NFTs are all the rage right now. Everyone wants to buy one and profit from reselling it at a higher price sometime later. Before investors put down good money investing in NFTS, they should get more information on the subject and industry. Initially, NFTs could only be certain data size because of blockchains’ storage limits. It was virtually impossible to release video clips or full films as NFTs because they would simply not get encrypted. However, in October 2021, a company joined the market and became an instant game-changer. The Hollywood feature film was released in Vuele.io versions. Vuele.io is the studio’s patent blockchain network designed to cater to the needs of the film industry. The studio used the blockchain network to distribute the movie and related merchandise. In a few days, the system supplier (CurrencyWorks) reported making a total of $85,000 worth of film NFTs. While using the network to sell, CurrencyWorks has the means to claim royalty which would otherwise be close to impossible. While the returns are not what you would expect to hear in NFT talks, they are still a considerable amount. Kelvin Smith released his picture Kilroy Was Here and started the sale off to a good start. Although it was not originally sold as an NFT, he pledged the rights to display, sell and live stream the picture to the buyer, and bidding started on the picture. There was no report on the likely amount the picture collected, but NFT experts believe it’s a substantial amount.
Funding Film Production Using NFTS
Finding the money to produce new films is not always easy. Now more production teams are selling NFTs to raise money for production. This practice has become common in executives who just want the money while others seek ways to revolutionize funding approaches. A good example is the Forest Road Company, which has launched a twenty million NFT fund to aid indie filmmakers in monetizing their materials. Niels Juul is making the first feature film intended to be funded by minting NFT tokens. The Irishman will be the first of its kind, having launched NFT studios. In the past, Julie Pacino, Al Pacino’s child, generated one hundred thousand dollars by selling no-fee prints. The sale aimed to fund her feature film titled I Live Here Now. Filmmakers are sharpening their fund sourcing skills and acquiring crypto assets on NFT sites unique to the film sector. These crypto assets on new NFT platforms include First Flights. So far, the most common source of financing for new film premieres is through the sale of NFT products. The first Tarantino’s NFT sold for 1.1 million dollars. However, the sale was quickly shadowed by a lawsuit from Miramax citing IP infringement and seeking to halt the sale of the NFT. This could be the beginning of legal battles between creative and corporations over who owns the rights to their highly valued NFTs. While the legal grounds for the sale and purchase of NFTs remain murky, most sales have gone off without a hitch, funding numerous feature films for the end consumer’s benefit. Large studios like Warner Bros unveiled a set of NFTs last year before the launch of The Matrix. This shows that the NFT industry is fair game for the film industry to venture into.
Experts argue that Dolby Vision makes for a better TV watching experience. TV marketing will endlessly mention high dynamic range, but few people understand what it actually means. Dolby Vision is a form of advanced High dynamic range (HDR) that lets your television adjust brightness and contrast levels as the screen transitions from one scene to the next. Viewers experience better image quality when adjusting brightness and contrast to suit their tastes. The Dolby Vision uses dynamic metadata to decide which brightness contrast ratio is best for the audience.
What Exactly is HDR?
The first innovations in HDR were made as early as the mid-1800s. Jean Baptiste Le Gray was a photographer who introduced the idea of HDR. He created the concept of tone mapping, which is used by photographers today. The concept aids artists in reducing shadows, brightening colors, and managing contrast on objects in an image. Today, videographers use tone mapping skills to manage and improve the sharp contrast between bright and dark areas on a screen. Tone mapping allows your screen to give you the best dark scenes that aren’t too dark and vivid bright scenes that do not blow out the brightness. The best part is tone mapping does not have to affect the overall contrast on your screen.
Which HDR Standards Should be Used?
Most modern TVs have distinctive display capabilities. A television can drastically improve display quality when well-matched with the correct HDR standards. The only problem is that not everyone can arrive at a consensus on which HDR standard is best for viewers. Because of the lack of a unified approach, filmmakers have been forced to instruct studios to create one standard throughout one film. The results are moderate because the studio is forced to adopt scenes that match their HDR standard but more could be achieved if algorithms were created to alter HDR using AI.
How Dolby Vision and HDR work Together
Thanks to improving technology, studios have found a way around using a single HDR standard on an entire film. They have discovered the use of dynamic metadata, which instructs your TV on how to adjust brightness and contrast for different scenes in a film. Currently, only Dolby Vision and HDR10+ allow for the use of dynamic metadata. The two are much better at improving screen quality than HDR10.
Key HDR features
Color volume refers to how many colors a screen can actually display. It is also called color Gamut or color space. TVs capable of high HDR performance can display more colors. Most commercial studios use the DCI-P3 color space to master big-budget films.
As the name suggests, local dimming involves turning down the brightness on specified screen parts while others remain at an average level. True Dolby Vision is defined by accurate local dimming. No screen can use dynamic metadata without the ability to actualize local diming.
Most TV screens have limited maximum brightness. Peak brightness is essential for optimum HDR performance. Older models will have a hard time keeping up with HDR high brightness requirements. Dolby vision functions like the air-conditioning in any room. Without it, being inside would feel very uncomfortable. Using Dolby’s vision definitely takes the viewing experience to the next level. Modern screens will have an easier time implementing dynamic metadata compared to aged TVs.
A fatal accident occurred during the production of a Western movie titled Rust. The set was located in New Mexico in October 2021. Baldwin, one of the actors and producers of the film, pointed a gun at his colleague cinematographer Hutchins, and the gun accidentally went off, killing Hutchins. The scene was set at a small church. Alek Baldwin claimed that Hutchins asked him to point the gun at her and that he did not squeeze the trigger. The bullet also wounded Joel Souza.
Two Bills with the Same Goal
As a result of this incident, new rules regulating the use of guns while filming were drafted. Unfortunately, they did not pass the California Legislature. State Sen. Anthony Portantino advised Democrats and the entertainment industry to find a middle ground for the two bills for better chances of passing the legislature. Unfortunately, this advice fell on deaf years, and nothing was ever done. Consequently, the two bills fell through.
Dave Cortese’s bill proposed the ban of guns and blank ammunition containing gun powder from film sets. In addition, the bill proposed the ban of any other explosive charges from film sets with a few exceptions. If his bill had gone through, producers would be legally required to hire a trained set safety coordinator to perform a risk assessment before shoot day. The California International Alliance of Theatrical and State Employees Council supported Cortese’s bill. This bill did not go unopposed. The Alliance of Special Effects and Pyrotechnic Operators opposed Dave’s bill stating that the bill would not have evaded the tragic accident on foreign soil. They added that the bill would affect California’s quality of motion pictures.
On the other hand, Sen. Portantino’s bill would have allowed guns with blank ammunition on film sets under the close supervision of a fully trained armourer. The armourer would have to undergo gun safety education before being hired on set. The gun safety course would be put together and offered by the State Fire Marshal. The bill only allowed for live ammunition on special occasions with strict supervision. State Sen. Portantino expressed his disappointment that the two bills could not be merged. Motion Picture Association fully backed Portantino’s bill, and it faced little opposition.
An Onslaught of Lawsuits
After the tragedy on the set of Rust last year, a few lawsuits have been launched. First, the New Mexico safety regulators fined the film production company $137,000 for failing to adhere to fire safety rules. Shortly after, Hutchin’s family sued Alek Baldwin and his fellow producers on set in connection to the shooting. These are just a few of the lawsuits launched after the tragic accident that took the life of Hutchins.
Other Bills that also Failed
The two bills were not the only ones that failed to pass the legislature ahead of the deadline for bills to be approved by the appropriations committee. A bill that proposed converting public golf courses into affordable housing was also shot down. Another bill that sought 7.4 billion dollars for wildfire prevention efforts and drinking water projects was also turned down. Last but not least, a proposal to terminate all state drilling and mining for gas and oil in state waters was quickly turned down.