MoviToken — the dawn of something great!

My name is Chris Compton; I’m an established independent filmmaker in Texas. I am the CEO of Fifth Floor Pictures, LLC — an independent production company. I am a producer, writer, director and editor of motion pictures, TV shows, music videos, commercials and many other forms of video. I am also the creator of MoviToken — a community currency for the independent film community.

I was introduced to the potential relationship between Bitcoin and film distributors in October 2017 via LinkedIn. It was proposed that Bitcoin/Blockchain payments could vastly improve the time frame in which distributors were paid by film buyers. Currently (in 2018), it can take upwards of 3–5 years for payments to come full circle to a movie producer. Needless to say, my interest was piqued. I knew nothing about cryptocurrency, but that didn’t stop me — I became obsessed in figuring out what it was, how it worked and how could I incorporate it into filmmaking, if it was even possible or warranted.

In my research I came across “community currencies” and the benefits they yield “local” economies or markets. In MoviToken’s case, this is the global independent film community. In every major city, spanning the globe, there are pockets of filmmakers hustling to get their movies, TV pilots, spec commercials and no fee music videos made and in front of the public, an executive or distributor somewhere. The trait they have in common is the filmmakers are working for FREE. In the case of indie movies and TV pilots, a large majority of the cast and crew are working for FREE or what the industry terms a low/no pay agreement or a deferred agreement. Why would anyone work for free? It’s simple — the pursuit of their dreams. Each indie film is the equivalent of a lottery ticket, in the sense that if enough people, or the RIGHT people, like a film or the cast and crew of a film, it will sell, everyone may get a small check, the filmmakers will be paid to produce their next film, actors will be asked to audition for bigger movies, cinematographers will be tapped to shoot another film, et al. But for the majority will fade into obscurity, all the hard work and no return. MoviToken aims to disrupt this poor indie film model.

I will not go into production theory, school’s of thought, etc. Everyone deserves to be paid for their time, expertise, talent and other intangibles that they bring to a production. The reality is, most people in the indie film community are severely underpaid. So how can MoviToken bridge the film funding gap? Here’s two simple examples —

Basic Use Case

If a producer holds enough MoviTokens, she can pay her cast in crew in MOVI where she doesn’t have the fiat cash to pay.

Example: She has $50,000 fiat and 10,000,000 MOVI. The producer uses the fiat cash for real world items like equipment, food, locations, etc., and pays her cast and crew with MOVI.

Challenges: In order to do this, MoviToken needs a liquidity provider such as Bancor, where individuals can cash out, so to speak. MOVI>ETH>USD.

It also requires everyone on the cast and crew to be somewhat knowledgeable about cryptocurrency transactions.

Collateral Use Case

A producer or filmmaker can use MoviToken as collateral on a decentralized lending platform such as Dharma or ETHlend for loans in a stablecoin such as DAI to fund their production.

Example: A producer or filmmaker puts up MOVI as collateral for DAI and liquidates the DAI>ETH>USD and finances the film traditionally with fiat cash. This use case eliminates the need for everyone involved to be crypto-savvy, just the producer.

Challenges: Lending platforms need to support the use of MOVI as collateral on their platforms.

Lenders would have to be willing to fund a loan request for upwards of 2–3 years.

These two Use Cases present the two most common ways producers and filmmakers can use MoviToken to get a film made. (Because MoviToken is a community currency, it can be utilized in many different ways to get a production funded.)

Day traders can trade based on the market.

MoviToken is currently available on IDEX, ForkDelta, Enclaves, TokenJar, Etherc.io, ERC20.exchange under the ticker MOVI.

For more on MoviToken, visit:

movitoken.com
facebook.com/movitoken
twitter.com/movitoken
t.me/movitokengroup

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