Typically movies are either funded via a production studio, private investors, or wealth funds. The process for aspiring movie makers to get their ideas funded can be arduous. With a low rate of success at the pre-production stage many investors are only attracted to movies with a guaranteed return on their investment, but even then funding can be difficult, and even well-funded movies still fail to turn a profit.
This situation makes it tough for smaller, independent filmmakers to have a chance to showcase their skills. How many great films never see the light of day? How many great stories are never told? How many great storytellers don’t get a chance because of the financing issue? One perfect solution to the funding problem in the movie industry is Moviecoin.
Moviecoin is a new platform that brings movie funding into the modern era by combining the technology of NFTs and blockchain to create a first-of-its-kind movie funding platform that removes the barrier of entry. Moviecoin was originally launched on the Ethereum blockchain, a chain best known for its utilization of Smart contracts.
How do they make it work?
When the film’s target budget is reached, the platform will transmit the funds to the directors and producers so that they can begin production. Typically movies take 12 to 18 months to produce after which, If/when each film starts to produce profits, these profits will be paid to the NFT holders in MOVIE coins or fiat.
This helps in lowering investment by fans and adding the opportunity for directors and producers to have their movies funded. By tokenizing movie investment into unique and interesting NFTs with profit rights attached, fans get a chance to own a piece of movie history and create some passive income, thus allowing movie makers to create more unique movies.
Moviecoin envisions being a platform that was open to all, however, the high fees on Ethereum made this vision hard to realize as sometimes, the fee to process a small transaction can be higher than the cost of the item being transacted itself. This led them to explore other chains and they settled with the Polygon Network. The Polygon network is a Proof of Stake layer two solutions for Ethereum, it aids in processing fast transactions with very low fees. Polygon is supported by a wide range of businesses and clients such as Opensea and unstoppable Domains.
Who are the founders of Moviecoin (MOVIE)?
Peter Cheek is the head of tokenomics, James Markie is the team lead, and Daniel Pittack is the Team Lead & Investor.
What is Moviecoin (MOVIE) used for?
ICO participants will receive MOVIE Tokens in return for their USDT swap. USDT will be distributed to fund the first set of “Moviecoin Originals” and for platform development.
In addition to the token sale during the Seed round and ICO, they are also working with directors to produce NFT collections. These NFT collections will allow producers to receive funds for their movie before the movie’s release date and will allow NFT buyers to trade their NFTs and associated profit-share of the movie; before the movie’s release date.
Each NFT represents a profit share in a specific movie. All individual movie profits associated with the NFT will be paid in MOVIE Tokens. Each movie uses a CAMA (Collective Account Management Agreement) to ensure exact profits are calculated and sent to Moviecoin; the platform then distributes the tokens to the NFT holders.
Holding a Moviecoin.com NFT will grant the holder rights to royalties from the film sale which will be paid in MOVIE Tokens.
Users will be able to stake/vest their MOVIE Tokens for a share of all “Movie Original” royalty payments and a share of transaction fees by using the Moviecoin.com platform Custodial Wallet.
NFT’s will be tradable on secondary market platforms such as Rarible and Opensea and on Moviecoin.com’s platform with MOVIE Token. By holding the MOVIE NFT for a specific movie or by holding MOVIE tokens for “Moviecoin Originals” holders will be paid a share of profits.
There will be further incentives/discounts for trading NFTs using the Moviecoins platform and for holding MOVIE tokens at a later date.
Early access and exclusivity
Moviecoin is currently working on partnerships with film studios to enable some exciting, film-based MOVIE Token use cases. Holders of MOVIE Token will have early access benefits to special edition, very limited edition movie NFT’s on the Moviecoin platform.
The MovieCoin platform will allow holders to sell NFTs in a typical non-blockchain crowdfunding way. This means the platform can do regular sales (where when you buy the NFT it mints) or do a “All or Nothing” sale, where the NFTs are only minted if all of them are sold. This means users can reserve an NFT but not get charged until the round closes (similar to Kickstarter).
For film drops that have permissions for frames (or other media that will not be available at the time of the raise), the platform will be able to distribute a secondary NFT to replace the receipt NFT which was initially purchased.
Additional HODL’er Benefits
Allow users who hold $MOVIE or NFTs to get platform benefits such as early access to movie funding opportunities, lowered fees, or even physical benefits such as premier tickets.
Each NFT will have a % profit distribution attached to it. After multi-signature authentication, the profit will be distributed to holders of the appropriate NFTs in the collection. The profit will be taken by MovieCoin from the producers in FIAT currency and sent to the NFT holders in $MOVIE.
How is Moviecoin (MOVIE) unique?
Moviecoin.com aims to bring film funding, NFT, and decentralized finance (defi) to both independent filmmakers and large-budget moving pictures. Not only will the platform support low-budget filmmakers but also large-budget pictures. They intend to remove the large Hollywood studio financial ecosystem; typically aiming at full artistic control of the movie narrative and therefore limiting creative exposure and freedom of expression.
Investors will be able to invest either crypto or fiat currencies into the movies listed on the decentralized platform and will also receive an exclusive NFT of that movie with rights to a share of profits. These NFTs can be held for the profit share and traded on a secondary market.
Instead of the traditional one-dimensional marketplace to raise film finance; the platform has developed a revolutionary three-dimensional primary, secondary, and utility-based marketplace allowing movie funders and movie makers to benefit. From the secondary sales NFT market derived from supplementary images & videos, filmmakers and funders can also benefit more.
Unlike any other service before it, the platform is allowing movie funders to receive an equal share of the profits of each movie pari passu; relative to their initial investment. That is when you buy a moviecoin.com NFT, you are not just buying a single piece of art, you are also buying an unlimited profit-share of the movie forever (or in some specific cases this will be time limited to 3 years)
Moviecoin allows fans to invest and movie makers to get funded quickly and efficiently. This will allow ideas to flourish, movie makers to produce movies, and fans to have unparalleled control over the movies they wish to see created. By way of reciprocity, the platform’s smart contract platform will allow Investors to receive a share of the movie royalties they help to fund and create. In addition, movie fans will be directly able to help fund an epic adventure from their favorite producers and get to enjoy the benefits of the movie’s wider success.
The platform is also working on many additional benefits of holding both the MOVIE Token and moviecoin.com NFTs. You may have heard of NFTs, in recent years, these NFTs have evolved from giving someone simple digital rights to a picture or document to being used by sports teams to issue collectibles, musicians to issue tickets and monetize their work and now Moviecoin is using it to allow anyone to buy/invest in their favorite movie by just buying an NFT.
This will be a digital depiction and sometimes be accompanied by an original of Memorabilia e.g. director notes and physical props, pre-production materials, frames from the film, pictures, and videos from the film, behind-the-scenes footage, and pictures, original concept art for the movie to be funded, and original art depicting scenes or characters in the movie to be funded.
Moviecoin will work with the directors where possible to produce these NFTs and will also work hard to turn your ideas into NFTs.
How many Moviecoin (MOVIE) coins are in circulation?
There are 1,000,000,000 (1 Billion) MOVIE tokens in circulation. These were all sold to early investors, and F&F, and distributed as incentives to producers and directors for access to their images.
50 MILLION SEED ROUND was used to provide stable liquidity to the DEX and CEX platforms that MOVIE will be available on.
100 MILLION LIQUIDITY was used for offices, staff salaries & developers, expenses, and founders.
200 MILLION FOUNDERS Kept locked in reserve for future projects, partnerships, and further development that boost the MC token utility used as incentives.
350 MILLION LOCKED TOKENS: The 300 Million Tokens will be sold during the ICO, and money raised from the sale will be used for the following:
10% Initial and ongoing development
50% Funding the most upvoted (and likely the largest high-profile) movies
15% Marketing & advertising
20% Founders, staff & developer expenses / salaries
5% Legal and accountancy expenses
How is the Moviecoin Network secured?
Like Polygon, Moviecoin also relies on a set of validators, who are their operators, to secure the network. The role of validators is to run a full node, produce blocks, validate and participate in consensus and commit checkpoints on the Ethereum Mainnet.
How do I buy Moviecoin (MOVIE)?
The MOVIE token can be used for a wide range of uses, like staking and trading.
MOVIE tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy MOVIE through your trading account.
Which Cryptocurrency Wallet Supports Moviecoin (MOVIE)?
The PTPWallet platform supports many cryptocurrencies simultaneously, such as Moviecoin (MOVIE). Because of its vast use case, it has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. Users can easily use PTPWallet as their MOVIE wallet because it offers a simple interactive interface, making it easy for people to navigate.