Liechtenstein Cryptoassets Exchange (LCX) is tokenizing a $25 million film fund together with popular Hollywood star Dr. Wesley Snipes. The news was reported by Cointelegraph auf Deutsch on Sept. 9.
Dr. Snipes is an American actor, movie manufacturer, master martial artist, and author, understood for his functions as the Marvel Comics character Blade in the Blade film trilogy, in addition to for movies such as New Jack City, Major League, White Guys Can't Jump, Passenger 57 and Demolition Man.
Movie fans become co-producers through tokenization
According to the report, the partners aim to release a fully compliant security token offering (STO) by means of LCX's Liechtenstein-based platform and blockchain facilities.
The tokenized $25 million “Daywalker Motion picture Fund” (DMF) will buy future movies and tv programs produced by Dr. Snipes and his production studio, Maandi House.
Introducing an STO will reportedly decrease the entry barriers for both institutional and retail financiers, enabling film fans to invest alongside established Hollywood producers.
The DMF Token will offer financiers a share in the revenue of the fund's productions, in addition to providing additional benefits such as invitations to move premieres. All earnings will be reinvested in the DMF Token to boost its long-term value.
DMF will be handled by a financial investment committee of expert fund supervisors, together with Dr. Snipes. LCX's blockchain technology platform will not just host the STO, but manage registration and identity verification for all prospective investors.
Dr. Snipes has described the tokenized fund model as a way to make it possible for move fans to end up being indirect co-producers of forthcoming features.
Pre-registration is open on the LCX site, with registered users to have top priority when the STO is officially released.
Cryptocurrencies in the limelight
In October 2018, Cointelegraph reported that the actor and manufacturer Johnny Depp had actually partnered with crypto-powered social home entertainment platform TaTaTu to collectively develop and produce film and digital material together.
TaTaTa focused on combating piracy and enhancing openness for rights holders, as well as on assisting high-quality brand marketing utilizing dispersed ledger technologies (DLT).
In late 2018, star and tech financier Ashton Kutcher donated $4 million in XRP to Ellen Degeneres' Wildlife Fund, stating the technology enabled him to do away with the “big huge check thing.”