Actor Wesley Snipes to launch $25 million tokenized Daywalker Movie Fund

70
Actor Wesley Snipes to launch $25 million tokenized Daywalker Movie Fund

Veteran Hollywood actor Wesley Snipes is collaborating with Liechtenstein Cryptoassets Exchange (LCX) to organize a security token offering for his $25 million movie fund dubbed the Daywalker Movie Fund (DMF).

The team says DMF will invest in future films and television series being produced by Maandi, Snipe’s production house.

The South African reports that DMF token holders will share in the profits of the fund’s productions and will enjoy additional benefits, including opportunities to attend movie premiere events.

Snipes and LCX marry movies with blockchain tech

According to a press release on the LCX website, it has inked a strategic partnership deal with Snipes, a famous American actor who has played many roles in numerous TV series and Hollywood action flicks like Blade, Demolition Man and a host of others.

Specifically, the partnership is aimed at tokenizing Snipe’s Daywalker Movie Fund (DMF) to the tune of US$25 million [AU$36.4 million] and organizing a fully regulated security token offering (STO) on the LCX platform to give everyone a chance to participate in the project by purchasing DMF tokens.

For the uninitiated, unlike the now-controversial initial coin offerings (ICOs), security token offerings (STOs) are crypto-based fundraisers that offer investors tokens backed by tangible assets in the real world that provide token holders with certain legal rights, as well as protection.

Snipes and LCX marry movies with blockchain tech
Actor Wesley Snipes (center) with LCX founder Monty Metzger (left) – (LCX)

Smashing barriers with DLT

The team says DMF will invest in the upcoming motion pictures and television shows being produced by the 57-year-old actor and his production studio, Maandi House.

According to Investopedia, in 2007, the average cost to produce a major studio movie in Hollywood was around $65 million, excluding distribution and marketing costs. And that amount could be significantly higher in 2019.

LCX and Snipes firmly believe that the STO model adopted by the innovative project will significantly lower the barrier of entry and make it possible for both institutional and retail investors from across the globe to participate in the project.

The team has also hinted that the DMF token will be the native crypto asset of the Daywalker Movie Fund.

Reportedly, the fund will be managed by an investment committee made up Snipes and several professional fund managers.

LCX will handle the technical aspects of the STO, including the know-your-customer (KYC) and anti-money-laundering (AML) checks.

Commenting on the impending STO and launch of the Daywalker Movie Fund, Snipes stated categorically that the project presents a massive opportunity for his fans to indirectly become co-producers of the platform’s future movies.

“It’s an exciting time now that all of my fans old and new can indirectly become co-producers of our upcoming movies.

“The tokenized Daywalker Movie Fund enables the audience to turn into investors and participate in the success.”