Veteran Hollywood filmmakers Ben Rosenblatt and Micho Rutare launch $FLIX, a novel crypto-token, in order to reinvent how independent films are financed, produced, and distributed.
Their company American Meme will leverage $FLIX to raise capital for a slate of indie films that appeal to both film and crypto enthusiasts. A fee on each transaction goes directly to a “film wallet,” and the team has committed to investing 75% of film wallet funds in production and only 25% in marketing and publicity. Profits from film sales, distribution, and licensing will be used to buy back $FLIX, which will make the token deflationary, in order for its relative value to continually increase.
In addition, token holders will receive exclusive access to cast and crew chats, behind-the-scenes invites, votes on creative decisions, premiers and parties, and provide input on the film slate. The founders envision a growing, robust community of crypto and film enthusiasts who can invest in indie filmmaking both financially and creatively.
“Hollywood is once again evolving and the most powerful voices can come from outside the town. The filmmaking and crypto communities are incredibly engaged and powerful. We want their help in creating the next hit movie,” says co-founder Ben Rosenblatt, a producer of Snowpiercer, Star Wars and Star Trek films and series. “We want to foster the next great wave of popular, original independent cinema. We’re tired of corporate gatekeepers determining what movies get made. It’s time for a shift, and we think these new cryptocurrencies and blockchain technologies are the keys to shifting power back to the people through decentralized film finance.”
“There is limitless potential for what Web 3.0 technologies can bring to the entertainment industry,” says co-founder Micho Rutare, a veteran writer, director, and creative executive responsible for the Sharknado franchise. “We’re talking vertical, decentralized filmmaking. Our token holders help us decide what to make, help us finance projects, and get first access to all the rewards, all while holding an appreciating asset. This unlocks new forms of media distribution and more room for artistic freedom. We, collectively, can decide what gets made. That’s an incredibly exciting prospect compared to the current status quo.”
While their short-term goal is to increase awareness of the coin and their medium-term plan is to produce films seeded by $FLIX revenue, Rosenblatt and Rutare have a long-term vision for the token: to become the paramount medium of exchange for filmed entertainment transactions, both in the traditional theatrical business and also in the metaverse. Rosenblatt and Rutare believe this financial innovation will create a robust ancillary revenue stream for the industry, liberating filmmakers from the tyranny of the corporate bottom line.
The $FLIX token is now live and available for purchase on Uniswap. The next iteration of growth will use the initial funds to build a production slate and list the token on larger exchanges.