Academy Award winning Director Christopher Woodrow is about to disrupt the film industry. He is finalizing plans to launch his own blockchain-based token called MovieCoin in the first quarter of 2018. Funds raised in the sale, or initial coin offering (ICO), will go toward financing a portfolio of movies. Investors will benefit as the tokens, which can be traded in the secondary market, would appreciate based on the success of the films, Woodrow said.
“We’re trying to revolutionize the way films are financed,” Woodrow told Bloomberg. The target is to sell $100 million of tokens that will be compliant with Securities and Exchange Commission regulations. Woodrow declined to name the movies being considered for the portfolio. Just like ICOs have given retail investors access to cutting-edge technology projects that used to be reserved to venture capitalists, Woodrow says tokens can also democratize film financing.
Blockchain is just beginning its take over of Hollywood. Flixxo wants to create a decentralized video sharing network akin to Youtube funded through its token. Pop star Bjork said she’ll accept bitcoin and other cryptocurrencies as payment for her most recent album, and along with any purchase, she’ll give away AudioCoins, a cryptocurrency to be used on a decentralized music streaming platform that rewards fans and artists, reports Bloomberg.