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Are you a film producer? Then you’re gonna absolutely love this idea – probably one of the best blockchain use cases to date. Finance your film using blockchain. Raise sufficient funds for your film project via a film financing platform.
BlockFilm, a Canadian based blockchain production platform has partnered with TokenFunder, to drive film financing to a whole new level. With the support and backing received from Ontario Securities Commission (OSC), they are now Canada’s fist company to comply to the OCSs Exemption Order where they are now the country or probably the world’s first to introduce ‘tokenized’ film financing.
The decision is based on a thorough process conducted by the OSC’s Launchpad team which in turn, is going to help investors in content production having delays and long wait times before they’re able to reap the rewards and profits from their investments.
BlockFilm is therefore able to bring content makers – both established and arising – along with accredited investors to help finance independent movie producers.
Funding and continuous capital injection is crucial for any film production and BlockFilm has made it possible for investors to own a fraction of the production via a security token offering which will cover equity, debt and/or revenue sharing.
Is This A Game-changer?
If you asked Canada’s top-grossing film producer, Mary Young Leckie, how will BlockFilm make an impact? She said,
“BlockFilm is far simpler, more democratic and less painful way to finance a film.”
She feels BlockFilm’s debut is at a perfect time, possibly even a game-changer for content producers.
Notwithstanding the OSC exception, BlockFilm is pleased to declare it has collaborated with TokenGX, an Exempt Market Dealer working closely with TokenFunder.com.
Basically, TokenFunder will be able to provide investors who want to invest in BlockFilm content producers via a security token (TokenGX). They’ve created an advance Know-Your-Client (KYC) onboarding and investing process too.
TokenFunder disperses the ventures’ security tokens to financial backers’ digital asset accounts—which will allow the investors to trade these tokens on a DEX in the future.
Beforehand, financial backers in the film industry had to wait out the full lifecycle of the venture’s distribution path of anywhere between 7 to 10 years, or even more before they can fully monetize their investments.
Here’s what the Co-CEO of BlockFilm, Pauline Couture said,
“We’re excited about this partnership with TokenFunder. Backed by blockchain integrity, security and transparency, we are responding to challenges our industry has faced for decades. The BlockFilm solution for producers and investors is unmatched today and shows true global leadership from the OSC. BlockFilm will be transformational for both content producers and investors.”
What Can a Blockchain Based Film Financing Platform Do?
This partnership between BlockFilm and TokenFunder is truly revolutionary. Once setup and fully operational, it will give content producers to:
- reward their fans and investors using digital tokens.
- provide digital token pairs against other famous coins and even USD so that investors can trad them later.
- onboard more film producers and accredited investors to be part of their tokenization projects.
Individuals from the public can also take part by offering direct donations to the various content creators registered withing their system.
“Champions” as what they’ve been coined (their fans), will eventually be able to earn rewards for helping pass the word out about their favourite movie projects via social media and word of mouth.
BlockFilm has already vetted and approved 11 projects so far from Canada, Europe and the UK. They are aiming to raise $19.1 million CAD in the next 4 to 6 months. BlockFilm expects to help raise a total of $175 million CAD assisting over 100 film ventures by the end of next year (2022).
So long as the accredited investors comply with the local laws, they can invest in these international projects today. They will also be able to resell their tokens to other accredited investors in the TokenFunder marketplace.
With a blockchain powered platform like BlockFilm, one could showcase projects of every genre and format while promoting content with social impact causes at their heart.
The idea is to connect investors and fans with ‘stories that matter’. And leverage their investing power as a way of engaging in causes they truly believe in and want to support. The kind of projects that will certainly receive a two thumbs up would be about the environment and sustainability, human rights, indigenous people, LGBT, gay, people of different color and ethnicity, social and politics, as well as women and gender issues.
Do you have an idea which you think would be worth putting on the blockchain? Share your thoughts below.
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Img: Google CC license