Revolutionize and democratize the film industry
After making huge strides in revolutionizing the art industry, Non-Fungible Tokens (NFTs) are set to overhaul the way movies are funded and decentralized to allow NFT holders to participate to the process.
Usually the preserve of certain oligarchs who have created an entrenched divide by concentrating power in their hands, a slew of NFT projects are now introducing global audiences to a new way of funding films and enabling its holders to gain a fair share in box office revenue.
Arabian Camels, an NFT community creating a $50 million Hollywood movie “Antara” based on the life of former Arab knight Antarah Ibn Shaddad, announced its NFT drop on January 14, with the integration of the exchange of MoonPay cryptocurrency. The Antara Movie NFT is the first NFT that allows a buyer to digitally own a portion of the Hollywood movie rights, allowing holders to participate in box office and streaming revenue.
“The impact Arabian Chamels will have on Hollywood is immense. This is an exciting and groundbreaking decision that will breathe new life into the film industry,” said Antara Producer Josef Brandmaier.
While the basic tenets of these Movie NFTs are like other NFTs, the marriage of the digital and real worlds is what sets these NFTs apart from the crowd. Not only do NFT holders enjoy co-ownership of the content represented by the token or the rights to the film itself, but they can also stake these NFTs to earn returns while the film is still in production.
This enhances overall appeal, as NFT holders can choose to remain invested throughout the film’s journey while employing their capital to earn above-market returns on their digital tokens. Additionally, members of these NFT communities can even get roles in the movie being produced, be credited as producers, and even join the production crew for exclusive get-togethers on the real set with the cast and the team.
Garrett Minks, CTO of RAIR TECH, says there are two precedents needed for the film industry to transform into a web3 business model – DAOs (Distributed Autonomous Organizations) for rapid and scalable capital formation and NFTs (Tokens non-fungible) as authentication credentials to unlock streaming video.
“Last year, the ConstitutionDAO proved how quickly a community could be galvanized to fund an issue by raising more than $47 million in less than a week to buy a copy of the US Constitution. More recently, the BlockbusterDAO formed around the relaunch of the Blockbuster brand as a Web3 company.Combined with a streaming infrastructure that can read the blockchain at scale using services like Moralis, there will be a revolution in funding centric the creator for films where funds are distributed more fairly for all parties,” Minks said.
This kind of real-world utility has never been possible before due to traditional methods of film financing and rigid ownership structures prevalent at major movie studios. Movie NFTs are sure to disrupt the global movie industry by giving audiences the opportunity to not only enjoy their favorite content, but also empower the next generation of actors, writers and directors. access to funds from the same community of film lovers and bring their film ideas to life.
Anndy Lian, President of BigONE Exchange, says that currently NFTs are only seen as an art form or collectibles, but very soon interactive movie scenes will be seen where viewers can search for freebies NFT on the big screen and live.
“On-screen product placements can also be interactive and responsible through the use of blockchain technology and cryptography. This will take utility to the next level. It will also take film financing to new heights as they are able to monetize virtually every minute,” Lian said.
(Edited by : Ajay Vaishnav)