APX Pacts with DCP Decentralized Pictures on Cryptocurrency Project

New York and London-based TV and film investment fund APX Capital Group has partnered with Los Angeles-based Decentralized Pictures (DCP) on a cryptocurrency program to fund projects by aspiring directors.

The initiative will be presented at the Locarno Swiss Film Festival.

APX, created by Yona Wiesenthal, former CEO of the Israel Broadcasting Authority and head of content at Israeli DBS platform YES, and New York real estate entrepreneur Noam Baram, has recently become active in the universe of NFTs and cryptocurrencies.

The fund, which recently created a UK-based division called Herd Productions with a starting budget of 100 million euros ($105 million), will work with DCP – a non-profit organization led by Leo Matchett and Mike Musante – to award prizes to selected filmmakers totaling 5 million euros through DCP’s Web3 structure.

The winners and their projects are also made possible by the network of APX manufacturing facilities in Europe and the USA.

This is the second collaboration between APX and DCP. On July 1st, APX minted its APXCCOIN on the T4L3NT Net Blockchain that DCP built and which is present in their app.

The T4L3NT Net is an arts and culture-focused, blockchain-funded network that provides filmmakers and artists with a hub of resources. According to the statement, DCP is currently bringing several other organizations and applications into the T4L3NT Net ecosystem.

“Through this strategy, APX and its global partners aim to progressively become a fully independent, overarching media finance entity with a decentralized and autonomous monetary system,” the statement said.

APX and DCP share more details on this deal and cryptocurrency’s gradual entry into the film financing universe at the Locarno Swiss Film Festival on Friday during a panel titled “Film Financing Today” organized by the industry side of Locarno Pro.

https://variety.com/2022/global/news/apx-group-dcp-decentralized-pictures-crypto-currency-1235334327/ APX Pacts with DCP Decentralized Pictures on Cryptocurrency Project

Charles Jones

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