The cryptocurrency ecosystem allows people to do many crazy and exciting things. Ethereum users have come together to finance a movie, which will make its way to multiple film festivals in 2018. There will also be a crowd-sale, which will be used to generate some additional funding for this project. Titled “The Pitts Family Circus”, this is an interesting concept for sure.
Crowdfunding A Movie With Ethereum Smart Contracts?
The possibilities of what can be achieved with cryptocurrency and blockchain technology are virtually endless. To take cryptocurrency mainstream. However, some new things will need to be tried and tested. Crowdfunding an entire movie, albeit a low-budget one, is an option being explored by several people right now.
The Pitts Family Circus is a crowdfunded independent film, focusing on the Ethereum ecosystem specifically. In fact, is will be the first ever movie to be entirely financed in ETH, which is quite impressive. All of the profit from the production of this film will be given back to investors. A total of 666 shares will be made available at the price of 10 ETH each, which translates to US$115 at the time of writing. This brings the total estimated value of these shares to US$76,590.
A crowdsale will be held using smart contract technology to sell these shares. Dividends will be paid out to token holders over the next twenty years, which should hopefully be long enough to achieve a return on investment. Fifty percent of yearly profits generated by The Pitts Family Circus will be distributed to investors.
The movie itself will be a horror-comedy mix, and taped in Australia and the Swiss Alps. Production of the film will begin in early 2017, and the presentation at film festivals is scheduled for 2018. Afterwards, The Pitts Family Circus will make its way to cinemas all over the world. Low-budget movies tend to have very limited releases, though.
On paper, this is a fascinating way to use cryptocurrency as a payment tool. Moreover, the use of smart contract technology is a nod of approval for the Ethereum ecosystem. Interested parties can also use PayPal to buy the 666 shares, albeit they will pay a premium price to do so. So far, the address has received 61.198 Ether in transactions.
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