Alibaba Pictures, the filmmaker arm of their Groups, made public its plan to tokenize distribution rights for their latest movie, ‘Striding into the Wind'. The company wants to distribute the movie using blockchain technology across the universe. Alibaba Pictures has put its name to a arrangement with Breaker, a blockchain-powered entertainment platform based in New York for that purpose.
The news of the tokenization film distribution was signed during a film festival, China Golden Rooster & Hundred Flowers by Alibaba Pictures Vice president, Li Jie on November 20. The new film will be released through Breaker’s Ethereum-powered EtherVision. The new film will be the first Chinese mainland movie project to be picked by SingularDTV. The blockchain tech is significantly gaining acceptance in the film industry, and Alibaba Pictures is destined to apply Blockchain technology.
The application of the blockchain technology in the film space includes tokenizing movie ownership and will significantly boost the high costs of producing according to a report recently released by Cointelegraph. Currently, the financing end of it is usually constrained to a minute group of investors that are wealthy, but with blockchain tech, even small investors can participate in the financing of films and benefit from the success of the industry.
The crypto industry is already intertwined with the film industry in other parts of the world, such as Brazil, where a national bank is financing a documentary film using an Ether-powered cryptocurrency, BNDES.
Overstock’s crypto firm tZERO announced in July this year that it would tokenize the upcoming film Atari: Fistful of Quarter. The company is using the blockchain tech to finance the film and has partnered with its producers to build a token named Bushnell to be sold by Vision Tree, a movie financing and production company.