How NFTs Are Changing The Movie Industry

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How NFTs Are Changing The Movie Industry

• - Coins Capture

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How NFTs Are Changing The Movie Industry

• NFTs are being used by moviemakers in a number of
  ways to finance projects and add a new dimension
  to merchandising, with such industry giants
  as Quentin Tarantino getting in on the act. 
• While the use of NFTs is becoming more
  widespread, the concept has been used before. As
  is often the case, Ryan Reynolds was well ahead
  of the curve in 2018, when a limited edition
  digital poster for Deadpool 2 was developed by
  the studio 20th Century Fox. This exciting new
  development was a thrill for tech-savvy movie
  fans with an interest in collectibles. 

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Indie Filmmakers 

• Funding for film projects can be difficult to
  obtain. In recent years, many new and established
  producers have turned to alternative methods to
  raise money. Crowdfunding is still a popular way
  to get projects off the ground. 
• For newbie filmmakers with some technical skills,
  developing NFTs to cover production costs can be
  done with relatively little equipment. A good
  idea, a high spec laptop, and software are all
  that you need to start minting your NFT ideas.
  Most use standard laptops with video editing and
  sound production software if necessary. Audio
  NFTs are also becoming more and more popular, but
  if youre bootstrapping, then address
  any microphone problems or sound quality issues
  first. 
• Using NFTs in this way can solve a number of
  perceived issues with the current movie funding
  system. Many studios have reduced their funding
  for new original projects, preferring instead to
  invest in existing IP. Presently, it can take
  almost 8 years from initial funding talks to a
  movie hitting screens. NFTs are being hailed as a
  way to equalize this process, giving new
  filmmakers a shot, while allowing audiences to
  directly influence what types of movies get made. 

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• Audience ownership
• Merchandise is a huge source of revenue for many
  film studios and NFT represents the new source of
  income. But there are a number of other
  interesting ways that NFTs could shape the future
  of the industry. For example, the could be used
  to let buyers vote on the development of
  characters or plot. Or buyers could have special
  viewing rights to episodes and special edition
  formats. 
• Exclusive content such as talent interviews,
  making of and behind the scenes footage could
  find itself bundled into an NFT package. 
• A great example of this is the Vuele platform.
  They had an exclusive premiere of the movie Zero
  Contact starring Anthony Hopkins during the
  pandemic. Vuele created a range of specialist
  NFTs which are then auctioned off. One of these
  NFTs allowed the owner to be digitally edited
  into the movie alongside the main cast. 
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