The Cinematix Project: The World's First Platform To Collect Funds For Filmmaking On The Blockch
The Cinematix project, the world's first platform to collect funds for filmmaking on the blockchain, which will be created by the end of 2018, was announced at Consensus 2018 in New York.
The Cinematix platform is a tool that will be used to collect funds for movie making. Film industry professionals will be able to showcase their ideas and collect funds for those chosen by platform users. The users backing an idea will benefit from the use of exclusive rights to the film once it has been shot. Participants can form their own project portfolios in different genres based on their preferred risk/return ratio, which will be structurally similar to the movie industry.
Use of this model means that the film business will open its doors to new directors, scriptwriters, and small film studios that were previously unable to gain access. Film producers will be able to obtain funds directly from an interested audience – without any connections, politics or lobbying by major companies.
To access the platform, the advocates of a film project must apply to www.сinematix.io, and provide information on the planned movie – the team, film genre, description of the concept, etc. Subsequently, film industry professionals assess the application, and the project receives spectator interest projections. This approach will enable users to better understand which films to support and which to reject.
Subsequently the system automatically creates a project page with all the submitted information, establishes a smart contract and generates the project’s unique token. If users like a film, they will be able to support it with any amount, after buying the cryptocurrency issued by the project with the tokens of Cinematix.io (CINX). All settlements on the platform will be performed with these tokens. The issue of the CINX project token is scheduled for July 2018. At present, the project is conducting a private presale. Technically, such a solution means that each film will conduct its own ICO on the platform.
After a project collects the planned minimum amount of funds (soft cap), filming starts. If a project does not manage to collect the soft cap, all the funds will be returned to participants. According to plans, during the production of a film its team will submit reports to all the token holders who voted for the project, while their mutual relations will be regulated through a smart contract.
Once filming is over and the film is released on the big screen, the funds from the distribution of the film will be allocated based on the volume of token holders’ rights and will be directed to their wallets through smart contracts.
The authors of the project are financier and philanthropist Ilya Zibarev; Russian actor, film director and producer Konstantin Khabensky; and blockchain and innovative projects entrepreneur and ICOBox co-owner Nick Evdokimov.
Talking about the project, Ilya Zibarev remarked: “The film business is fraught with a high degree of risk and the price of admission is high. According to statistics, 4-5 out of every 10 films are box office flops, 2-3 break even and only 1-2 are successful and cover all their costs. Film production is also a cost-intensive business. Today, the average budget of a film in the USA –the absolute leader in film production globally - is 139 million dollars. In China, which ranks second – it comes to 50 million dollars, and in India, which ranks third – 15 million dollars. And even this comparatively small figure looks huge to a small studio.”
Konstantin Khabensky added: “Numerous scenarios by really talented specialists continue to gather dust in desks, because no one could be found who would believe in them. Guys sell cars and flats, but this does not compare to the money that you need to make a film. I want our project to help viewers to see new films and new names on screen. I believe this is important.”
Commenting further, Nick Evdokimov said: “For the platform to work, we must involve as many people as possible, and make sure we meet our commitments to them. This project needs blockchain to ensure the integrity of interactions, the expenditure of funds and distribution of movie licensing fees. The terms of a transaction are performed automatically through the smart contract, completely eliminating the human factor. This means that the project can deliver something that is in short supply in any business: trust and the guaranteed performance of obligations.”
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