Christopher Woodrow, the producer of the Oscar-winning film Birdman, as well as Black Mass and Hacksaw Ridge, plans to launch his own blockchain-based token called MovieCoin in the first quarter of 2018, Independent.ie reports.
Funds raised in the ICO will go toward financing a portfolio of movies. Investors will benefit as the tokens, which can be traded in the secondary market, would appreciate based on the success of the films, Woodrow said.
"We're trying to revolutionise the way films are financed," Woodrow said. "Hollywood is relationship driven and what we bring to the equation is the ability to gain access to the highest levels of film finance.
"We're in the process of putting together a slate of projects that will include A-list movie stars, top-tier directors, seasoned and established producers, and that will form the initial slate for MovieCoin," he said.
The target is to sell $100m worth of tokens that will be compliant with US Securities and Exchange Commission regulations. Woodrow says tokens can also democratize film financing.
This isn't the first attempt at bringing blockchain to showbusiness. Flixxo wants to create a decentralized video-sharing network akin to YouTube funded through its token.
Pop star Bjork said she'll accept Bitcoin and other cryptocurrencies as payment for her most recent album, and along with any purchase, she'll give away AudioCoins.