While “non-fungible tokens” or NFT-type crypto-assets are still seen as an interesting addition to film and audiovisual funding, the initiatives underway in France are not immune to the collapse of bitcoin and other cryptocurrencies for a few weeks .
“Plush”, a very ambitious animation film project around plush characters, initiated by the French studios Rooftop Production and Karlab, thus sold only 1,247 NFT. We are a long way from the 50,000 that the operation should eventually reach, and even well below the 20% minimum sales scenario during the current sale, which began May 20. The sale will continue for a few more days. The company has so far raised about 1.6 million euros.
As for the KlapCoins issue, sponsored by Claude Lelouch and eventually aiming to raise up to 8 million euros to finance 15 to 20 films or series, it has raised only 400,000 euros so far. Open since the end of April and until June 9, this issuance of a currency (“Initial Coin Offering”), to which rights are attached through the blockchain, was initially set to reach a “soft cap” of at least 2 million euros raised from investors to survive.
However, the two projects are far from admitting defeat. Rooftop announces in a message this week that “this is just the beginning” […]† If you’re interested in the quick win (or loss…), Plush isn’t for you. The idea is to unite a community that believes in the potential of this film project with an estimated budget of 60 million euros, supported by studios and professionals who have worked on hits such as “Les Minions”, “Moi, Moche and Wicked” or “The Grinch”.
“We are going to extend the offer period,” said Joël Girod, one of the leaders of LaDCF, the company that carries the KlapCoin project. According to him, the dike is subject to the upheavals of the markets, but retains its relevance. “The context is unfavorable for tech-savvy investors who can’t convert their other cryptos into KlapCoins because if they do, they have to admit a loss,” he notes.
Decentralize or not?
With over 10,000 contacts on social networks or otherwise, KlapCoin has a certain following. For the time being, the average investment ticket is 600 euros. This is the spirit of a project that aims to be participatory and accessible to a fairly large community, as advocated by the philosophy of decentralized Web3.
With larger investments, of more than 100,000 euros each (through “family offices”, private banks, etc.), KlapCoin’s “ICO” could be completed more quickly. Joel Girod does not refrain from welcoming such investors, but “there is a special alchemy to be found,” he specifies.
Projects have some regulatory leeway to bounce back. Even if an AMF visa is not required, the creation of KlapCoin falls within the framework set by the Pacte Act for these alternative financial instruments. But it is possible to extend the fundraising times by informing the public. As for NFTs, which are not strictly financial instruments but a digital object, they are sold in a very loose regulatory framework that allows you to do almost anything…
“This is a market with very little regulation in most jurisdictions, except France, which is characterized by great diversity and with an audience of tech-savvy investors who need to be constantly alerted to the risks,” concludes Franck Guiader, director of the Gide 255 digital finance. advisory team. We might think of this type of program as a fashion effect, a new kind of crowdfunding, but it’s a digital transformation around Web3’s decentralized logic. It is a fundamental development that may experience shocks, but which will accelerate over the next five to ten years. †