While “non-fungible tokens” or NFT type crypto-assets are still perceived for the long term as an interesting complement to film and audiovisual funding, the initiatives underway in France are not impervious to I’ collapse of bitcoin and other cryptocurrencies since a few weeks.
“Plush”, a very ambitious animated film project around plush characters initiated by the French studios Rooftop Production and Karlab, thus sold only 1,247 NFTs. We are far from the 50,000 that the operation should ultimately reach, and even far below the minimum scenario of selling 20% during the current sale, which began on May 20. The sale will continue for a few more days. The company has so far raised around 1.6 million euros.
As for the issuance of KlapCoins , sponsored by Claude Lelouch and which ultimately aims to raise up to 8 million euros to finance 15 to 20 films or series, it has so far collected only 400,000 euros. Open since the end of April and until June 9, this issue of a currency (“Initial Coin Offering”), to which rights are associated via the blockchain, was initially set to reach a “soft cap” of at least 2 million euros raised from investors to exist.
The two projects are however 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 bring together 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 are going to extend the offer period,” says Joël Girod, one of the leaders of LaDCF, the company that carries the KlapCoin project. According to him, the levee is subject to the upheavals of the markets, but it retains its relevance. “The context is unfavorable for tech-savvy investors who cannot transform their other cryptos into KlapCoins, because if they do, they must recognize a loss”, he observes.
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 intended to be participatory and accessible to a fairly large community, as advocated by the philosophy of the Web3 decentralized.
With more significant investments, at more than 100,000 euros each (via “family offices”, private banks, etc.), the “ICO” of KlapCoin could be completed more quickly. Joël Girod does not refrain from welcoming such investors, but “there is a singular alchemy to be found”, he specifies.
Projects have some regulatory leeway to bounce back. Even if a visa from the MFA is not necessary, the creation of KlapCoin falls within the framework defined by the Pacte law for these alternative financial instruments. But it is possible to extend fundraising times by informing the public. As for NFTs, not being, strictly speaking, financial tools but a digital object, their sale is done in a very loose regulatory framework that allows you to do almost everything…
“It is a market that is very little regulated in most jurisdictions, except in France, characterized by great diversity and with a public of tech-savvy investors who must be constantly alerted to the risks, concludes Franck Guiader, director of the Gide 255 digital finance consulting team. We could consider this type of program as a fad, a new kind of ‘crowdfunding’, but it is a digital transformation around the decentralized logic of Web3. It’s a fundamental evolution that could go through some ups and downs, but which will accelerate in the next five to ten years. »
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Cinema NFTs upset by crypto crash
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