Cannes: Is the Film Industry Truly Braced To Embrace NFTs?

From Blockchain to DAOs and Web3, supporters think that these latest techs can render filmmaking more accessible, efficient and crystal.
At the turn of the millennium, the new fangled technology known as the internet has revolutionize the film industry.
As of now, the internet with blockchain and crypto technology is expected to entirely replace dot-coms.

Blockchain and NFTs Becoming The Core

Electromagnetic Productions’ Mark Kimsey, who has made blockchains and NFTs a prime element of its business design, states that it jogs his memories of the internet bubble days, which he was too close with.

If anything, tech included in this new tide is more poorly understood than the internet was during 2000. At the foundation of it is the blockchain, and is also the underpinning code for NFTs.

NFTs can allow folks to offer ownership to a limited edition of Johnny Depp-created art or an NFT that offers you exclusive access to Tom Cruise’s upcoming action thriller Mission Impossible: Dead Reckoning.

NFT and Blockchain technology can be utilized to develop entire digital ecosystems, involving DAOs, where all decisions are governed by owner or the voter of the organization, which is then conducted automatically through virtual smart contracts without any requirement of human intervention.

Crypto And NFTs Getting Popularity In The Industry

Within this independent film industry, myriads of serious players are getting earnest regarding cryptocurrency.

Earlier this year, Extension 765, a production company signed up to back Decentralized Pictures (DCP), a filmmaking platform powered by blockchain discovered by Roman Coppola, Michael Musante and Leo Matchett, committing $300,000 on finishing funds for minor projects or fiction features of DCP’s platform.

Goldfinch, a producer based in London, which has supported projects such as Bombay Rose and Twist, starring Lena Headey and Michael Caine, earlier this year released FF3, a cryptocurrency crowdfunding platform for indie filmmakers which flagged off with The Dead of the Winter.

Utilizing NFTs For Crowdfunding Can be Effective

Using Non Fungible Tokens for crowdfunding, by providing exclusive virtual artwork or other digital assets linked to an indie project, might be “substantially more effective” than conventional crowdfunding through websites such as Kickstarter, as NFT is an authentic asset with genuine ownership which offers fans a real stake.

Blockchain tech and smart contracts throughout the distribution and production process may enable organizations to simply and transparently keep an eye on how funds mobilize in and out of the project.

The sophisticated legality revolving film financing may scupper several, even most, of the crypto supported projects being pitched in Cannes this year.

The still infant NFT entertainment business has yet to offer a success story to prove its case that this latest technology can truly be groundbreaking.

Anurag Batham is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.