As of July 9th 2019, tZERO has announced a partnership with producers of an upcoming film titled, “Atari: Fistful of Quarters”. Security tokens will fund production of the major motion picture, where token holders will be entitled to profit shares and voting rights toward the film’s trailer and cast.
tZERO’s Tokenization of the First Major Film Explained
Some have previously attempted to bring the benefits of Distributed Ledger Technology (DLT) to Hollywood.
Now, tZERO has done just that. The platform will develop the Bushnell token, which will be sold by the upcoming film’s production and financing company, Vision Tree.
The current plan aims to raise $40 million through the Bushnell token. Holders of the token will be entitled to receiving shares of the film’s earnings, as well as voting rights toward the movie’s trailer and cast.
The film will center around Nolan Bushnell— a pioneer of the video game industry— and his transition from repairing pinball machines to launching Atari in the 1970s.
The movie will be produced by Leonardo DiCaprio’s production company, Appian Way.
tZERO CEO Saum Noursalehi commented,
“Our goal is to apply blockchain technology to capital markets and every industry that can benefit from the platform we have built. The Atari movie is the perfect project to lead the way for the tokenization of the movie business.”
Patrick Byrne, CEO of tZERO’s parent company Overstock.com, added:
“We have been looking for the team to crack the code for Hollywood and bring much needed transparency and accountability to an industry that has been historically resistant to change. This is an extremely impressive team and we are thrilled to bring the tZERO tech stack to the movie industry.”
Benjamin Gerry, founder of Vision Tree, discussed his excitement in the revolutionary deal:
“It has been a long process to find the right partner to tokenize the Atari movie and to blaze a new trail for other media projects to follow. After looking closely at every major company in the space, we are thrilled to collaborate with tZERO on this exciting endeavor.”
How Security Tokens Can Bring Benefits to Real-World Assets, Even in Hollywood
Security tokens have gained notable traction throughout 2019.
So far, regulated assets such as equity, investment funds, real estate, and even fine art have experienced the benefits of DLT.
These benefits include fractional ownership, an interoperable financial realm, the elimination of unnecessary middlemen, instantaneous settlement cycles, and added liquidity.
Now, through tZERO, these benefits are set to hit Hollywood.
What do you think of tZERO tokenizing a major motion film? We want to know what you think in the comments section below.
Image courtesy of tZERO.