Shibuya Raises $6.9M to Transform Film Production With Web3 NFT Voting

The Artist’s Journey

Emily Yang, better known in the crypto world as pplpleasr, has been a fixture of the NFT art scene since her vibrant digital works first went viral across the community. Her artwork has appeared on the cover of Fortune magazine, and she has cultivated a devoted following that extends well beyond the typical crypto-native audience. But Yang has always had ambitions that reach past individual art drops—she has wanted to reshape how creative projects get made and funded.

On December 8, 2022, Yang took a major step toward that vision. Her blockchain-based film platform, Shibuya, announced it had raised a $6.9 million funding round. The round was led by heavyweight venture firms a16z Crypto and Variant, and it attracted a roster of high-profile investors including Paris Hilton, Kevin Durant, Alibaba cofounder Joe Tsai, and Aave founder Stani Kulechov. The round values Shibuya at $50 million—a striking figure in the depths of the 2022 crypto bear market.

Yang describes Shibuya, which launched in February 2022, as a cross between Netflix and Kickstarter. The name itself references Tokyo’s iconic Shibuya crossing, a neon-soaked intersection that pulses with creative energy. For Yang, who grew up watching Pixar films like Wall-E, the platform is an opportunity to bring her passions for animation, storytelling, and blockchain technology together under one roof.

Collection Mechanics

Shibuya’s first major project is White Rabbit, an anime short film codirected by Yang and fellow visual artist Maciej Kuciara. The film is being released in episodic installments of three to five minutes each, with the third installment set to drop around the time of the funding announcement. The story follows a young heroine named Mirai as she navigates a futuristic world where computing advances have compromised the blockchain—and she must protect it.

The blockchain twist is central to the experience. While the film is free to watch, fans can purchase tokens that grant them voting rights over the story’s direction. Think of it as a Choose Your Own Adventure book, but powered by NFTs. Token holders can vote between two possible narrative paths at key junctures, effectively giving the community a direct hand in shaping the storyline. Those tokens also serve as collectible mementos of the viewing experience.

This model stands in stark contrast to traditional film financing, where a handful of studio executives greenlight projects and audiences have zero creative input. Yang has been vocal about her frustration with that system. “If I was to go about this traditionally, I’d need to get Hollywood contacts,” she told Fortune. “Now, I don’t need to wait for anyone to say yes.”

Utility & Perks

The utility of Shibuya’s tokens goes beyond simple governance. By holding tokens, fans become stakeholders in the creative process itself. This is a core thesis for Variant, one of the lead investors, which has backed numerous startups that give users and fans an ownership stake in the projects they support.

The broader ecosystem is beginning to embrace similar models. In the music world, platforms like Royal and artists like The Chainsmokers are using NFTs to sell songs directly to fans, offering perks such as backstage passes and even a stake in future royalties. Shibuya aims to extend this creator-first model to film and eventually other artistic mediums.

Ali Yahya, a partner at a16z Crypto, praised the approach: “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 enables anyone to participate in driving the narrative.”

Secondary Market Action

With Bitcoin trading at around $17,233 and ETH hovering near $1,281 on December 8, 2022, the broader crypto market was in the grip of a brutal downturn following the collapse of FTX just weeks earlier. Solana, once a darling of the NFT ecosystem, had fallen to $13.69—down more than 95% from its all-time high. Total crypto market cap stood at roughly $840 billion.

Yet the artistic and creative corners of Web3 remained one of the few bright spots. While speculative NFT collections saw floor prices crater, projects with genuine creative ambition and real utility continued to attract both users and institutional capital. Shibuya’s $6.9 million raise at a $50 million valuation, in this environment, signals that investors see lasting value in creator-driven platforms that go beyond JPEG speculation.

The NFT market more broadly was undergoing a painful but necessary correction. Wash trading and speculative flipping were being flushed out, leaving room for projects like Shibuya that offered tangible participation rights and genuine artistic vision.

Final Verdict

Shibuya represents a compelling experiment in decentralized creative production. By combining anime-quality storytelling with token-gated audience participation, Yang and her team are building something that could genuinely disrupt how films get financed and distributed. The $6.9 million raise, led by tier-one investors in the worst market conditions in years, speaks volumes about the conviction behind the project.

That said, execution risk is substantial. Producing quality animation is expensive and time-consuming, and the platform’s success hinges on its ability to attract filmmakers beyond Yang’s own projects. The team has acknowledged this, noting plans to cautiously onboard other creators in 2023 while being mindful of quality. If Shibuya can navigate that transition successfully, it could become a blueprint for Web3 creative platforms across every artistic medium.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments carry significant risk, including the potential for total loss. Always conduct your own research before making investment decisions.