Vulture Capital has launched the crowdsale of its VCAP cryptocurrency, the proceeds of which will be used to fund the upcoming film Listen Carefully. Through this project, Vulture Capital hopes to spread mainstream use of cryptocurrency.
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FilmIf successful, this crowdfund will allow Vulture Capital to produce the first-ever film funded by cryptocurrency. The team believes that this possibility says a lot about the evolution of the film industry since its “golden years.”
Once considered one of the highest forms of art, Vulture Capital says film has become “a big business with lots of moving parts,” producing movies that appeal to the masses while simultaneously turning profits and satisfying stakeholders. This transition has all but eliminated small budget movies with original ideas, the firm says, and has removed a lot of creative freedom from filmmakers.
However, the group says that cryptocurrency and crowdfunding can change all that, returning the art of film to its former glory. By combining these two Internet-age technologies, filmmakers can source funds directly from their audience, which allows them to give viewers exactly what they want while taking creative freedom back from the film industry’s corporate titans.
Vulture Capital hopes to raise at least a portion of its desired $3.5 million USD budget through the VCAP crowdsale. Pending the acquisition of funds, filming for Listen Carefully is scheduled to begin in fall 2016, with a projected release date of summer 2017.
Revenue generated from Listen Carefully will go towards repaying VCAP tokenholders and other investors. Any leftover profits will be shared equally between VCAP holders and the Listen Carefully producers.
VCAP, created by Obsidian CryptoVault Technologies, can be purchased on Vulture Capital’s website with bitcoin or ethereum.