Fans can fund a Fund Hollywood movie with crypto from Wesley Snipes, according to cointelegraph. Snipes is planning on funding his next movie by distributing a cryptocurrency.
In a report by cointelegraph, Hollywood star Dr. Wesley Snipes is hoping to raise money for his new movie by releasing a cryptocurrency. In this system, fans can fund the production of the movie by buying the crypto.
With many different governments going against the crypto revolution, entrepreneurs are finding new ways to implement the technology. By using cryptocurrency, Snipes is virtually making everyone a stakeholder with control over the production via the cryptocurrency tokens.
Liechtenstein Cryptoassets Exchange (LCX) is tokenizing a $25 million movie fund together with renowned Hollywood actor Dr. Wesley Snipes. Dr. Snipes is an American actor, film producer, master martial artist, and author, known for his roles as the Marvel Comics character Blade in the Blade film trilogy, as well as for films such as New Jack City, Major League, White Men Can’t Jump, Passenger 57 and Demolition Man.
How will it work?
According to the report, the Liechtenstein-based platform is going to be a partner with Snipes to tokenize $25 million to raise funds for the movie. The token will launch a fully compliant security token offering (STO) via LCX’s Liechtenstein-based platform and blockchain infrastructure.
The tokenized $25 million “Daywalker Movie Fund” (DMF) will invest in future movies and tv shows produced by Dr. Snipes and his production studio, Maandi House.
Because it is being launched as an STO, it will help to lower the entry barriers for both institutional and retail investors, enabling movie fans to invest alongside established Hollywood producers.
Called the DMF Token, it will offer investors a share in the profit of the fund’s productions. Also it will confer extra goodies like invitations to the movie premieres. The profits will go into future productions by the company.
DMF will be managed by an investment committee of professional fund managers, alongside Dr. Snipes. LCX’s blockchain technology platform will not only host the STO, but handle registration and identity verification for all prospective investors.
Dr. Snipes has described the tokenized fund model as a means to enable move fans to become indirect co-producers of forthcoming features.
Pre-registration is open on the LCX site, with registered users to have priority when the STO is formally launched.
Crypto and Hollywood in the Past
In October 2018, Cointelegraph reported that the actor and producer Johnny Depp had partnered with crypto-powered social entertainment platform TaTaTu to jointly create and produce film and digital content together.
TaTaTu focused on combating piracy and improving transparency for rights holders, as well as on assisting high-quality brand advertising using distributed ledger technologies (DLT).
In May 2018, actor and tech investor Ashton Kutcher donated $4 million in XRP to Ellen Degeneres’ Wildlife Fund, saying the technology enabled him to do away with the “big giant check thing.”
The community is hoping that this will set a precedent for ordinary people to implement new and innovative ideas using blockchain and cryptocurrency.