Alibaba Pictures is planning to tokenize the distribution rights for an upcoming movie called 'Striding into the Wind'. The movie branch of Alibaba Group has supposedly signed a deal with New York-based decentralized entertainment platform Breaker, powered by blockchain entertainment distribution platform SingularDTV. They announced this news came at the China Golden Rooster and Hundred Flowers Film Festival, as reported by Yahoo!, sourced from China.org.
So far the deal is only a memorandum of understanding, which means nothing is set in stone yet. It would make another move from Alibaba into the blockchain space. In April the company was approved as a blockchain company by the Chinese government, while it's also rumored to be among the first to use China's own national digital currency.
Two weeks ago Alibaba's Aliexpress made headlines when it partnered with bitcoin reward program Lolli during Singles Day. This collaboration reportedly lasted only for one day, and was later on denied by Alibaba.
Foundation for decentralized media landscape
Recently SingularDTV changed completely to prepare the platform for its next phase of their decentralized entertainment industry. For example, the newly established singlsDAO will provide the non-profit governance layer for the SNGLS Media Distribution Protocol. Established by SingularDTV as an independent and objective organization to guide the development of the protocol, the prime directive of the snglsDAO is to uphold the decentralized ambitions of the protocol.
All these branches together form a decentralized entertainment and media distribution platform, driving by the SNGLS protocol. Breaker is the first decentralized app running on the distribution system, providing users with video content. In addition they will swap their current token next year. As a result there will be a new foundation for a new type of media distribution system to revolutionize the movie and video entertainment industry. They have published more details in their whitepaper, which they updated in September.
Consumers can watch free movies, pay for independent movies and listen to music on the in-house developed entertainment app Breaker. It's available on desktop and mobile devices. The app makes it easier for independent creators to make money with their work.
SingularDTV been building for years
Even though SingularDTV doesn't make a lot of headlines, the blockchain product has been around for some time now. In October 2016 the company launched its first version of the SNGLS ecosystem. They raised 580 thousand ETH, which was 7.5 million dollars at the time. One year later the company funded the production of several movies.
Don't think that the deal with Alibaba Group is the first time they tokenize movie rights. They also tokenized an upcoming Sci-Fi movie called Space Beers, about something with aliens and beer. Yes, beer! They even made actual beer for the movie.
Posted from my blog: https://www.nederob.nl/2019/11/25/alibaba-to-tokenize-movie-rights/