Cinema NFTs disrupted by cryptocurrency crashes

While “non-fungible tokens” or NFT-type cryptocurrencies are still perceived in the long term as an interesting complement to film and audiovisual financing, the ongoing initiatives in France are not impenetrable for the collapse of bitcoin and other cryptocurrencies in a few weeks.

“Plush”, a very ambitious animated film project about plush figures initiated by the French studios Rooftop Production and Karlab, thus sold only 1,247 NFT. We are far from the 50,000 that the operation would eventually reach, and even far below the minimum scenario of selling 20% ​​below the current sales, which began on 20 May. The sale continues for a few more days. The company has so far raised around 1.6 million euros.

To prolong

As for the KlapCoins issue, sponsored by Claude Lelouch and which ultimately aims to raise up to 8 million euros to fund 15 to 20 films or series, it has so far raised only 400,000 euros. Open since the end of April and until June 9, this issue of a currency (“Initial Coin Offering”), to which the rights are linked via blockchain, was originally set to reach a “soft ceiling” of at least 2 million euros raised. from investors to exist.

However, the two projects are far from admitting defeat. Rooftop announces in a post this week that “this is just the beginning […]. If you are interested in the quick win (or loss …), ‘Plush’ is not for you. The idea is to unite a community that believes in the potential of this film project with an estimated budget of 60 million euros, supported by studios and professionals who have worked on hits such as “Les Minions”, “Moi, Moche and Wicked” or “The Grinch” “.

“We want to extend the offer period,” said Joël Girod, one of the leaders of LaDCF, the company that carries out the KlapCoin project. According to him, the dike is subject to market upheavals, but it retains its relevance. “The context is unfavorable for technology-savvy investors who cannot convert their other cryptocurrencies to KlapCoins, because if they do, they will have to acknowledge a loss,” he notes.

Decentralize or not?

With more than 10,000 contacts on social networks or otherwise, KlapCoin has a certain following. For now, the average investment ticket is 600 euros. This is the spirit of a project that wants to be participatory and accessible to a fairly large community, as advocated by the philosophy of decentralized Web3.

With more significant investments, for more than 100,000 euros each (via “family offices”, private banks, etc.), “ICO” of KlapCoin could be completed faster. Joël Girod does not refrain from welcoming such investors, but “there is a unique alchemy to be found”, he clarifies.

“Jerkings”

Projects have a regulatory leeway to come back. Although an AMF visa is not required, the creation of KlapCoin falls within the framework defined by the Pacts Act for these alternative financial instruments. However, it is possible to extend the collection times by informing the public. As for NFTs, which are not strictly a financial tool, but a digital object, their sales take place in a very loose regulatory framework that allows you to do almost anything …

“This is a market with very little regulation in most jurisdictions, except in France, characterized by great diversity and with a public of technology-savvy investors who must constantly be warned of the risks,” concludes Franck Guiader, director of Gide 255 digital finance. consulting team. We could consider this type of program as a fashion effect, a new form of ‘crowdfunding’, but it is a digital transformation around the decentralized logic of Web3. It is a fundamental development that may experience shocks, but which will accelerate over the next five to ten years. »

Leave a Comment