment venues and among content providers worldwide," said Woodrow.
So what is the purpose of the project?
"Our goal is to finance and produce between eight and ten major feature films every year, with each project consisting of a cast of A-list, a high-level producer and a highly acclaimed director," said Woodrow . "We will present the first set of images of MovieCoin once the token sales process is complete."
After the conclusion of the public presale of MovieCoin, the sale of public tokens of the company will begin on November 1st, without any minimum contribution required. The sale of public tokens will end on November 25th.
During the presale, the company will issue two types of tokens: the Moviecoin security token (MOV) and the security token of the MovieCoin Smart Fund (MSF). Two billion Moviecoin utility tokens will be sold for $ 0.11 per token, while 250 million MovieCoin Security tokens will be sold for $ 1 per token. Initial purchasers of Moviecoin's Token Utility will also receive up to 25 percent bonus. The public presale will end on October 30th at midnight PST.