Due to blockchain technology’s storage limits, it was previously impossible to release full-length motion pictures as NFTs or anything other than small video snippets.
But last October, the first Hollywood feature picture to be released in a non-traditional film format was sold as an NFT. Entitled Zero Contact, it was distributed by Vuele.io, the studio’s own blockchain network for the film business.
CurrencyWorks, the system’s supplier, reported that a total of $85,000 worth of NFT copies of the film had been sold. Every time one of these NFTs is purchased or sold, CurrencyWorks claims to collect a royalty. While a large return isn’t terrible, it pales in comparison to some of the most costly NFTs in the art world or the box office returns of the most popular films.
Like many other forms of NFTs, film NFT sales provide funding for full length features. In the future this could allow newcomer directors to harness a fanbase who are also their investors, bringing directors up to the same claim to fame as actors. This is the case for the big dogs like Tarantino, Scorsese and Spike Lee but might increase director profiles on a wider scale.
While still nuclear, the NFT community is thriving. The Forest Road Company, for example, has launched a $20 million NFT fund to assist indie filmmakers to monetise their material. Similar developments are taking place in other parts of the film business.
Furthermore, Julie Pacino, daughter of Al Pacino, generated approximately $100k by selling no-fee prints of her photographs to help fund her upcoming feature film, I Live Here Now, which is now in pre-production. Filmmakers may now acquire funds for their projects through the purchase of specific crypto assets on new NFT sites targeted to the sector, such as First Flights.
As with music and digital, filmmaking is now becoming more democratised because of the possibility to raise money for studio releases via NFTs. An interested audience who are also our shareholders in the film is what NFT-based financing allows directors to discover, he says.
However, film NFTs don’t just encompass selling films in the same way music NFTs don’t just sell songs. For already famous directors, original screenplays and merchandise can be sold as NFTs.
In preparation for the launch of The Matrix: Resurrections last year, Warner Bros. unveiled a set of NFTs influenced by the movie, bringing The Matrix to the network. Dune and other famous films have followed the same steps. A collection of digital collectibles was launched by the producers of Ranveer Singh’s 83 towards the end of last year.
Also, remember the “special features” tab on DVDs back in the day? Well, “unlockable” NFT content, comparable to those additional material on DVDs, may also fuel the next stage of NFT commercialization by making NFTs “active assets with mystery rewards,” according to some observers.
The future of NFTs in the creative industries is super exciting. Many of us believe that it is the future of harnessing both an audience and investment but in a more interactive fashion that allows new fans to feel like investors and develops a strong connection between artist and audience. Only time will tell…