New York and London-based TV and film investment fund APX Group has partnered with L.A.’s Decentralized Pictures (DCP) on a crypto currency scheme to help finance projects by up and coming directors.
The initiative is being unveiled at Switzerland’s Locarno Film Festival.
APX, which is headed by American-Israeli businessman Adi Cohen, has become active recently in the universe of NFTs and crypto currency.
The fund, which recently formed a U.K.-based division called Herd Productions with a starting budget of €100 million ($105 million), will collaborate with DCP — a non-profit headed by Leo Matchett and Mike Musante — to offer selected filmmakers awards totalling €5 million through DCP’s Web3 structure.
Winning helmers and their projects will also be enabled by APX’s network of production facilities in Europe and the U.S. “The awards will be granted by DCP and its structure and will be closely guided by leading directors and filmmakers,” the companies said in a statement.
This is the second collaboration between APX and DCP. On July 1, APX minted its APXCCOIN on the T4L3NT Net Blockchain that DCP built and which is present on their app.
The T4L3NT Net is an arts and culture-focused, blockchain-funded network dedicated to providing a hub of resources to filmmakers and artists. DCP is currently bringing several other organizations and applications into the T4L3NT Net ecosystem, according to the statement.
“Through this strategy, APX and its global partners aim at gradually becoming a fully independent across-the-board media financing entity with a decentralized and autonomic monetary system,” the statement said.
APX and DCP are on Friday sharing more details on this deal and the gradual entrance of crypto currency into the universe of film financing at Switzerland’s Locarno Film Festival during a panel titled “Film Financing Today,” organized by the fest’s Locarno Pro industry side.