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.