University of New Mexico student Clay Space raised 750 Bitcoins (over $1 Million at closing) in fewer than 48 hours in an ICO for Back to Earth, the new production company designed to fund a multi-platform storytelling project seeking to engage an audience through film, graphic novels, an alternate reality game, blog, mobile apps, and other media.
The project’s goal was to raise 750 BTC ($900,000+) with the sale of 4 million tokens. And, as happens in the lucrative ICO market, the project achieved its goals. “This makes the tokens, at the outset, worth somewhere in the neighborhood of 25 cents each,” states the project, whose coins are divisible like bitcoin. Mr. Space combined IndieGoGo style fund-raising campaign with an Initial Coin Offering.
“This could revolutionize the way that films pursue money in the future,” Kevin Schulmeister, co-founder of ShadMeister Productions, says. “A media project funded with cryptocurrency is still very unique, and I think we’ll begin to see a shift towards alternative forms of crowdfunding after this.”
Mr. Space intends to create a project based on a form of interactive fiction also known as Transmedia Storytelling. The genre often employs ARGS, short stories, web series, mobile apps, feature films, graphic novels and other entertainment mediums. Other transmedia Projects include Why So Serious, Year Zero, and I Love Bees.
“The goal of Back to Earth is to entertain a wide audience and to introduce crypto to new people,” says Mr. Space. “We believe this project has a little something for everyone because you can enjoy a piece of it, like the web series or mobile game, or become fully engaged in the community on Telegram, in the ARG, and with the mobile app.”
A graphic novel is already slated for release in early May. The Back to Earth ‘Transmedia Project’ founded its own digital token, Starcredits (SRC), which uses the Ethereum blockchain to manage certification and verification steps.
SRC will be used in the ARG and mobile app and “allow the audience to influence the story”, though how so is not yet entirely clear.
Crowd-financiers received Starcredits for their donation. They also received “Golden Ticket” – also still a bit of a mystery.
Clay Space, who has acting and script writing credits, appeared on Breaking Bad spin-off Better Call Saul in its first season. Mr. Space, the founder and creative director of Back to Earth productions, partnered with Shad Adair, another actor and producer. Mr. Adair has a history of investing in software companies. Award-winning photographer Josh Lane will be the firm’s lead cinematographer.
In its whitepaper, Back to Earth notes: “[Cryptocurrencies] are a secure way to give value to a digital asset that can be used to incentivize competition, discussion, and game play. […] Transferring value online can be easy, and Back to Earth is packaging the simplicity of blockchain technology with a mainstream vehicle for its success: entertainment.”
The company adds: “Underpinning the whole production will be an engaging mystery that can only be solved by interacting with our cryptographic token StarCredits.”
Total coin supply will be limited to 20 million SRC.