Business

Erik Gibbs

Wesley Snipes blockchain makes movie funding easier than skating uphill

New technology is making it possible for anyone to help Wesley Snipes produce movies and TV shows. The star of Blade and Demolition Man, among others, has teamed up with the Liechtenstein Cryptoassets Exchange (LCX) to tokenize a new movie fund that, built on a fully compliant security token offering (STO). The Daywalker Movie Fund will then be used to produce both movies and shows put together by Snipes and his Maandi House production studio.

It’s an interesting concept that is catching on – opening the doors for virtually anyone to get in on movie investments. Typically, only big players in the industry and institutional investors have been able to put their money into Hollywood flicks for a piece of the profit, but the introduction of blockchain-based investment funds will be a game-changer.

Those that choose to purchase the tokens will get a share of the profits from anything produced and can also receive additional benefits, such as access to movie premieres and theater tickets. Profits from the program will subsequently be reinvested in the token in order to make it stronger.

Vision Tree turned to the blockchain a couple of months ago to launch a similar endeavor. It teamed up with Overstock’s tZero crypto platform to find financing for Atari: Fistful of Quarters, a biopic about Atari developer Nolan Bushnell.

A related venture was launched last year between TaTaTu and Captain Jack Sparrow. Johnny Depp, and his Infinitum Nihil production company, entered into an agreement to see the latter provide new content for the platform that looks to take on Netflix. The movie streaming platform is also working on deals with major Hollywood studios to include previously-released content through its service, as well. 

Snipes explains of the new venture, “It’s an exciting time now that all of my fans old and new can indirectly become co-producers of our upcoming movies. The tokenized Daywalker Movie Fund enables the audience to turn into investors and participate in the success.”

The LCX bills itself as a “blockchain bank for the new financial world.” It hopes to break the paradigm of conventional banking and offer a platform that provides better transparency, better confidence and better global support. While it works out the details of being licensed as a financial institution, it offers a portfolio manager and platform that allows users to trade across several crypto exchanges.

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