Veteran Hollywood filmmakers launched crypto-token $FLIX
The new cryptocurrency aim to reinvent how independent films are financed, produced, and distributed.
Veteran Hollywood filmmakers Ben Rosenblatt and Micho Rutare – through their company American Meme – launched $FLIX, a cryptocurrency designed to raise capitals for indie films.
The filmmakers’ mission is to change how independent filmmaking is financed, produced, and distributed through new crypto and Web 3.0 technologies. $FLIX apply a fee on each transaction that goes directly to a “film wallet.” Profits from film sales, distribution, and licensing will be used to buy back $FLIX, which will make the token deflationary in order for its relative value to increase continually. The team has committed to investing 75% of film wallet funds in production and only 25% in marketing and publicity. In addition, token holders will receive exclusive contents such as access to cast and crew chats, behind-the-scenes invites, votes on creative decisions, premiers, and parties, and provide input on the film slate.
The founders envision a growing, robust community of crypto and film enthusiasts who can invest financially and creatively in indie filmmaking. “Hollywood is once again evolving, and the most powerful voices can come from outside the town. The filmmaking and crypto communities are incredibly engaged and powerful. We want their help in creating the next hit movie,” says co-founder Ben Rosenblatt, a producer of Snowpiercer, Star Wars, and Star Trek films and series. “We want to foster the next great wave of popular, original independent cinema. We’re tired of corporate gatekeepers determining what movies get made. It’s time for a shift, and we think these new cryptocurrencies and blockchain technologies are the keys to shifting power back to the people through decentralized film finance.”
Micho Rutare, creative executive responsible for the Sharknado franchise, added: “There is limitless potential for what Web3 technologies can bring to the entertainment industry. We’re talking vertical, decentralized filmmaking. Our token holders help us decide what to make, help us finance projects, and get first access to all the rewards, all while holding an appreciating asset. This unlocks new forms of media distribution and more room for artistic freedom. We, collectively, can decide what gets made. That’s an incredibly exciting prospect compared to the current status quo.”
Rosenblatt and Rutare believe this financial innovation will create a robust ancillary revenue stream for the industry, both in the traditional theatrical business and also in the metaverse, liberating filmmakers from the tyranny of the corporate bottom line. The $FLIX token is now live and available for purchase on Uniswap. The next growth iteration will use the initial funds to build a production slate and list the token on larger exchanges.