Please check out latest news, expert comments and industry insights from Coinspeaker's contributors.
Meet first ever Ethereum-funded film with a smart contract and its own token called Ethereum Movie Venture.
A Swiss-Australian-Irish production company has recently created the world’s first Ethereum-funded feature film with a smart contract and its own blockchain coin called Ethereum Movie Venture.
Ethereum Movie Venture – EMVenture is a decentralized media production company where you can invest in the independent movie industry with the tickets you buy. This gamechanging project adopts the advantages of blockchain technologies like Bitcoin and Ethereum, which implement the concept of decentralization and independence of third trusted parties like banks or intermediaries.
Investors can now purchase the Ethereum blockchain-based coin called EMVenture Token. The coins that represent the project are ERC-20 certified Ethereum tokens. The coins, which can be inspected on blockchain and and used on prediction markets, are currently being traded at various exchanges and have already generated a market capitalization of over 5 million USD.
Ethereum Movie Venture has taken a novel approach to this cryptocurrency, as the ERC-20 certified EMVenture Tokens are connected to the revenue of The Pitts Circus film. That ensures that those token holders can enjoy in the film’s profits until 2036. Token holders will also be provided a vote in future movie projects of this nature, and will be able to view the movie on the Internet when it is completed.
The Pitts Circus, follows the journey of a four person strong circus family from their home to a circus festival in an isolated part of Western Australia. The film is already available to be traded on exchanges on the Ehereum blockchain, being listed on cryptoderivatives.market and EtherDelta. The movie project itself has been designed for maximum profit potential, with an intentional emphasis on keeping the budget as low as possible to provide the best opportunity for high returns. The EMVenture token strategy will enable Ethereum Movie Venture to provide shareholders with 75% of net profits over the next two decades – including profits realized from merchandise sales and royalties.
This breakthrough project not only demonstrates how cryptocurrency can aid in film production crowdfunding, but also is helping to raise public awareness of digital currency and blockchain technology.