The NFT market seems to have come to turn our world upside down, as its creators say. This technology, which at first was taken seriously by few people, has now reached a level of acceptance that many giants of the world’s industry and even celebrities and famous people are looking to work in it. From Snoop Dogg (Snoop Dog) who wants to turn his new song into an irreplaceable token to McDonald’s (Mc Donalds) that plans to branch out into this space has all been part of nft usage in the past year.
More exciting than all this, the news of the start of cooperation between film production companies and Hollywood (Hollywood) was on this platform! So don’t miss the continuation of this Valx article to explain more about the role of NFT in filmmaking.
What does the use of NFT mean in filmmaking?
Many think that NFT’s entry into filmmaking means turning movies into non-fungible tokens. While in reality, the impact of this technology on Hollywood will be much more unexpected and huge. An entertainment space such as filmmaking can take advantage of the potential of this platform to create a community and attract more audiences for its films.
Movie producers can use NFT to give movie fans the opportunity to be creatively involved in writing a part of the story. In such an environment, fans can vote on storylines and ultimately decide how the story should continue.
With this technology, film producers get valuable feedback from their ongoing projects. They can receive large amounts of theoretical data from film NFT holders so that they can make better decisions by analyzing the data and apply it to improve the quality of the project.
In addition to the participation of the audience in the story of the film, NFT in filmmaking is a new way to collect initial capital for film projects. In this method, fans and investors buy security tokens that represent a stake in a movie project and somehow invest in movies. In this way, fans can also earn money by sharing in the profits of movies.
All in all, NFT in art creates many situations and opportunities for production studios and filmmakers to approach their fans regardless of geographical location and strengthen their sense of belonging by establishing communication.
The effect of nft in filmmaking
The film industry has undergone extensive changes in every period of technological evolution and has always adapted itself to the conditions. But let’s see what changes we will witness when NFT enters the world of film and cinema.
Distribution and exploitation of films
Since the birth of the film industry, there have been various methods of distributing films to the audience. VHS, DVD and in the last few years, SVOD, are the methods used by the producers to deliver their films to the audience. But today there is another simple money-making method in front of filmmakers and that is NFT.
So far, several producers have used NFT to film and distribute their projects. For example, in 2021 a documentary called Claude Lanzmann: Specters of the Shoah, which was also nominated for an Academy Award in 2016, was released as an NFT for the first time. Although this documentary was never made available to the public, its owners were able to sell it for a digital currency equivalent to 375,000 US dollars.
Among other examples of the presence of NFT tokens in filmmaking, we should mention the creators of the animated series called Stoner Cat, who earned 4.8 million dollars through the sale of NFTs of this animation. In this project, only the people who bought the non-simile animation token had the right to watch the movie. It is interesting to know that all Stoner Cat NFT tokens were sold in 35 minutes.
NFT tokens in filmmaking are not only used for new film projects and can even be used to bring old projects back to the market. For example, not long ago people who bought tickets to the movie Deadpool 2 received an exclusive set of NFTs. This work was implemented with the aim of bringing people back to the cinemas.
Investment in projects
NFT technology has been and is one of the most money-making areas since its arrival. For this reason, it is not surprising if these days we hear that many big names are looking to invest and enter this platform and use NFT in filmmaking. For example, CNN recently announced the launch of Vault powered by CNN: Moments That Changed Us, an NFT blockchain technology exclusively for CNN users, and said it plans to offer a digital collection of its television archive on the platform.
Not just CNN, but Fox television network (FOX) also announced the launch of a dedicated NFT and blockchain company (Blockchain Creative Labs), along with the first animated series produced entirely on blockchain. This project is presented by the creator of the popular animated series Rich and Morty, called Krapopolis.
But in addition to NFT’s unique investment opportunities in filmmaking, this platform is also a new way to fund projects. For example, American film investor Forest Road Company has just raised a $20 million fund in this space to help producers earn content-independent income and convert ownership of new and old projects to NFT; In this way, people can have a new income stream with the help of this fund.
In addition to attracting investors willing to finance the pre-production of films, the sale of digital collections such as artwork, music videos and films can allow producers to raise money from fans for their new productions. This will be just like a crowdfunding and both parties will benefit from using NFT in filmmaking.
Movie collections
With the advent of the internet and streaming, DVDs no longer had fans and their era was over. But the important thing here is that by converting special editions of these DVDs to NFTs, they can be sold at higher prices and in addition to offering collectible posters, magazines, and collectible merchandise. In fact, with the help of non-fungible tokens, there is a wonderful opportunity to reintroduce collectibles.
In this regard, not long ago, OpenSea company presented a selection of NFT digital movie posters, which include the first 10 versions of the documentary. Claude Lanzmann It was auctioned alongside copies of unreleased episodes as well as signed digital movie posters.
Legal and copyright laws
One of the important advantages of NFT in filmmaking is the preservation of ownership of the original copy. When someone publishes or sells a work on this platform, they are actually selling a so-called copy of the original work, and the work that people buy will always have the owner’s information. In this way, people can only buy a specific copy of the original work, such as the first version of a film, and can only sell or lend their copy.
Of course, we must give this warning that someone may create an NFT from a work that he is not the creator of. Therefore, if you intend to buy a work in the form of an irreplaceable token, make sure that it is original; Because considering that the presence of NFT in filmmaking is an emerging technology, there are still no definite and fixed rules about it, and the buyers themselves should be cautious.
Filmmakers active in NFT
Mogul production
Mogul is one of the famous activists and a decentralized financing platform that has been able to make a significant impact on the use of NFT in filmmaking. The company provides an opportunity for filmmakers to finance their projects through NFT. Producers can share the project for which they want to find investors on the website of this platform. Also, fans of that project can comment on the film production process by holding the Mogul platform token called Stars.
Gimmick
Gimmick is an animated collection of NFT whose members are token holders. Token holders in this collection can participate in writing the story of a project by voting at the end of each episode and decide how a movie ends.
Midnight Club
Midnight is a community of movie lovers who join the pool by purchasing NFTs and contribute to the platforms for the movie making process. This collection is actually the first decentralized studio that, in addition to filmmaking, also teaches token holders the entire filmmaking process. People who have the token of this collection are involved in the entire construction process and can be behind the scenes of the project production.
NFT is an all-in-one technology
NFT is developing day by day and covers more areas. This technology, which has entered every field and brought big money to people, has now come to the film industry to give it a new life. Funding for film projects, extensive changes in the production process, increasing the role of fans of the series in the making of films, etc., are just a few of the advantages of NFT in filmmaking that we discussed in this article. Whether irreplaceable tokens can succeed in cinema and Hollywood is still in the aura of uncertainty, but without a doubt this technology has ushered in a new era for the whole world.
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