On Thursday, Yang’s blockchain-based movie platform Shibuya announced that it has raised a $6.9 million round of funding led by venture capital firms a16z Crypto and Variant. The round, which also attracted celebrity investors including Paris Hilton and Kevin Durant, values ​​the company at $50 million.

In an interview with FortuneYang said Shibuya, the name referring to a famous neon-lit junction in Tokyo, will initially focus on animated films, which have been Yang’s passion since he watched wall-e and other Pixar movies as a kid. To this end, Shibuya’s first project is an anime short called white rabbit.

The film, which Yang is co-directing with fellow visual artist Maciej Kuciara, is released in 3- to 5-minute installments and follows the adventure of a young heroine, Mirai, as she navigates a world filled with mystery and danger. The film, which is an allegory, is set in a future where computer advances have compromised the blockchain and Mirai strives to protect it. Here is an image from the film:

There is, of course, a blockchain twist to the project. That is, while the film is free, fans have the option to purchase tokens that will give them a say in its development and outcome. They can use the tokens to vote between two possible paths, like a Choose Your Own Adventure book, and also keep them as keepsakes.

“Emily and Maciej are brilliant storytellers with an incredible track record of producing compelling content and fostering strong communities. Shibuya combines these elements into a platform that allows anyone to participate in driving the narrative, with tools for creatives to tell their own stories,” said Ali Yahya, partner at a16z Crypto.

Yang likes to describe Shibuya, which launched in February, as a cross between Netflix and Kickstarter. But when talking to FortuneHe added that he doesn’t like how Kickstarter limits fan engagement opportunities to simply handing over money and hoping the project comes to fruition. Blockchain-based funding models, Yang believes, offer fans a more rewarding and immersive experience.

Meanwhile, Yang sees Web3-based business models like Shibuya as a better option for creators than relying on powerful intermediaries in the film industry. “If I were to do this traditionally, I would need to get contacts in Hollywood,” he said. “Now, I don’t need to wait for anyone to say yes.”

Yang says white rabbit, which is about to release its third installment, is intended in part to be a proof of concept for Shibuya. Next year, the company intends to invite other filmmakers and eventually other types of artists to the platform, but for now it’s proceeding cautiously to keep quality in mind. Here’s another image from the movie:

Shibuya is not the only startup trying to use Web3 to challenge the traditional business models of the entertainment industry. On the music side, a new label called Royal, along with the band The Chainsmokers, is using NFTs as a way for artists to sell songs directly to their fans and give them perks like backstage passes or even a share in future royalties.

This kind of creativity-driven production is a central thesis for venture capital firm Variant, which has backed a number of startups that give fans and users an ownership stake in various projects. More generally, the continued acceptance of NFTs and Web3 by the art world remains a modest bright spot in the cryptocurrency industry at a time when cryptocurrency prices are in a brutal decline.

Other investors in Shibuya include Alibaba co-founder Joe Tsai and Stani Kulechov, founder of DeFi trading platform Aave.

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