There has been immense furor in media ever since they have found out about an upcoming Hollywood film that might potentially be financed via the use of cryptocurrencies. According to media sources, Christopher Woodrow (a famous producer) has said that blockchain technology is “set to infiltrate the movie market in a big way”. Among his many credentials, we can find that he has been in charge of producing classic films such as Birdman, Black Mass and Hacksaw Ridge.
Speaking at length to the media, Christopher revealed that he plans to launch his own blockchain-based token called ‘Movie Coin’. The release of this cryptocurrency is scheduled to be in the early part of (January) of next year. On a more technical note, a full breakdown of how the funds would be used was also given by him. For starters, the primary collections would go towards financing a “portfolio of movies” on his upcoming platform. This system will help investors make money via an increase in view counts as well as through the regular appreciation of value of currencies like BTC, ETH.
What’s To Come?
In a direct quote to Bloomberg, Christopher Woodrow stated that, “We’re trying to revolutionize the way films are financed.” He went on to add “Hollywood is relationship driven and what we bring to the equation is the ability to gain access to the highest levels of film finance. We’re in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin.”
In addition to this, he stated that the aim of his company was to sell $100 million of tokens, all of whom would be absolutely legal and scrutinizable by the Securities and Exchange Commission. However, when asked for particular names of movies that he thought would be funded by crypto's, he declined to make a comment. Mr Woodrow went on to explain how independent ICOs have now potentially given investors the power to come up with cutting edge products, thereby increasing a sense of democracy in the entire movie business.
Has This Been Tried Before?
While Chris might have been extremely sharp for having considered using cryptocurrencies in such a unique way, this isn’t the first time someone has tried to infuse the movie business with the blockchain world. Flixxo, an upcoming “decentralized video sharing network” that can be compared to youtube in its function has also made use of bitcoin in the recent past for mentary transactions. Similarly,in a radical move for the music business, Icelandic Pop star Bjork said in a recent interview that ‘ I will accept bitcoin and other cryptocurrencies as payment for my recent album, and along with any purchase, I will also be giving away AudioCoins, a cryptocurrency to be used on a decentralized music streaming platform that rewards fans and artists.”
What Does The Future Look Like?
According to a wide number of sources, the future of the global economic market seems to be moving in the direction of cryptocurrencies. Research data has shown that new startups have raised ‘over $3 billion in ICOs’. Not only that, people familiar with Bitcoins, will also know that their value increased a staggering 700 percent in the past year alone. The latest high was measured in at a whopping $8000 USD for 1 BTC on the 17th of November of this year.