Hollywood Begins to Embrace NFTs
#Hollywood #NFTs #Ether #blockchain
"Hollywood has embraced a new revenue stream in the NFT (non-fungible tokens) arena, as a few entrepreneurs are have gotten creative using blockchain technology"-- Paul Ebeling .
Now come a new SiFi movie starring Anthony Hopkins, which will be the 1st film to be auctioned off as an NFT. "Zero Contact" is being auctioned off by Vuele, an NFT film distribution platform that hopes to become a new model for the future of film distribution.
Produced in 17 different countries virtually during the Y 2020 VirusCasedemic, the film follows 5 characters based all over the world, connected only by their devotion to the late founder and tech titan Finley Hart, played by Mr. Hopkins.
“What we’re setting up to do is prove that there’s a revenue stream in Hollywood that’s never existed before,” Rick Dugdale, director, producer & Vuele Co-Founder, said in an interview.
NFTs use blockchain technology to create secure transactions to authenticate digital art from movies to music and artwork. The NFT-based film will run on the CurrencyWorks blockchain, which has cross-chain capabilities with Ethereum.
“The future of the film business is blockchain…This could be a scenario where prior to theatrical release or home entertainment a film is released as an NFT,” Mr. Dugdale said
Movie makers could make a few hundred thousand dollars off an NFT release, and then the film could continue on its traditional pathway to theaters.
In addition to offering a potential new revenue stream for the industry that offers moviegoers a chance to own a piece of a film, it also represents an opportunity for deeper fan engagement that a traditional release wouldn’t include.
2 NFT auctions initially offered the film on OpenSea, the 1st auction closed Monday night featuring a grouping of a “10 of 10” elite edition NFTs, reserves were not met.
An added feature is that the NFTs offer puzzles that fans can compete to solve and win prizes, building camaraderie.
“It’s all designed around engaging fans and getting them to come back,” Mr. Dugdale says. “When people see a movie on screen in theaters that can be the end of it. So we’re looking at this as a way to engage them and have them come back into our universe.”
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