tZERO, the crypto arm of US online retail giant Overstock, is to tokenize forthcoming movie, Atari: Fistful of Quarters. The project claims to be the first implementation of blockchain technology to fund a film.
It will develop the Bushnell token, sold by the film production and financing company, Vision Tree. The plan is to raise as much as $40 million. Token owners, in addition to receiving shares of movie earnings, will also be able to vote on the trailer and have a say in choosing the cast.
The biopic focuses on Nolan Bushnell, who went from repairing broken pinball machines to launching the videogame manufacturer Atari in the 1970s.
Patrick Byrne, Director and CEO at Overstock, says: "We have been looking for the team to crack the code for Hollywood and bring much needed transparency and accountability to an industry that has been historically resistant to change. This is an extremely impressive team and we are thrilled to bring the tZERO tech stack to the movie industry.”