Pressman Film to Raise Funds via Avalanche Platform

Pressman Film, renowned for producing “Wall Street” and “American Psycho,” is set to launch a tokenized fund to finance new projects through the Republic platform on the Avalanche network.

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

Asset purchasers will have the opportunity to co-own six films: three based on existing intellectual property and the rest on original scripts, according to Decrypt.

Major holders are offered privileges such as set visits and premiere tickets.

Funds from retail crypto investors could diversify funding sources and reduce risks for producers.

Token purchases start at $200.

Profit-sharing will occur only if one or more films transition from development to production. Payments are made in fiat, with blockchain used on the backend.

“As the entertainment market undergoes unprecedented changes, it is clear that the time has come for innovative financing methods,” commented Pressman Film owner Sam Pressman.

At the time of writing, the fund had raised $314,000 of its $1.5 million target.

The publication noted that Pressman Film circumvented potential regulatory challenges regarding tokens as investment contracts by involving Republic.

The Morgan Stanley-backed platform is registered with the SEC. It has conducted crowdfunding campaigns for other organizations, including producers of “The Walking Dead” series.

In October 2022, Warner Bros. launched the Web3 initiative WB Movieverse, opening NFT trading for “The Lord of the Rings: The Fellowship of the Ring.”

In 2023, ForkLog reported on plans by “The Wolf of Wall Street” producers to release a collection of non-fungible tokens.