The blockchain-based subsidiary of Overstock, tZERO, announced a partnership with film production and financing company Vision Tree to tokenize a movie. Atari Founder’s biopic to be tokenized by tZero.
A biopic of Atari founder Nolan Bushnell will be undergoing the process of crypto-securitization in an effort to raise as much as $40 million. The name of the movie is “Atari: Fistful of Quarters”. Also, it is allegedly the first motion picture to do so.
After launching a clone of a game called Spacewar, Bushnell founded Artari in 1972. As primitive as they were, the first coin-op and home video game consoles were the ones to set the stage for the golden age of gaming.
Saum Noursalehi, tZERO CEO said in a statement:
“Our goal is to apply blockchain technology to capital markets. Also, in 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.”
Patrick M. Byrne, Director & Chief Executive Officer of tZERO’s parent company, Overstock.com said this partnership will “bring much-needed transparency and accountability” to Hollywood.
Atari Founder’s biopic to be tokenized by tZero. According to the press release, a portion of the film’s profits will also go to token holders. The tZERO will develop tokens. will be Vision Tree will sell them. They call it Bushnells.
An added entitlement of Bushnell ownership is that it allows owner participation in the film’s production. However, distribution by voting on the trailer and casting decisions.
Following an equity investment of $5 million, tZERO recently valued at $1 billion dollars by GSR Capital.
This Atari flick might perk things up at the exchange. Launched in January, the company’s alternative trading system (ATS) for security tokens reportedly still had some user engagement one month later.