Artist Emily Yang, known as “pplpleasr” by her fans, made a name for herself with her NFT works that went viral in the Bitcoin and altcoin community and featured on the cover of Fortune. Now it has an even bigger goal: to create a Web3 service that will allow filmmakers to finance and distribute movies relying on fans rather than the Hollywood studio system. The seed funding round of the Shibuya initiative, which Yang created for this purpose, took place. Here are the details…
The first project of the platform: White Rabbit
On Thursday, Yang’s blockchain-based movie platform Shibuya announced that it has raised $6.9 million in funding led by venture capital firms a16z Crypto and Variant. The tour, which also attracted the attention of famous investors such as Paris Hilton and Kevin Durant, determined the value of the company at $ 50 million. Yang stated that Shibuya’s name comes from the famous street in Tokyo. He initially said that Yang will focus on animated films, which has been his passion since watching Pixar movies as movies. To this end, Shibuya’s first project is an anime short film called White Rabbit.
The film, which Yang is co-directing with his visual artist friend Maciej Kuciara, will be screened in three to five minute segments. It chronicles the adventures of a young heroine, Mirai, as she navigates a world full of mystery and danger. An allegory, the film is set in a future where advances in computing have compromised Blockchain and Mirai is trying to protect it.
White Rabbit’s altcoin project: WRAB
Of course, the project has a blockchain twist. So, while the movie is free to watch, fans have the option to purchase altcoins that will have a say in the development and outcome of the movie. There will be a token for users to choose their own stories and save their maps. This token is called WRAB. Users get the chance to vote on the next episode by creating NFTs called Producer Passes. When the movie ends, users will own parts of the IP with WRAB tokens.
Yang describes Shibuya, which launched in February, as a mix of Netflix and Kickstarter. Meanwhile, Yang sees Web3-based business models like Shibuya as a better option for creators than relying on the film industry’s powerful intermediaries. “If I was going to do this traditionally, I would need Hollywood connections. I no longer have to wait for anyone to say yes,” he added. Other investors in Shibuya include Alibaba co-founder Joe Tsai and Stani Kulechov, founder of DeFi trading platform Aave.
Shibuya isn’t the only startup trying to use Web3 to challenge traditional entertainment industry business models. On the music side, a new company called Royal, along with the Chainsmokers group, is using NFTs as a way for artists to sell songs directly to their fans, giving them benefits like backstage passes and even a share of future royalties.
