×
You will be redirected back to your article in seconds

Atari Movie Makers Plan to Raise $40 Million via Bushnell Token Sale

The makers of the upcoming Atari movie about the iconic video game console maker are eschewing traditional film financing models for a blockchain-powered initial coin offering (ICO), and plan to sell coins named after Atari founder Nolan Bushnell via a private pre-sale this spring. Film production and financing company Vision Tree plans to raise as much as $40 million with the sale of these Bushnell tokens.

“While the film has received offers from conventional and studio-sourced financing, we have elected cryptocurrency funding to accelerate the filmmaking path in a whole new way, offering Atari fans the opportunity to share in the creation of this movie with us,” producer J.D. Seraphine told Variety.

Owners of Bushnell tokens will get a share of the earnings of the movie, and they will also be able to vote on the trailer, and even help select cast members. “We wanted to enable Atari fans and gamers to co-own the project and the experience,” said Seraphine. “This open approach is also more in the DNA and the same spirit of Atari.”

This isn’t the first time that filmmakers are jumping onto the blockchain bandwagon. Earlier this week, Variety was first to report that the indie movie “No Postage Necessary” will use a blockchain-based app for promotion and distribution when it is being released this June.

Seraphine told Variety that he has high hopes for the technology. “Blockchain technology and cryptocurrency financing will enable independent filmmakers and artists to not only create, but also own their projects that they can then grow over the span of their own career,” he said.

The Atari movie is currently in pre-production, and is being produced by Leonardo DiCaprio’s production company Appian Way as well as Vision Tree and Avery Productions. It’s being pitched as a biopic about Atari’s founder and his life story of starting out as a pinball machine repairman who went on to found one of the most iconic video game console brands.

Bushnell’s time at Atari recently came under scrutiny after allegations surfaced that he fostered a sexist culture at Atari. Bushnell was set to receive an award at the Game Developers Conference in San Francisco this week, but the conference rescinded the award in response to these allegations.

At the time, Bushnell applauded the conference’s decision and apologized for any past indiscretions. In a statement sent to Variety this week, Bushnell chose to instead paint a different picture of Atari:

“We created some extremely strong and capable professional women at Atari. Equal pay for equal work. Promoting women due to capability, and gender not being a promotional construct. We elevated women’s rights to the pinnacle of that time, and I’d do it all again just the same way.”

Popular on Variety

More Digital

  • Eko - Wizard School Dropout

    Eko Launches Four Interactive Video Series, Including Two to Push Walmart Shopping

    Eko is launching its most ambitious bet yet to close the loop between interactive entertainment and ecommerce, with partner and investor Walmart. The interactive-video platform company debuted four original scripted series Thursday (Nov. 21). Two of them — EffinFunny’s “Wizard School Dropout” (pictured above), set in a Harry Potter-esque world; and “Timeline” from Olive Bridge [...]

  • Snapchat

    Snap Teams With Verizon to Develop 5G Augmented-Reality Experiences

    Verizon, in its ongoing quest to find killer applications for 5G wireless, has signed Snap, the parent company of Snapchat, as a new tech development and marketing partner. Under the pact, the companies said, they will work together at Verizon’s 5G Labs to create new augmented-reality feature and experiences for consumers, including new ways to [...]

  • Three Minute Film Lecture

    Hong Kong Protest Movement Gets Its Own Streaming Platform

    The team behind the award-winning controversial Hong Kong dystopian drama “Ten Years” has launched a new streaming platform focusing on short films about the ongoing protests that have gripped the city since June. Backed by Next Digital, which publishes Apple Daily and Next Magazine, Next Film is headed by Jevons Au, one of the co-directors [...]

  • Memories of the Alhambra

    South Korean Producer Studio Dragon Sets Partnership With Netflix

    Global streaming giant Netflix has struck a multi-year deal with Studio Dragon, a three-year old production company that has become one of the hottest content houses in Korea. The deal is described as a three-year strategic partnership, highlighted by a multi-year content production and distribution agreement, that begins from 2020. Studio Dragon’s parent company, CJ [...]

  • Google headquartersGoogle headquarters, Dublin, Ireland -

    Google Won't Allow Political Campaigns to Target Voters by Affiliation Anymore

    Google is tweaking its policy for political ads, which includes doing away with microtargeting by political affiliation or voting records. The search giant also announced Wednesday that it would clarify its advertising policy to make sure that political advertisers can’t make grossly misleading statements. “We’re limiting election ads audience targeting to the following general categories: [...]

  • Sonos Q4 Results: Revenue, Losses Grow,

    Sonos Acquires Voice Assistant Startup Snips for $37.5 Million

    Smart speaker maker Sonos is getting ready to take a more active role in voice control: Sonos announced the acquisition of Paris- and Tokyo-based voice assistant startup Snips Wednesday. Snips had been developing a platform to launch dedicated voice assistants for smart speakers and other devices. Sonos spent $37.5 million in cash on the startup, [...]

More From Our Brands

Access exclusive content