tZERO revealed a collaboration with film production and financing firm Vision Tree to tokenize a movie. tZERO is a blockchain-based subsidiary of Overstock.
“Atari: Fistful of Quarters” will purportedly be the first motion picture to go through crypto-securitization in order to secure as much as $40 million for a biopic of Nolan Bushnell, founder of Atari.
Bushnell established Atari in 1972 after introducing a clone of a game dubbed Spacewar. The first coin-op and home video game consoles set the trend for old-aged gaming.
“Our goal is to apply blockchain technology to capital markets and every industry that can benefit from the platform we have built. The Atari movie is the perfect project to lead the way for the tokenization of the movie business,” said Saum Noursalehi, CEO of tZERO. Overstock.com’s Director and CEO, Patrick M. Byrne, stated that the collaboration will “bring much needed transparency and accountability.”
The tokens, called Bushnells, will be created by tZERO and sold by Vision Tree. According to the press release, a portion of the film’s proceeds will also be distributed to token holders.
Bushnells also allow owner participation in the production and distribution of the film by voting on the casting and trailer decisions.
The company was recently valued at $1 billion dollars by GSR Capital after closing an equity investment worth $5 million.
tZERO’s alternative trading system (ATS) for security tokens was introduced in January and purportedly still had low user engagement after one month. This Atari flick might probably bring excitement at the exchange.