Alibaba Pictures, the filmmaking arm of Alibaba Group reportedly plans to tokenize distribution rights for its new film “Striding into the Wind,”.
On Nov. 22, China.org.cn reported that the company signed an agreement with New York-based decentralized entertainment platform Breaker to distribute the film overseas using its blockchain platform.
The senior vice president of Alibaba Pictures and CEO of Alibaba’s ticketing app Taopiaopiao reportedly announced the news during the China Golden Rooster & Hundred Flowers Film Festival on Nov. 20.
Tokenization Could Transform Film Financing
Fim industry in China is considering the possibility of blockchain technology in its business models, with Alibaba Pictures actively trying to apply blockchain.
The overseas distribution rights for Alibaba’s “Striding into the Wind” will reportedly be released on Ethereum blockchain-based distribution portal EtherVision. According to the report, the film is the only Chinese mainland film project selected by SingularDTV, the founding platform of ‘Breaker’.
Tokenizing of movie ownership could radically change film financing as it is now generally limited to a small number of high-wealth investors. With tokenization, smaller investors could also benefit from a movie’s success.
Source: China.org.cn | Cointelegraph | Image: Pandaily
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