Could NFTs finance your next project?
The future is encoded with crypto, so what does that mean for filmmakers and Hollywood?
The NFT Show is slowly revolutionizing the way feature films will find financing and distribution. Everyday consumers can become movie financiers by simply buying a share of the profits in a movie through “pre-sale NFTs”.
Moviecoin.coma crypto start-up, is leading the pack by partially funding the boxing biopic, Fighter, starring Russell Crowe and Ray Winstone. Moviecoin lead developer James Hickey said Express.co.uk that the groundbreaking inclusion of NFTs in the filmmaker’s process is “really to show that power can be returned to the artists and then moved away from multiple intermediaries in a supply chain”.
Hickey continues to promote the inclusion of NFTs in Hollywood stating, “By tokenizing the pre-production of films and selling NFTs representative of future rights, we truly believe that the entire industry will be upset or at least compelled to give people a better deal. ”
The company plans to help finance low-budget films to see how the process of selling NFTs would affect a film production process. By taking a low risk with low-budget movies, the company can test the waters before diving fully into Hollywood’s big-budget machine.
One movie that Moviecoin should be funded 100% by pre-sale NFTs is that of Mark O’Connor Yes Rods. You can check out the NFT pre-sales for the film on the Opensea Platform.
O’Connor also spoke to Express.co.uk, saying: “The NFT pre-sales for the film will not just change the funding model, it will change the way films are made and the types of films that are made. .”
Many filmmakers are unable to finance a film on their own, unless they are Francis Ford Coppola, and need the support of a studio to help finance their projects. The promise of NFT funding films means that creators who often work under executive decisions are allowed complete creative freedom, making the film they want.
O’Connor says, “Blockchain moviemaking liberates artists and can break down the impenetrable walls of Hollywood, opening the industry to more diverse storytelling.”
So what do these pre-sale NFTs look like?
Currently, these are digital certificates, stored forever on the blockchain, that indicate the owner of a work of art, film property, memorabilia, etc. In the case of pre-sale NFTs purchased on Moviecoin, the ability to receive a share of the film’s profits years after its release is one of the bonuses of helping the film’s finances.
O’Connor thinks NFTs could also be a new mode of distribution for independent films. Those who buy a pre-sale NFT to finance low-budget movies could watch the movie once it’s ready for distribution, allowing NFTs to act as a new way to stream movies at home.
The possibilities of NFTs only seem to grow, changing the way artists will think about financing films in the future. If Moviecoin can successfully finance low-budget films, then the industry could consider major changes in the way it does business with filmmakers. Could filmmakers finally be masters of their big-budget vision? We will have to wait and see.
What do you think of NFT funding films in presale? Could it work or will it have disastrous consequences? Let us know in the comments below!