MContent and PwC launch cinema experience in the metaverse

DUBAI: Last week, digital content marketplace MContent partnered with PwC to launch the Cineverse, a virtual experience that aims to bring the cinema to anyone who wishes to access it from anywhere in the world.

MContent premiered its original co-productions “Ripple vs. SEC Saga” and “El Salvador vs. World Bank” at the launch event, which was held in Dubai.

The 200 guests who attended the event watched the movie premieres through virtual reality headsets instead of a physical screen.

Founded in July 2021, MContent enables the crowdfunding of film production and capital-intensive content creators using cryptocurrency and non-fungible tokens.

It completed its seed-funding round in January, at a valuation of over $10 million, raising almost $5 million from UAE-based investors Gargash Group and Daman Investments among others.

The platform has already funded 11 film projects across four continents.

Speaking at the event, Umair Masoom, founder and CEO of MContent said: “The immersive cinema experience, designed in collaboration with PwC, and showcased to our guests today, has global scalability and mass adoption capability.

“By bringing the Cineverse to a global audience, MContent wants to increase funding and screening opportunities for thousands of independent filmmakers globally,” he added.

“As part of the decentralized ecosystem, MContent is launching the first of its kind, fully monetized content consumption platform, aiming to drive sustainable earnings for content creators and viewers,” he said.

Reza Essop, PwC Middle East’s emerging technology leader, called the initiative a “brilliant example” that is in line with “wider initiatives such as Dubai Vision 2030.”

He added: “MContent has defined a practical application of emerging technology with the convergence of blockchain, NFT and extended reality. We are incredibly proud to have facilitated this effort as well as enabled this vision from concept to reality, and to a sustainable, commercialized economy that can benefit many, as well as lead the way for other out of the box efforts.”

The event was also attended by doctor and entrepreneur Dr. Lamees Hamdan, chairperson at MContent. “I love the disruptive nature of MContent; the ability to help people’s dreams become a reality,” she said.

Small scale creators are often held back due to difficulties in accessing studios and funding, but MContent gives “the control back to the creators where all of us are funding our own destiny and that is power,” she added.

The native token of MContent is currently trading at a market cap of over $100 million on more than six exchanges. The platform plans to fund 100 global projects by the end of 2022.