The indie film gathers funds via blockchain, features at Tribeca film festival 7055
Blockchain
Aanal Pathak
Apr 24, 2018 at 4:16 PM

Mitzi Peirone thanks God for Blockchain!

Peirone’s Movie Braid, a psychological horror film screened at the Tribeca Film Festival this week, first of its kind to be funded by cryptocurrency.

Before deciding to go ahead with blockchain technology, Mitzi tried all the traditional methods for funds but in vain.

"I was facing either seeing my creative freedom taken away and having to compromise on the story, or not having enough money to make it," Peirone said at a festival panel Monday discussing blockchain and cryptocurrency in the film.

Finally, she went ahead with blockchain-based tokens and promised a part of the film’s potential profits to the investors.

The team used Ethereum platform to raise the money. Further, by selling tokens with the goal of raising at least $1.4 million for their production budget, the filmmakers gave token investors the right to a proportional share of 30 percent of the film's future profits.

The filmmakers intend to create a self-sustained environment, where every artist is given credit for his/her work.

"If we can enable independent artists to truly follow their hearts ... instead of having to fall back into pre-established algorithms of storytelling that we've heard and seen over and over, we can establish an entertainment industry that we want to see," Peirone

One of the biggest misconceptions about funding the film with cryptocurrency is that it's not paid for with "drug money." 

"Our biggest challenge, considering my movie is about two drug dealers, was people automatically associate cryptocurrency and fraud -- that you are doing something shady," she said.

Peter Guglielmino Chief Technology Officer IBM’s Media & Entertainment, was also one of the panel members at the Tribeca Film Festival and in a podcast interview with Bloomberg, described how the blockchain technology, will help the entertainment industry to grow.

Also, it will provide the artists their independence to create content and get credit for it.

Image via Shutterstock