What’s Going On?
A new altcoin promises to make Hollywood producers of us all with a tokenised movie investment platform for the masses.
Why Does It Matter?
The ability to invest in the $2 trillion-a-year global entertainment industry has been off-limits to all except banks and savvy insiders, said MovieCoin when the project launched on Monday.
The company plans to issue tokens to raise capital to be invested in a fund of entertainment industry assets, reported The Wrap. The platform uses a proof-of-asset protocol and contract systems provided by cryptocurrency start-up BankEX.
A Star Is Born?
With new movies breaking box office records around the world in 2018, some have asked if the movie industry is in need of such a shake-up. One argument for the crypto approach is transparency, reported SFGate. MovieCoin says its platform will provide financiers and other institutions a transparent ledger of all of the expenditures, receipts, entitlements and ownership of each project the company finances.
“Our platform and token are game changers in that they will radically transform the ways in which motion pictures, television programs and other media projects are funded,” said Christopher Woodrow, Chairman and CEO at MovieCoin and an established film producer who has worked on projects including Hacksaw Ridge.