In another first for blockchain technology, the upcoming film ‘Atari: Fistful of Quarters’ will be tokenized. The film’s producers will team with tZERO to create a unique cryptocurrency associated with the project, the Bushnell. Named for Atari founder Nolan Bushnell, the coin will serve as a tokenized asset representing a share in the movie’s success. As such, it will pay out dividends based on the profit of the movie. Further, users holding the Bushnell coin will be able to vote on decisions impacting the film – chiefly issues of casting and marketing.
Nolan Bushnell is the creator of legendary video gaming company Atari. Responsible for sparking the concept of home video gaming, Bushnell is famous within the industry. Development on his biopic has been ongoing for several years, with the first news of potential cryptocurrency funding coming in early 2018. Bushnell himself believes that tokenization aligns with the pioneering spirit that Atari once embodied.
Overstock.com, tZERO and the Alternative Trading System
tZERO is the brainchild of Overstock.com CEO Patrick Byrne. Byrne is a longtime cryptocurrency advocate – his site being one of the first to accept Bitcoin as a form of payment. As part of his tZERO initiative, Byrne ensured that the entire project is compliant with SEC guidelines. This strict adherence to U.S. government regulations means that tZERO can conduct business where many other blockchain systems cannot.
However, these facts have yet to lead to actual volume on the tZERO platform. Strictly following the SEC regulations make tZERO an attractive platform – for accredited investors. Non-accredited investors are unable to purchase tokenized securities on the tZERO platform. This makes investment nearly impossible for average cryptocurrency investors. It also prevents tZERO from appearing in any cryptocurrency exchanges – or even cryptocurrency valuation sites.
The idea of tokenizing assets became one of the leading proposed use cases during the 2017 cryptocurrency rally. A year and a half later, the first projects tokenization projects are coming to fruition. As with tZERO’s film project, they allow real world objects to be digitally split into multiple ‘shares’ represented by tokens.
Asset classes like real estate can provide reserve value for tokens. Rather than a single person owning an entire building or parcel of land, it can be split into hundreds – or even thousands – of tokens that benefit from value produced by the real estate. The same can be done with fine art, allowing ownership of small percentages that would otherwise be unfeasible.
Article By: Adam Stone