tZero, the crypto exchange owned by Overstock, is to host the first tokenized major theatrical motion picture – a biopic of Atari founder Nolan Bushnell. This will be the first time the film industry has leveraged the power of blockchain technology (we won’t mention the crypto TV show supposedly in the works), and represents the kind of technological advance that Bushnell himself would be proud of. The plan to fund the biopic was initially announced in 2018 by the film production and financing company Vision Tree, and sixteen months later they have finally got the green light thanks to tZero.
Bushnell Token to Be Developed
The project will see tZERO develop a ‘Bushnell’ token, which will be sold by Vision Tree, with the proceeds going towards the making of the film and allowing token holders rights to a certain percentage of the film’s earnings. Token holders will also play an active role in the film’s development, such as being able to vote on the trailer and even have a say in choosing the cast. The Atari project isn’t the first collaboration between cryptocurrency and the film industry, with Ethereum Movie Venture (EMV) also purportedly attempting to make a film with funds raised through digital currency. tZERO CEO Saum Noursalehi said of the venture:
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.
$40 Million Budget
Vision Tree announced the idea for the movie funding in March 2018, stating at the time that they were hoping to raise $40 million to fund the project, and this still seems to be the desired figure. Vision Tree founder Benjamin Gerry showed his pleasure at the deal in a press release that referenced the wait to find the right outlet:
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.
No timeline has been put on the token sale, but stay tuned to BitStarz News for the latest from Hollywood!