While “non-fungible tokens” or NFT-type cryptocurrencies are still perceived in the long term as an attractive complement to film and audiovisual financing, ongoing initiatives in France are not immune to the collapse of bitcoin and other cryptocurrencies for a few weeks.
“Plush”, a very ambitious animated film project about plush characters initiated by French studios Rooftop Production and Karlab, therefore sold only 1,247 NFTs. We are far from the 50,000 that the operation is expected to eventually reach, and even far below the minimum sell scenario of 20% during the ongoing sale, which began on May 20. The sale will last for a few more days. The company has raised around 1.6 million euros so far.
As for the KlapCoins issue, sponsored by Claude Lelouch and which ultimately aims to raise up to € 8 million to finance 15 to 20 films or series, it has raised only € 400,000 so far. Open from the end of April and until June 9, this issue of a currency (“Initial Coin Offering”), which is associated with rights via blockchain, was initially intended to reach a “soft cap” of at least 2 million euros raised by investors of to exist.
However, the two projects are far from admitting defeat. Rooftop announces in a post this week that “this is just the beginning […]. If you are interested in quick victory (or defeat …), ‘Plush’ is not 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 extend the offer period,” says Joël Girod, one of the leaders of LaDCF, the company leading the KlapCoin project. According to him, the embankment is subject to market upheavals, but retains its relevance. “The context is unfavorable for tech-savvy investors who can’t turn their other cryptocurrencies into KlapCoin, because if they do, they have to acknowledge a loss,” he notes.
Decentralizing or not?
With over 10,000 contacts on social networks or otherwise, KlapCoin has a certain following. For now, the average investment ticket is 600 euros. This is the spirit of a project that wants to be participatory and accessible to a fairly large community, as desired by the philosophy of the decentralized Web3.
With more significant investments, of over € 100,000 each (through “family offices”, private banks, etc.), KlapCoin’s “ICO” could be completed more quickly. Joël Girod does not refrain from welcoming such investors, but “there is a singular alchemy to be found”, he points out.
Projects have regulatory leeway to bounce back. While an MFA visa is not required, the creation of KlapCoin falls within the framework defined by the Pacte law for these alternative financial instruments. But it is possible to extend fundraising times by informing the public. As for NFTs, not being, strictly speaking, financial instruments but a digital object, their sale takes place in a very loose regulatory framework that allows you to do almost everything …
“This is a market with very little regulation in most jurisdictions, with the exception of France, characterized by great diversity and with an audience of tech-savvy investors who need to be constantly alerted to risks,” concludes Franck Guiader, director of digital finance. Gide 255 advisory team. We could consider this type of program as a fad, a new type of ‘crowdfunding’, but it is a digital transformation around the decentralized logic of Web3. It is a fundamental development that could be shaken but will accelerate over the next five to ten years. “