Nutopia Opens Its Doors for Project Submissions
Nutopia, the first blockchain-powered entertainment financing platform, is poised for a May 22, 2019 launch. The company, which helps creators raise capital for their projects, is now open for submissions.
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Nutopia was conceptualized under the tutelage of the UCLA Venture Accelerator program which offers beautiful office space, a vast alumni network, and UCLA consultation. June Chu, project founder and CEO, says, “We aim to empower content creators by shifting the balance of control from studios and mini-majors back into the hands of the artists.”
The way it works is that Nutopia uses “tokenization,” or the breaking down of assets into cryptocurrency shares that can be traded through blockchain. Jeffrey Wernick, an early investor of Uber and a pioneer of cryptocurrency financing says, “What we can get from beginning to think about tokenizing [IP] is that we change our relationship with each other. Everybody is a partner, everybody is a peer, and we have a consensus mechanism of how collectively we make decisions.” He then adds, “The tokenization of entertainment property is an inevitability, and Nutopia is ahead of the game.”