Nutopia, an entertainment blockchain-powered financing platform, has opened for project submissions, with the support of the UCLA Venture Accelerator. Nutopia is expected to launch this May.
June Chu, Nutopia co-founder and CEO, created the company with the help of UCLA’s accelerator program. Nutopia has grown into a multimillion-dollar international venture.
“The vision of Nutopia is to provide a safe space where creators can efficiently raise capital and realize their vision,” Chu said. “We aim to empower content creators by shifting the balance of control from studios and mini-majors back into the hands of the artists.”
Jeffrey Wernick, an investor in Airbnb, Uber, and a pioneer of cryptocurrency financing, said, “Blockchain is the ledger that keeps track of everything. There is no longer any arguments about how much a film really made or anybody’s contribution.”
He said that a major advantage of blockchain is that the workings are decentralized making it difficult to hack into or commit fraud.
Related
Blockchain transactions are conducted through tokenization, the breaking down of assets into cryptocurrency shares that can be traded. Wernick said, “The tokenization of equity shares in film and entertainment is an inevitability, and Nutopia is ahead of the game.”
After the release of Nutopia’s financing platform, the company is looking to expand in including a digital studio and production and distribution arms.