There is a promising future for Taiwan’s blockchain industry. Even though the cryptocurrency market has been on a steady decline since the beginning of the year, a large number of companies, countries and crypto enthusiasts are on full throttle to realize the dream of an economy run on blockchain.
Blockchain in Film
One filmmaker in Taiwan is among the many that are rooting for blockchain’s future. According to reports, Taiwanese irector Jack Hsu is looking to redefine how movies are funded. He has created a token-based project called SELF that helps movies get funding from viewer interaction with the characters.
According to Hsu, the aim is to “create an ecosystem that could really support and promote the Taiwanese film industry”.
He further added that they “have been through a constant struggle to get financial support for making Taiwanese films” and that through their understanding of “how difficult that is” the project can help in changing the country’s film industry.
What Is SELF About?
SELF will aim at building an audience around a film project, then increasing revenue streams for the shooting of the film, before the project actually kicks off. This will hopefully create an immersive entertainment experience where reality is integrated with virtual reality through digital assets.
Hsu further explained,
The film production’s movie scripts, movie budget, and other information will now be released to allow fans to support the film projects they like,
Eventually, SELF will create an engaging environment, in which movie fans are awarded points for spending the tokens. Moviegoers will also get a chance to easily exchange movie tickets and even buy food and drinks from partnered bars and restaurants.
To put the SELF-project to the test, Hsu mentioned that plans are underway to shoot a movie next month through the project’s blockchain platforms. The movie is titled “The Last Thieves” and is expected to be released in the first quarter of 2019.
SELF is also scheduled to add a gaming element on top of film, through a mobile app. The price for the SELF-token is expected to hit the NT$ 2.5, with each customer able to buy up to 100 tokens.
More Than Just Film
By integrating gaming with film, the project hopes to introduce immersive entertainment to the Taiwanese audience. But even as Hsu and the SELF-team plan to take their audience on an emotional ride using blockchain, the government of Taiwan and its regulators are yet to establish their official stance on ICOs and cryptocurrency
The good news is that Taiwan’ s Financial Supervisory Commission recognizes the evolving nature of cryptocurrency and blockchain; and has not shown any signs of resisting its continual growth. In fact, the Taiwanese government has established the Taiwan Crypto Blockchain Self Regulatory Organization, which aims to set quality standards and best practices that companies such as SELF will have to adhere to.
Image Credit: Deposit Photos
What do you think about Taiwan’s stance on blockchain and cryptocurrency, and the launch of SELF? Share your thoughts with us in the comments section.