Quick take:
- Viewers will have to put on Oculus VR headsets or AR glasses to watch the documentary in Cineverse.
- The documentary is also available on MContent’s tokenised streaming platform.
- The platform was created to enable the crowdfunding of film and TV productions with crypto.
Dubai’s cryptocurrency-based content platform, MContent, has partnered with PricewaterhouseCoopers (PwC) Middle East to screen its documentary titled Ripple vs SEC in the metaverse, Variety reports.
An MContent original production, the documentary is produced in collaboration with Amsterdam-based Insight TV and independent production company Villain Studios. Ripple vs SEC takes a dive into the ongoing lawsuit filed by the US Securities Exchange Commission (SEC) against blockchain company Ripple Labs.
In the lawsuit that started in late 2020, the SEC charged Ripple Labs with conducting an illegal security offering from its cryptocurrency, XRP, to raise $1.3 billion. The lawsuit claims that XRP is not a cryptocurrency, but rather security as it was used to finance Ripple Labs and therefore should be subject to strict securities laws.
Ripple Labs has been fighting the case, saying that the SEC has been biased in its classification of securities toward cryptocurrency. Ripple pointed out that the SEC gave Ethereum a pass on securities regulation when the blockchain platform initially funded its operations with an ICO, which would make it a security.
The screening of ‘Ripple vs SEC’ will officially launch MContent’s Cineverse, a virtual cinema created in collaboration with the emerging technology teams of PwC Middle East.
To watch the documentary, viewers will have to wear Oculus VR headsets or AR glasses. The documentary is also available to watch on MContent’s tokenised streaming platform, MBrowse. The streaming platform aims to generate sustainable earnings for content creators.
“The immersive cinema experience, designed in collaboration with PwC, has global scalability and mass adoption capability,” Umair Masoom, founder and CEO of MContent, said in a statement.
MContent was created to enable the crowdfunding of film and TV productions with crypto, NFTs, and the Cineverse. Masoom added that the platform “wants to increase funding and screening opportunities for thousands of independent filmmakers” by bringing the Cineverse to a global audience.
On Jan 29, MContent announced a raise of $5 million in a seed round, led by UAE business conglomerate Gargash Group, at a valuation of $10 million. MContent has already funded 11 production projects across South America, Africa and South East Asia, including a documentary film on El Salvador’s Bitcoin Revolution, which was released on Insight TV in February.
A documentary on the rise of CZ and Binance is set to be released soon. The platform hopes to fund 100 projects this year.
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