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NFTs Set To Transform Film Industry 

By Ruchi Sharma

After revotutionising the art and music sectors, Non-fungible Tokens (NFTs) are now transforming one of the biggest businesses on earth, “The Film Industry.” There are myriad ways these NFTs are changing the way films are funded and have decentralized the entire process so that NFT holders can participate in the progress of filmmaking.

How are NFTs changing the film industry?

The integration of the digital and physical worlds is what distinguishes NFTs in the film business.

NFT holders in the film industry not only possess content or movie rights, but they may also use these NFTs to earn money while the film is still in production.

NFT holders can opt to stay involved in the film’s progress or use their funds to achieve market-beating profits. Members of NFT Communities are also cast in the movie, join the production team, and are given credit as producers alongside the actors and crew of genuine movies. 

Movie NFTs & Their Impact 

Movie NFTs will disrupt the international movie-making industry by allowing consumers to not only enjoy their favourite material, but also to provide a new breed of actors, directors, and writers with easy access to funding from the same movie community, allowing them to bring their movie ideas to life. NFTs have the potential to revolutionise the game design of independent films by providing the option to consider creative decisions.

Funding film production via NFT

While releasing a full-length film as an NFT is still uncommon, selling NFTs to help finance film production has grown in popularity among both experienced executives eager to defy traditional fundraising approaches and indie filmmakers in need of funding.

The Forest Road Company has established a $20 million NFT fund to assist indie producers in monetizing their content, and similar things are already taking place in other parts of the film industry. 

Niels Juul, executive producer of The Irishman and other Hollywood films, established NFT Studios with the intention of making the first feature film entirely funded by NFT tokens. Many of the NFTs include investor-style advantages like premiere and set access. 

Julie Pacino, Al Pacino’s daughter, generated approximately $80,000 by selling NFTs of her photographs to self-fund her film I Live Here Now, which is now in pre-production. 

New NFT platforms geared towards the film industry, such as First Flights, enable filmmakers to generate funds for their films by purchasing unique crypto tokens, investors are then rewarded with film-related NFTs and other incentives. 

Although traditional financing for major film releases remains the norm, the opportunity to fund studio releases through NFTs has helped “democratise” filmmaking. NFT-based fundraising assists filmmakers in finding an engaged audience who are also investors in the film. 

NFT merchandise sales 

Merchandise sales are very certainly the most popular method of monetizing new film releases via NFT, generally but not always after a film has been released. 

Last year, Quentin Tarantino entered the NFT marketing game by auctioning off numerous uncut sequences from Pulp Fiction. The treasures also featured original handwritten scripts and audio commentary from the award-winning director himself.

The Matrix has also made its way to the blockchain, with Warner Bros. issuing a series of NFTs inspired by the films in advance of the release of The Matrix: Resurrections. Other great films, such as Dune, have followed suit. Bollywood studios are also joining the bandwagon. 

Owning a movie via NFT 

The process of owning a movie via NFT is quite simple. 

• Make a digital wallet. You can easily join up for one of the many digital wallet service providers available on the internet today. Set up your account by submitting the relevant documents.
• The following step is to finance your online account. It is vital to remember that NFTs are based on the cryptocurrency ether (ETH). As a result, you must first convert your funds to ETH and deposit the digital currency in your digital wallet.

The NFTs for the film you want to own are usually available on the NFT farming site linked with the film. Swapp protocol plays this duty in the case of “Antara.” To proceed with the purchase, go to the website of the NFT farming platform and create an account. Then, you must connect your digital wallet to the account you make on the NFT farming site.

Choose the NFT of the film you want to own and pay with the Ethereum tokens in your digital wallet. The NFT you obtained would be credited to your wallet. The obtained token can be kept indefinitely. If the film is successful, the NFT holders will earn a part of the profits. The value of the NFTs would climb in tandem with the success of the film. If you like, you can then sell the NFT at a higher price and profit.

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