Can NFTs and the film industry live side by side? Find it out in this article.
The film world is a little behind some other mediums, such as music and visual art, when it comes to NFTs–but they’re catching up fast. “This is a revolution. I think we’re in a period of time that will be looked back on as probably greater than the Renaissance,” says film producer and NFT artist Julie Lindsay.
An overview of recent NFT initiatives in the film industry
Kevin Smith’s next film is being auctioned as an NFT. Benzine recently auctioned ten NFTs based on his Oscar-nominated documentary feature Claude Lanzmann: Spectres of the Shoah.
The Forest Road Company recently set up a $20M NFT fund to help indie producers monetize their content. The fund will invest in films in exchange for the right to sell NFT collectibles based on those films, with producers getting a cut of the royalties once Forest Road earns back its investment.
Filmmakers can use NFTs to sell authentic digital pieces of content related to their work that, in theory, can generate more revenue than traditional methods – especially for independent filmmakers.
Several studios and filmmakers have now jumped on the NFT bandwagon by tethering them to their latest film releases – although in an interesting variety of ways. Several types of NFT engagements in the film industry have cropped up over the past 12 months or so.
Cinema and NFTs: 3 ways they can work together
The three ways the NFTs can work with cinema are as follows:
1 ) Releasing the film as an NFT
Last September Enderby Entertainment’s Zero Contact (starring Anthony Hopkins) became the first Hollywood feature film released as an NFT. The studio launched the film and related merchandise on its own blockchain platform geared to the film industry, Vuele.io. The platform provider, CurrencyWorks, said a handful of NFT versions of the film were sold for a total of $90,000.
2 ) Funding film production via NFT
While releasing a full-length film as an NFT is still fairly uncommon, selling NFTs to help finance film production has become more popular among both established executives looking to challenge traditional fundraising models and indie filmmakers who simply need capital.
3 ) NFT merchandise sales
The most popular method of monetizing new film releases via NFT is almost certainly through merchandise sales, usually after a film has been released. Quentin Tarantino got into the NFT merchandising game last year, by auctioning off several uncut scenes from Pulp Fiction.
Final thoughts
The cinema world is striving to keep up with the rapidly evolving NFT industry. NFT technology allows filmmakers to release films as NFTs, raise funds to make the film through related NFT sales, and sell unique NFT merchandise.
All of these opportunities propel the film industry towards a new stage of development. Piracy is easier to fight thanks to blockchain protection, and users themselves can participate in the development of the plot of a film or series, as many NFT films have an interactive nature.
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