Due to the increasing use of Web3 technologies in the film industry, more and more motion picture endeavors are receiving financial backing from blockchain and cryptocurrency.
Many traditional sectors are still incorporating Web3 technology into existing infrastructure for the purpose of modernization. This encompasses both long-established industries like the music business, and more recent ones like the film industry.
Fuzzy Head, a brand new film, will have its world premiere at this year’s Slamdance Film Festival, an independent film festival recognized by the Academy Awards. Untold.io, a blockchain-based crowdfunding site, provided the money for the movie.
The CEO of Untold.io, Ali Aksu, recently said that filmmakers like those behind Fuzzy Head could leverage blockchain technology to make the funding process more egalitarian by opening it up to both accredited and non-accredited investors.
How blockchains affect on film industry?
“The most important aspect of crypto/blockchain integrations in the film industry will be opening up a new asset class to all kinds of investors via compliant security tokens and increased fan engagement via NFTs.”
Recently, Untold formed a partnership with Dapper Labs to improve the speed of its technology and expand the availability of its services. Other famous films, such as The Comeback Trail, starring Robert De Niro and Morgan Freeman, were also made with the help of the platform.
Movies premiering at a film festival do not feature crypto and blockchain elements for the first time. Filmio, a blockchain-based entertainment company, scouted new content at the 2019 Sundance Film Festival.
Liquid Media Group made the announcement of its first blockchain film streaming alongside a digital panel discussion series at last year’s Sundance Film Festival. They also addressed the impact of NFTs on the filmmaking community and local economies.
A number of NFTs were used in the production of Russel Crowe’s 2022 film, Prizefighter. The movie was marketed as a “audience-driven picture” by its creators.
According to Aksu, the increased visibility that comes from well-known directors’ and festivals’ adoption of blockchain-based solutions is a boon for smaller, independent filmmakers.
“These are also great opportunities to create a real community behind revolutionary movements like blockchain.”
The NFT collection based on characters from films directed by Anthony Hopkins sold out last year.
The critically acclaimed film Pulp Fiction was also the subject of NFTs created by director Quentin Tarantino. Subsequently, though, he filed a major case against the film’s production firm for copyright infringement.
