NFT activity has been rampant since the beginning of the year. The rise has been agnostic, with music, film, fashion and art having a greater interest in digital assets and the Metaverse.
It wasn't just NFTs and the Metaverse that saw a spike in activity. This year, the DAOs have become another source of fundraising.
Independent film producers find the ideal partner in NFTs
Historically, the big movie studios have called the shots in the movie industry. Independent cinema has been on the rise in recent years, supported by streaming platforms such as Netflix Inc, Hulu, Disney + and Prime Video. Streaming platforms have given audiences access to independent films.
The latest indie film to go to NFT is reportedly 'Calladita'. Director Miguel Faus turned to cryptography to finance his first film.
Crowdfunding for 'Calladita' starts on March 2nd. NFT and other rewards are on offer for those who contribute. The film's financiers will receive NFTs which will include photos and videos.
A character in the film is a gallery owner who has a collection of NFTs. The film's financiers may have their NFTs displayed as part of the NFT collection shown in the film.
Web3 and the end of the movie as we know it
Since the beginning of the year, several events suggest a seismic shift in the film industry.
Quentin Tarantino went ahead with a 7 NFT auction that included never-before-seen footage from Pulp Fiction. Tarantino went ahead with the auction despite a Miramax lawsuit. The first of the seven "TarantinoNFT" sets, based on the Ethereum blockchain (quotation ETH), reached $ 1,1 million in January, before Tarantino stopped due to market volatility.
While Tarantino wasn't raising money for an indie film, news of a BlockbusterDAO attracted a lot of interest in late December. The DAO is seeking to revolutionize the film industry by transforming Blockbuster Video into the "first (decentralized) DeFilm streaming platform and a pillar of both Web3 brands and products".
Another platform that is looking to revolutionize the film industry is FF3. FF3 aims to give filmmakers a platform to finance films with NFTs.
In line with Miguel Faus' vision, investors would have collectible NFT property that owners could sell in the NFT market. On FF3, investors would also have a share of the movie revenues.
A new era?
For indie movements, cryptocurrencies, NFTs and new platforms could usher in a new era for the film industry at large.
The highest-grossing independent film of all time was reported to be Mel Gibson's 2004 "The Passion of the Christ," which had worldwide ticket sales of $ 622,3 million at release and a production budget of just $ 25 million, fully funded by Mel Gibson himself.