Cryptocurrency is all about decentralisation. The idea is that cryptocurrency allows anyone to control their own money instead of having a financial system controlled by central banks. And there’s no better way to democratise the film industry than funding it with trading bitcoin. That’s why Robert Redford has launched FilmCoin, a new digital currency that aims to make independent filmmaking easier and more transparent than ever.
FilmCoin, a cryptocurrency for independent funding films and other projects, has been launched by the founder of the Sundance Film Festival. It is designed to democratise the film industry by enabling anyone anywhere in the world to invest in projects they care about. The project was created by Robert Redford and aimed to make financing and distribution more accessible to independent filmmakers with its peer-to-peer network that connects investors directly with artists.
Coppola-Backed FILM Cryptocurrency Boosts Independent Filmmaking
Robert Redford said the new coin could democratise the film industry by making it easier for new talent to find funding. The power of the internet is that it decentralises and breaks down the walls between art, business, and technology, said Robert Redford, a film director and founder of the Sundance Film Festival. The internet isn’t just about watching cat videos or buying stuff online.
Redford said this could benefit independent filmmakers by making it easier for new talent to find funding. He added that the cryptocurrency could also help them get their films seen by more people.
Hollywood producer Francis Ford Coppola’s daughter, Sofia Coppola, is among nine people who have bought into the currency. If you’re a fan of Sofia Coppola’s work, you’ll be happy to know that she has bought into the currency. She’s the second of three children born to American director Francis Ford Coppola and American actress Eleanor Coppola, who met while they were both students at Hofstra University. Sofia won the Academy Award for Best Original Screenplay in 2003 for Lost in Translation.
FilmCoin is due to run an initial coin offering (ICO), where they will sell a new cryptocurrency to investors in September. A “token sale” is the new way to raise money for a project that already has some existing tech or software behind it. Investors can buy into the currency before it is launched and use it later on platforms built around the technology when they go live.
The first of these was bitcoin and Ethereum, but hundreds of cryptocurrencies are now in circulation, worth billions of pounds collectively. Coppola said FilmCoin would be unique as it would focus solely on independent funding cinema rather than blockbusters produced by Hollywood studios such as Disney and 20th Century Fox. Coppola owns interests in both companies through his production company American Zoetrope.
In other words, it’s a way to fund independent films by creating a way for people to give money directly to filmmakers. Instead of giving money to the studios that distribute big-budget movies, you can now buy into an independent film and support your favourite projects without being at the mercy of a distribution company.
The idea behind FilmCoin is that by democratising the film industry and allowing audiences direct access through crowdfunding platforms like Kickstarter, more creative voices can get heard – which will result in better quality films overall.
Filmmaker Francis Ford Coppola has big hopes for cryptocurrencies.
The cryptocurrency is FILM, backed by Francis Ford Coppola, the Oscar-winning director. He helped put American independent films on the map with hits like The Godfather and Apocalypse Now. He’s not alone. Other key investors include Martin Scorsese and Steven Soderbergh.
Final Words
FILM is one of several crypto tokens to support filmmakers and other creative professionals. It’s one of many projects looking to use blockchain technology to achieve this goal in ways it can’t easily replicate through existing systems. For example, Filmmaker Magazine reports that there are already about 100 blockchain-based platforms for artists trying to raise money online through “crowdfunding.”
But these services generally only work if you’re already famous or have an established fan base; most people won’t even know how much money has been raised until after they’ve been sold out. If you want to buy and sell cryptocurrencies then you can use bitcoin trading software. And in some cases, even then, it can take years before anyone sees any results from their contributions.