CROWN announces voting rights for films, as crypto fights through the pain | Invezz
You could be forgiven for thinking that, given the bloodbath of the 2022 crypto pullback, innovation in the space is over.
There do remain companies working in the space, however.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
The goal of increasing accessibility is often floated around in crypto circles as one potential benefit of cryptocurrency. While financial applications are typically the go-to, there are ambitions to push beyond this, too.
Entertainment is one such example. Consumers have traditionally never had input into the creative direction of a company’s productions, or at least not directly. This week saw one metaverse company announce it will grant token holders the ability to vote on characters in three upcoming animated films.
The films are projected to have a budget of between $15 million and $16 million, and will be created by T&B Media Global. The metaverse company granting fans the right to vote on these characters is the CROWN Token Project.
The three upcoming films are titled Looking for Gods, Forestias, and Blue City.
Of course, the competition here is fierce, and the space has been ravaged over the last year. Where metaverse used to be a fashionable phrase promising an unknown future, now it is almost symbolic of bull-market hysteria at the height of the zero interest-rate, money printing bonanza of the pandemic years.
We have seen Facebook struggling post-rebranding as Meta, with thousands of employees laid off last month. Its share price fell 70% in a year following its rebrand to Meta and embrace of the metaverse. Even after the tech-wide rally of the last few weeks, it is still down over 50%.
If Meta is struggling, imagine how bad it is for the smaller companies.
Nonetheless, the show goes on, and projects like CROWN are aiming to build and generate some utility for those left still believing.
Whether success can be achieved in this new paradigm of high interest rates, with crypto’s reputation very much in the gutter, remains to be seen.