Watch out Hollywood! A new cinema “crypto-wave” will “turn the industry upside down” | City & Business | Finance
The advent of NFTs, or non-fungible tokens, has enabled a revolutionary new way to fund and distribute feature films. Blockchain-based technology promises to make the everyday consumer a financier of the film, with the ability to buy a share of the profits in a film via “pre-sale NFTs”. A company that already does this is Moviecoin.coma crypto-startup that partly funded a pugilism biopic called Prizefighter, starring Russell Crowe, Ray Winstone and written by Matt Hookings.
Moviecoin Lead Developer James spoke to Express.co.uk and said: “For us the importance of NFT sales is really to show that power can be given back to artists and then taken away from multiple intermediaries. in a supply chain.
“By tokenizing the pre-production of movies and selling NFTs representative of future rights, we really think the whole industry will be upset or at least forced to make a better deal for people.
“We’re seeing it start with low-budget films and then spread through mid- to high-budget films.
“Having said that, we’ve already received requests from some of the world’s best-known directors, so nothing will surprise us!”
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A movie about the Moviecoin.com platform that has set a goal of being 100% funded entirely by pre-sale NFTs is ‘Yes Rods‘ directed by Mark O’Connor, whose film Cardboard Gangsters won an IFTA in 2018.
The pre-sale NFTs for ‘Oui Cannes’ can be consulted on the Opensea Platform.
Mark also spoke to Express.co.uk and said: “NFT film pre-sales will not only change the funding model, it will also change the way films are made and the types of films that are made. “
O’Connor predicts that the new technology will eventually democratize the filmmaking process and allow more independent productions to be produced, distributed, and exhibited worldwide or in the metaverse.
An NFT is a digital certificate, stored forever on the blockchain, that indicates the owner of a work of art, movie prop, memorabilia, and the list goes on.
NFTs allow future payment structures to be encoded into their “smart contracts”.
In the case of NFTs purchased on the Moviecoin.com platform, the opportunity to receive a share of the film’s profits years after its release.
The combination of profit share and the possibility that the value of NFT will increase over time has placed these cryptocurrency inventions in high demand.
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Film producer Rick Dugdale told Express.co.uk how NFTs promise to give moviegoers the chance to own official digital content associated with new feature films or famous films from the past.
The 2021 film producer and director of Zero Contact starring Anthony Hopkins, spoke to Express.co.uk and said: “Hollywood should consider NFTS film as a new revenue stream.”
Zero Contact was launched on the Vuele NFT movie platform, which bills itself as “the premier platform to watch and collect exclusive limited edition feature films and collector NFT content”.
Dugdale added, “We want to get massive adoption from people buying NFTs of their favorite movies.
“We created Zero Contact NFTs that allowed those who first purchased them exclusive access to the film.
“Movie NFTs have a collectability factor and allow owners to become part of an exclusive community of people who own part of a movie.
“They also have secondary sale value.”
The producer and director added that “It’s taken a long time for Hollywood to see the potential and take advantage of NFTs, and a year ago major studios thought this new business model was a threat, but now they’re starting to take an interest in it”.