Being the first to be funded through a crowdsale using Ethereum, the psychological thriller called Braid, announced they had partnered with blockchain innovation studio ConsenSys. They will use the company’s award-winning crowdfunding platform, WeiFund, to raise the required capital for the production of the movie.
According to director Mitzi Peirone and her production team, they would like to create a more inclusive industry with their new approach to the financing of the movie. Filmmakers usually have two options to finance their movies: they either rely on investments by wealthy Hollywood people, or they put up their project on a crowdfunding website, such as Kickstarter or Indiegogo, where the movie makers can receive donations from individuals.
When Hollywood investors finance a film, the producers often strip the directors of their creative freedoms and commercialize the movie, instead of letting off the artistic ingenuity of the directors.
On the other hand, directors can also turn to crowdfunding platforms to finance their movie. The creators can provide bonuses and promo offers, such as T-shirts and posters, to the fans who pledge support to a project, however, the movie makers can’t offer a financial upside. There are instances when the supporters kick-off the project, although, when it earns millions of dollars in profits, they do not receive any share.
This is why the Braidcrowdsale is considered as first of its kind. While the creators keep their artistic freedoms, the supporters can become the investors and promoters of the movie, earning a share from the profits. In addition, since Braid is a horror movie, it does not need a high budget since the genre builds around emotionally intense situations, thus, not needing any costly movie stars.
Braid’s plot reads:
“Braid is a psychological thriller about two girls who moved to NYC to become artists and got involved in illegal activities instead – when they run out of money, they decide to return to their childhood home to rob their oldest friend who has been living in the fantasy world they created as children. To get her money the girls have to take part in her twisted game of make believe, descending into a psychedelic hell through role play, violent punishments and eventually murder.”
Braid has attracted the attention of numerous critics and popular media outlets and has won numerous awards including IndieWire Project of the Day, an Official Selection for Art Basel in 2015, a 2016 Academy Fellowship Quarterfinalist and Top 50 for the 2016 International Screenwriters Association Fast Track Fellowship.
Braid seeks to raise a minimum of $1.4m and maximum of $2.1m worth of Ether in exchange for 30% of the future profits of the film. At first, 100 percent of the revenues will be paid to the token holders until their investment is recovered along with a 15 percent interest rate. After that point is reached, the remaining profits of the movie will be divided 70/30, with 30 percent of the net profits being proportionally distributed to token holders.
The crowdfunding campaign launched on June 7.
Featured image from Pexels.
Last modified: May 21, 2020 9:46 AM UTC