How Movie NFT is set to transform how movies are funded.
Table of contents
What is an Movie NFT?
NFTs are a unit of data stored on a digital ledger. They are unique and can not be interchanged.
These digital assets are now being used to provide authentic ownership of art, music ,video clips etc.
Filmmakers have been using NFT to give their fans access to exclusive content. Like special interviews with the artist and movie scenes . Which are not featured in the film.
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Beginning of Movie NFT –
However, the NFT community Arabian Camels has taken a step forward. It has collaborated with Swapp Protocol to use NFT’ to fund the production.
Its new$50 million feature film ‘Antara’ based on the life of ancient Arabian knight Antarah Ibn Shaddad.
The partnership is all set to produce the world’s first feature film that has decentralized finance capabilities.
The film makers are allowing buyers to hold upto 50 % of the intellectual property rights to the film. This will eliminate the monetary risks involved with movie funding.
And it will give fans the ownership rights to films featuring their favorite artists.
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5 Fantastic ways to NFT your film.
1. NFT your entire Film
Recently, the documentary , “Claude Lanzmann:Spectres of the Shoah” ,became the first Oscar Nominated film.
Firstly, to be released as an NFT. Lanzmann is selling 10 first edition copies ,each for around $200,000.
Secondly , this provides a blueprint for thousands of filmmakers to follow. There is no reason you can’t do the same. Its as easy as making a certain number of editions of your film.
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NFT Value –
And placing an NFT value on each of the video files. Additionally, Buyers will own this copy ,like any other collectible. The value has the potential to then increase as your career progresses.
Issue of Copyrights –
It’s important to note that selling an NFT of a copy of your film , would not mean that the buyer has copyrights. Although you could sell NFTs as copyrights too.
As an additional means of getting revenue. Besides , certain buyers could be more valuable.
You could also NFT in a way that gives you a % of any future sales. Of course for a longer -term revenue upside.
2. NFT Your Accessories
As well as the film itself, there is potential in your by – products . Additionally , as artwork or music. Further , you can create NFT art based on limited edition posters.
Additionally, photography ,a signed copy of the script etc. Further , you can even NFT the plan , you wrote when your film was just an idea.
Simply , a good example is the debut of wong Kar Wai’s first ever NFT creation.
“In the mood for Love-Day One” edited from never-before-seen footage shot on the first production day. Of the International masterpiece. “In the Mood for Love” (2000).
3. Value of your NFT-
Firstly , any digital collector’s items that relate to your film can be sold as an NFT. But remember, when there are limited copies in existence ,there is more value.
Secondly , where possible, don’t create thousands of visual pieces. Or hundreds of signed copies of your screenplay.
Or sell each of your individual 300 pages separately. Just like shiny football cards. The rarer the better !
Lastly , selling the music (if you own the rights ) as an NFT is also a way of creating buzz around your NFT.
4. NFT the Tickets
Further , another way to earn money from your film is setting up an exclusive screening event. Additionally , either online or at a venue selling NFTs tickets .
Simply put, minting (minting = launching /listing on the blockchain) your tickets as an NFT. It would mean buyers will have a digital copy to keep forever.
As well as granting them access to your event. The tickets are an excellent collectible as they have emotional value. Additionally, they have memories attached to them .
5. NFT Components
Further , in the same way that you can make copies or first editions of your film ,you can create NFTs of certain clips or scenes.
Additionally, you could split the film up into sections in any way you like . And then , even sell particular sequences or pivotal moments .
Secondly , for a Wes Anderson fan, imagine owning one of his iconic , perfectly shot scenes from the The Royal Tenenbaums.
There are also a number of new ‘digital frames’ on the market. Which are primed for showcasing your NFT clip as a real piece.
On the gallery art wall in your home. So it can be displayed in a real environment and not just sat on a USB.
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5. NFT shares of your film
First , if you made shares of your film purchasable , you could grant buyers things like ownership . Additionally, profit shares and voting rights.
Second , with this option , you can have larger amounts of NFTs up for sale. Besides , it is the access ,rather than the rarity that benefits buyers.
Moreover , earlier this year, independent filmmaker, Trevor Hawkins , made his film ‘Loto wana’ . The first to use this method.
A share of the film is currently selling for around $1000 on the NFT platform OpenSea . And Hawkins has placed a thousand copies up for grads.
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Benefits of Movie NFT ?
Firstly, the makers of some films are allowing buyers to hold up to 50% of the intellectual property rights to the film.
Further , this will eliminate the monetary risks involved with movie funding.
Additionally , it will give fans ownership rights to films featuring their favorite artists.
Secondly, The use of NFT to fund the movies will help reduce the industry control the traditional lenders .
And then , production studios will give more rights to the fans who support the film.
Lastly , the owners of the NFT will share ownership of the film . As well as, get credit as producers . And then , they can even get roles to play in the movie.
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How to Own a Movie via NFTs ?
Firstly , the NFTs of the film you wish to own are typically offered on the NFT farming platform associated with movie .
Additionally, you need to visit the NFT farming platform’s websites and then create an account.
Secondly , you will then link your digital wallet to the account you create on the NFT farming plot.
Further , choose the NFT of the film you wish to own . As well as, make the payment using the Ethereum coins stored in your digital wallet.
Moreover , the acquired NFT would be credited to your wallet . Additionally, you can hold it as long as you like. Further , if the film does well ,the NFT holders would get their share of profits.
Lastly, with the movie’s performance ,the value of the NFT would rise as well. Additionally, if you wish you can sell that NFT at an increase valuation and make profit. So, you can earn money like this.
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Conclusion
Firstly , The future looks brighter for creatives . Thanks to this new, easy way of adding value to your assets . The film industry should get fairer for creators .
Secondly , selling NFT to raise money for movie production is becoming increasingly popular . Essentially , among both experienced executives who want to disrupt conventional funding approaches as well as independent directors who just need money.
Development of Movie NFT– Firstly , the Forest Road Company has launched a $20 million NFT fund to assist indie filmmakers to monetise their material.
Simply , similar developments are taking place in other parts of the film business.
Additionally , NFTs have the powerful potential to put sales back into the hand of the artist.
Further , going forward limited screen time hosting plus Q & A’s and viewers are encouraged to tip.
And then , NFTs open up a new door for both filmmakers and consumers.
Movie NFT – NFTs can be integrated into the purchasing process of screening events. Giving them a unique and exclusive feel.
Simply, in the same way, merchandise can be bought and sold at concerts.
NFT buyers have something unique,impossible to lose and bragging rights to boost. In 2021, the NFT marketplace has grown by a whopping 1,785%. Considering they were only born in the last few years.
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FAQs
Essentially , NFT stands for non-fungible token which is a digital asset representing ownership of virtual or physical assets .
Additionally, such as art,music ,collectibles . also, real estate and even films.
No, this is precisely what copyright seeks to stop . That being, others exploiting your copyright work without appropriate authority to do so.
Further , through NFTs ,the entertainment industry is finding innovative way . And then , to raise funds, engage viewers and power the fan economy.
Furthermore , NFT powered communities could transform the industry’s business model. Additionally, drawing major decisions away from the studio executives and toward the viewer.
Firstly , you can create certain clips or scenes. Additionally , you could split the film up into sections in any way , you like. And then , even sell particular sequences or pivotal moments.
First, NFTs are kind of objects that people can create ,buy and sell.
Second , think of them as digital collectibles. Additionally , just like how a first edition of a comic book is one of a kind . Further , an individual NFT is unique.
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