- Alibaba Picture which is Alibaba’s movie-making division is planning to tokenize the distribution rights for its new film “Striding Into The Wind.”
- An agreement has been signed between Alibaba and New York-based entertainment platform Breaker.
- The overseas distribution rights for Alibaba’s “Striding into the Wind” will reportedly be released on SingularDTV’s Ethereum blockchain-based distribution portal EtherVision.
As reported by China.org.cn on November 22, Alibaba Picture which is Alibaba’s movie-making division is planning to tokenize the distribution rights for its new film “Striding Into The Wind,” which is a Chinese-English language production.
An agreement has been signed between Alibaba and New York-based decentralized entertainment platform Breaker, which was known as SingularDTV earlier, to distribute the film overseas using its blockchain platform.
The news was reportedly announced by Li Jie, senior vice president of Alibaba Pictures and CEO of Alibaba’s ticketing app Taopiaopiao during the China Golden Rooster & Hundred Flowers Film Festival on Nov. 20.
SingularDTV’s Ethereum-based EtherVision is the specific platform on which the new film will be released. With Alibaba Pictures actively attempting to integrate blockchain into the distribution of the film, other players in the industry are also discussing the possibility of using blockchain in its business models.
The overseas distribution rights for Alibaba’s “Striding into the Wind” will reportedly be released on SingularDTV’s Ethereum blockchain-based distribution portal EtherVision. The film is the only Chinese mainland film project selected by SingularDTV, According to China.org.cn.
The film industry is currently undergoing a quiet revolt, with radical changes being made in terms of film financing as opposed to traditional methods of financing.
This is mostly due to the emergence and success of distributed technologies such as blockchain, and it has led to the tokenization of almost everything.
In its most authentic derivation, tokenization is the act of adding liquidity to real-world assets. A good is depicted in stocks and shares, which represents fractional ownership in a company.
Tokenization is relatively analogous to these types of equity investments, taking the conventional model, expanding upon it, and placing it on-chain. In theory, anything can be tokenized — and according to some, everything soon will be tokenized.
The application of blockchain in the film industry could massively affect film financing. Currently, film financing is limited to a small number of high-wealth investors, but tokenization could be very advantageous for smaller investors who could then benefit from a movie’s success.
Overstock’s cryptocurrency arm tZERO declared that it will tokenize the upcoming motion picture “Atari: Fistful of Quarters” in July 2019.
The firm partnered with the film’s producers to create a token dubbed “Bushnell,” in order to finance the movie through blockchain, which will be sold by the film production and financing company Vision Tree.
Previously, a state-run Brazilian bank was reported to be funding a documentary film through its own Ether-based stable coin BNDES.