People can now invest in media content following the release of $100 million by Ryan Kavanaugh, founder of Proxima Media, to get a token for the media.
The token is known as Proxicoin. Proxima is happy that some top organizations in different parts of the world are also in support.
The ethereum blockchain technology was used for creating the coin. Those who buy will be given ownership to films, television and music, just to mention a few.
Proxima expects that this will be a huge success because they have incorporated the Asian cryptocurrency exchange to help in its issuance.
Soon, Proxima would also launch a platform for stock exchange and trading. This will be called Entertainment Stock X (ESX). With this, startups in the media industry will be able to raise funds by starting an ICO. The ECX project started two years ago but will be finally completed by the end of this year.
Owners of Proxicoin will also own some of the profits generated by ESX.
The company has said: “ESX currently has deals for listings on over 30 major feature film projects and is expected to have a significant share of the 600 major films and television shows shot annually.”
According to the CEO of Step Ventures, Vincent Tse:
“Film, as an asset class, is traditionally uncorrelated to capital markets and has been a competitive and sought-after asset class among the large hedge funds and banks including Citibank, Duetsche Bank, JP Morgan, Goldman Sachs and many others. During the Great Depression one of the only stocks that went up was MGM [Metro-Goldwyn-Mayer Studios].”
Kavanaugh and the people around him have 200 films to their credit. Some interesting ones include “Fast and the Furious,” “The Girl with the Dragon Tattoo,” “Salt”, “Mamma Mia!” and the Oscar-nominated and “The Social Network.”