How NFTs Are Changing The Movie Industry - Coins Capture
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.
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 you’re 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
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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