Over the last several months, we’ve been regularly updating our readers on the progress of an exciting new Ethereum-financed movie enterprise. Last month, we reported on the launch of the Ethereum Movie Venture token, which began its initial coin offering (ICO) for the EMV cryptocurrency on March 20th. Ethereum Movie Venture has recently announced that its Phase 2 ICO is complete, five weeks ahead of schedule.
The ICO raised more than $300,000 USD for the team behind the film, and the EMV tokens are now available for trading on two exchanges – Ether Delta and idex.market – with the coin achieving a market cap of more than $1.8 million USD. At this point, the EMV team has reason to be optimistic about the positive response to both the token and the film project.
As we’ve noted in prior reports on the project, Ethereum Movie Venture has taken a novel approach to this cryptocurrency, as the ERC-20 certified EMV Tokens represent an actual ownership stake in the upcoming Pitts Circus Family film. That ensures that those token holders can enjoy in the film’s profits until 2036. They’ll also be provided a vote in future movie projects of this nature, and will be able to view the movie on the internet when it is completed.
The movie project itself has been designed for maximum profit potential, with an intentional emphasis on keeping the budget as low as possible to provide the best opportunity for high returns. The EMV token strategy will enable Ethereum Movie Venture to provide shareholders with 75% of net profits over the next two decades – including profits realized from merchandise sales and royalties.
Emovieventure isn’t resting on its laurels either. With the Phase 2 ICO now secured ahead of schedule, EMV is already moving forward with its Phase 3 effort. That part of the project involves the sale of so-called “early bird” tickets that will provide video-on-demand to those who want to see the film. Those who purchase the initial 20,000 tickets will be awarded a small amount of ether and 5 EMV tokens which can be used to view the movie when it’s released.
The film is still in production, and the filmmakers expect to complete it around September 2017. After that, the Pitts Family Circus movie will make the rounds on the film festival circuit prior to its cinematic release early next year. The production team expects the film to be accessible via pay-per-view in the second quarter of 2018.
As for the movie and its relation to cryptocurrency, producer Toni Caradonna sees some distinct parallels:
“Circus people have always had an affinity to risk. But this skilled family that we feature in the world’s first Ethereum funded movie is willing to risk even more. Think of it this way. As a circus performer, you are a freak. As crypto enthusiast, you are a freak. There is nothing more double-freaky than a circus performer associated to a blockchain – project. But there are analogies too. This circus family is an absolute game-changer when it comes to their skills – they are to the circus world what Ethereum is to the blockchain Ecosystem. The innovation and gamechanger everybody wants.”
Interest in the film is already growing at a rapid pace, and it’s easy to see why the EMV ICO received such a warm welcome. This breakthrough project is not only demonstrating how cryptocurrency can aid in film production crowdfunding, but should also help to raise public awareness of digital currency and blockchain technology.
You can learn more about the production and upcoming plans at The Pitts Family Circus website.