Dubai-based cryptocurrency-based content platform MContent has partnered with PricewaterhouseCoopers (PwC) Middle East to launch its documentary “Ripple vs SEC Saga” in a virtual theater in the metaverse.
Produced by MContent and Amsterdam-based Insight TV in tandem with Villain Studios, “Ripple vs SEC Saga” (first look image above) delves into the ongoing case being brought by the Securities Exchange Commission (SEC) since 2020 against blockchain company Ripple Labs.
In this landmark case the SEC has accused Ripple of raising $1.3 billion in unregistered digital asset securities by using its digital coin, called XRP. The SEC’s key claim, which is being refuted, is that XRP is not a currency, but a security and therefore subject to strict securities laws. Ripple, whose defense attorneys include former SEC chair Mary Jo White, has been litigating aggressively.
“Ripple vs SEC” will be launching MContent’s Cineverse, a virtual theater within the metaverse created in collaboration with PwC Middle East’s emerging technology teams. In order to watch “Ripple vs SEC” in the Cineverse viewers need to use Oculus VR headsets or augmented reality glasses. The doc is also available on MContent’s tokenised streaming platform.
“The immersive cinema experience, designed in collaboration with PwC, has global scalability and mass adoption capability,” Umair Masoom, founder and CEO of MContent, said in a statement.
Masoom added that by bringing the MContent Cineverse to a global audience they “want to increase funding and screening opportunities for thousands of independent filmmakers.”
MContent, which touts itself as the world’s first tokenized content ecosystem, is launching a content consumption platform that aims to drive sustainable earnings for content creators and viewers.
The idea behind the platform is to enable crowd funding of film and TV productions using cryptocurrency, NFTs and the MContent Cineverse. Having already funded an alleged eleven film projects from various parts of the world, they now plan to step things up using the parallel MContent Cineverse economy.
Earlier this year, UAE conglomerate Gargash Group announced an unspecified major investment in MContent which claims that its native token ($MContent) is currently trading at a market cap of over $100 million on several markets. The platform plans to fund 100 global projects by the end of 2022.