Overstock’s tZERO Tokenizes First Hollywood Movie
tZERO, a majority-owned subsidiary of Overstock.com aimed at using distributed ledger technology (DLT) to strengthen the capital markets, has joined forces with the producers of the upcoming Atari movie. The two will tokenize the first major theatrical motion picture, according to a press release on July 9, 2019.
Atari Movie on the Blockchain
As stated in its press release, tZERO has inked a strategic partnership deal with the makers of the upcoming Hollywood theatrical motion picture named “Atari: Fistful of Quarters.”
Per the team, the deal will enable tZERO to tokenize the world’s first motion picture. The film will be jointly produced by Leonardo DiCaprio’s movie production company called Appian Way and Benjamin Gerry and J.D. Seraphine of Vision Tree.
Notably, the biographical film is based on the true-life story of Nolan Bushnell, a pioneering figure in the video game industry. Bushnell went from fixing faulty pinball machines to establishing a videogame manufacturing company named Atari in the 1970s.
Vision Tree has been nursing the idea of tokenizing the Atari flick since March 2018, when it announced that it was looking to raise as much as $40 million through the sale of the Bushnell token, the film’s native altcoin.
The team says Bushnell token holders will receive a part of the revenue generated by the movie and they will also play an active role in its creation.
Interestingly, the team has also revealed that Bushnell token holders have received exciting benefits like being able to vote on the film’s trailer, as well as having a say in choosing the movie cast.
Commenting on the partnership with Atari, tZERO CEO Saum Noursalehi stated that the firm remains focused on integrating blockchain technology into all areas whose processes could be enhanced with the technology.
“The Atari movie is the perfect project to lead the way for the tokenization of the movie business,” he added.
Since its official launch in 2017, tZERO has conquered all challenges to become a notable alternative trading system (ATS).
As reported by BTCManager in May 2015, tZERO joined forces with BOX Digital Markets to launch a first-of-its-kind security token exchange that would list publicly traded security tokens.
Earlier in January 2019, tZERO’s security token began live trading, making it possible for token holders to trade the digital asset with other accredited investors.