Tokenizing the Film Industry With the Help of BANKEX Technology
May 7, 2018, MovieCoin has launched a transformational entertainment industry financing fund that will offer investors an unprecedented opportunity to invest in Hollywood films, television programs and other entertainment assets.
In 2017 cryptocurrency experienced a huge spike in popularity, and instead of dying down that notoriety may actually lead to some interesting changes in finance. There’s even a chance that the next Oscar-winning film will be funded by crypto-investors. This may happen thanks to MovieCoin, a blockchain platform based on BANKEX Proof of Asset protocol, which will allow new movies to be funded by cryptocurrency. MovieCoin project will dramatically increase stakeholder transparency and significantly improve industry accounting and payment practices.
The MovieCoin financing platform will tokenize the movies and television programs using BANKEX’s Proof-of-Asset Protocol, smart assets and smart asset assembly. The platform will provide financiers and other parties with an immutable, transparent ledger of all of the expenditures, receipts, entitlements and ownership of each project funded by the MovieCoin platform.
Modern film financing, including pre-sales, grants, and product placement, is rigidly structured, and has many disadvantages such as low transparency, high investment risks and thus an acute difficulty in raising funding. Once MovieCoin platform goes live, overall investment in the movie industry will increase dramatically due to the wide availability of new sources of financing.
However the main problem of the traditional model of movie financing is that it’s almost impossible for independent producers and investors to get involved in A-list movie production. The majority of movies nominated for an Academy Award in 2018 were sponsored by large studios.
Launch of MovieCoin will provide an opportunity for small investors and movie enthusiasts to take part in the financing A-list movies. MovieСoin aims at revolutionizing whole entertainment industry.
“The ability to invest in the $2 trillion-a-year global entertainment industry has traditionally been off-limits to all but a handful of banks and privileged insiders,” MovieCoin chairman and CEO Christopher Woodrow said. “Our platform and token are game-changers in that they will radically transform the ways in which motion pictures, television programmes and other media projects are funded.”
BANKEX CEO Igor Khmel added, “The increase in transparency introduced by the platform makes the tokenized asset clear and understandable to institutional investors and the professional finance community. It represents the first commercial case of real asset tokenisation, globally and in the US, and is one of the clearest examples of how best-in-class technology and innovative thinking is being combined to completely reshape a hardened industry sector like film production with the help of blockchain technology and the digital asset economy.”
