Kev Adams, ghost movies and NFTs
Comedian and producer Kev Adams is currently making headlines for his involvement the failure of an animated film project, Teddy bear, the financing of which was to be provided by the sale of NFTs (“non-fungible tokens”, also known as “digital title deeds”, ed.). But as Mediapart reveals in a survey released on April 23, 2023this initiative turned out to be a perfect fiasco, with hundreds of investors losing their investment completely, for a total amount estimated at around 1.5 million euros.
The film, Teddy bearin which Kev Adams was to take part and of which the actor had become the main promoter, he had to find a budget of 60 million euros. To raise this sum, 50,000 NFTs were put up for sale, at a unit price of 1250 euros. An announcement made by Kev Adams himself on May 14, 2022 via a live video on Instagram, accompanied by the project lead, hidden in a character costume. For buyers, the advertised benefits are enticing. In fact, NFT Plush owners will be able to vote on the screenplay, will be credited in the credits, and will share 80% of the profits generated by the exploitation of the film.
The company created to produce the film, Illuminaart, think big. Indeed it evokes a very significant return on investment since it counts on worldwide revenue equal to 700 million dollars. Kev Adams, who is very involved in the project, told potential interested parties during the live discussions:
I think it will be successful. We are lucky to have an amazing French cast, better than any animated film we’ve had in France,” added the humor star. “I support it because I would have no problem telling my family to buy it, it’s far from a scam. (source Mediapart)
Almost 1.5 million euros vanished and an interrupted project
The 50,000 images of teddy bears starring in the film, which went on sale for the first time since May 2022, attracted only a few 700 buyersfor an estimated invested amount of approx 1.5 million euros. Kev Adams and his partner and friend Fabien Tref, initiators of the project, did not hide that the film would be produced on the sole condition that the entire budget – 60 million – be financed by the sale of NFTs.
The announcement was made with great pomp, with an event during the Cannes Film Festival 2022, and the presentation of a prestigious voice cast with Kev Adams therefore. But also Éric Judor, Gérard Darmon, Audrey Lamy, Camille Lellouche or even Gims… But since the end of July 2022, no new statement has been released on the project. And all his communication channels are closed. For one of the investors contacted by Mediapart, Wylem, the pill does not pass:
It’s true that we invested and were deceived (…) Once they raised enough money, they cut off all communication.
Incompetence, fraud, opacity of Dubai taxation, sheer volatility of the cryptocurrency market? The Illuminart company, registered in Dubai and of which Fabien Tref, an investor and entrepreneur with troubled activities, is the director and sole shareholder, has not renewed its “commercial licence”, which expired in February 2023 and the amount of the NFT sale collected has evaporated well. Buyers, mostly unaware that their investment would land in Dubai, are therefore not protected by French and European law. Bad publicity for the actor of Teachers and of Retirement homewho insisted on answering:
Source: Cine Serie
Ray Ortiz is a journalist at Gossipify, known for his coverage of trending news and current events. He is committed to providing readers with accurate and unbiased reporting, and is respected for his ability to keep readers informed on the latest news and issues.
