- Avalanche announced its latest partnership with independent production company Pressman Film.
- The partnership is geared toward raising funds for film production by leveraging blockchain technology.
- With Avalanche, Pressman Film aims to tokenize the behind-the-scenes process of film production.
Avalanche (AVAX) announced on Thursday that it partnered with film production company Pressman Film to generate funds for a development slate of films that will launch on its chain.
Avalanche set to launch tokenized films on its blockchain
In a press release on Thursday, Avalanche announced that it has partnered with the independent film production company Pressman Film. The partnership is geared toward tokenizing six of Pressman's films on the Avalanche network for investors to gain behind-the-scenes exposure.
Pressman Film is an early film production company responsible for films such as "Wall Street," "American Psycho", and "The Crow." The company partnered with investment platform Republic to generate funds for the release of a development slate of films.
Lights, camera, ACTION Avalanche is transforming independent film financing!@PRESSMANFILM, the production company behind “Wall Street,” “American Psycho,” and “The Crow,” teamed up with @joinrepublic to raise funds for a development slate of six Pressman films, tokenized on… pic.twitter.com/fG984GWgLL
— Avalanche (@avax) September 5, 2024
The slate will offer investors exposure to Pressman's catalog of projects and give them early access to film productions. This means that investors can gain premium access to the whole production process of a film rather than wait until it's out on the market.
The slate will also permit investors to gain access to the production fee and a portion of their "net profit share."
Pressman Film plans to utilize Avalanche's blockchain to make the development slate available to users worldwide.
"By utilizing blockchain technology, we're offering filmmakers and investors unprecedented opportunities to address key challenges in the industry," said Marc Iserlis, Head of Film at Republic.
With tokenized films, Avalanche also plans to grant participants access to exclusive screenings, collectibles and credits on its blockchain.
AVAX is down 1.1% in the past 24 hours, stretching its weekly losses to -7.7%.
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