NFT have finally moved into the film industry. Due to technological limitations, releasing small video clips as NFT was just a concept. But now, a handful of films have been released as NFT already. Also, releasing films as NFTs is just the tip of the iceberg. NFT and the film industry have so much potential together which we must discuss. Many filmmakers are funding their projects via NFT sales. Many production houses are advertising their projects by selling merchandise as NFTs. Also, there have been many surprises in NFT film releases, like giving complete legal rights to the buyer. There’s a lot to know about NFTs and how it is likely to reshape the film industry. There are many methods filmmakers implement that you could’ve never imagined. So without further ado, let’s jump right in!
NFT and the Film Industry
The movie industry has been revolutionized a lot in the last fifty years. If you look at the CGI, it was pretty corny in the ’70s. But now, you can’t tell the difference between CGI and real life. Sounds, picture quality, makeup, everything has been changed inside out and pushed the industry to an unprecedented height. The same is happening with the distribution process. Films released in theaters, running for a few months, then released in DVD or Blu-ray format; this has been the business policy of the film industry for a long time. But in recent times, the film industry has been trying to shake hands with NFT, and so far, things have gone quite well. NFT stands for non-fungible tokens. Non-fungible means unique and cannot be replaced with anything else. Think of bitcoin; it’s not unique. You can trade with another Bitcoin, just like a real-life currency. NFT differs in that aspect. It can be a video clip, a picture, a song, or anything. When it becomes a part of a blockchain, it becomes permanent.
The movie industry is slowly moving towards NFT. By moving, they are utilizing NFT to facilitate movie-related stuff. It can be funding a movie, advertising, or even releasing a film in the form of an NFT.
Whatever they do, the collaboration between NFT and movies has been going quite well. As we have already stated above, there are different methods by which NFT can help the movie industry. Although there have been some unexpected turns, we can assume that NFT and the film industry can get along nicely and for a pretty long time.
Different Ways NFTs Are Being Implemented In The Film Industry
The movie industry is moving towards NFT via different methods. Production companies can release the movie as an NFT in which the movie industry directly interacts with NFTs. NFT can indirectly support films also by funding a movie through NFT sales.Also, production companies can sell movie merchandise in the form of NFTs. Let’s discuss this in more detail below:
1. Releasing the movie as an NFT
Releasing films in the form of an NFT is likely to be the future. In this way, the possibilities of piracy decrease by quite a lot. Some time ago, this idea seemed not possible because of the storage limitations of blockchain technology. Only short video clips were released as NFT. With the evolution of technology, that barrier has become possible to overcome.
In September 2021, the movie Zero Contact starring one of the all-time greats, Anthony Hopkins, was released as an NFT. The studio behind the film also released movie-related merchandise on their blockchain platform. The film sold for $90000 as NFT, which is a remarkable performance.
If you have kept tabs on NFTs and Hollywood movies in recent times, you know that this figure is nothing compared to some of the world’s most expensive NFTs or highest-grossing films. However, it’s just a starter. Also, recently a film by Kevin Smith was auctioned as an NFT; the deal was that whoever bought the NFT would get complete rights to the film. If things go in this fashion, we can assume that the movie industry switching to NFT is a good move.
2. Funding production of the film through NFT sales
Although releasing films as NFT is becoming a practice, it’s far from becoming the norm as box office release is still going strong, and people love watching the movie on big screens with family members and popcorn. However, funding film production by selling NFT has already become quite common.
Both established companies and indie producers are practicing this trend. The former is doing it to earn extra cash while advertising their upcoming film; the latter simply needs money. In both cases, NFT serves a common purpose successfully.
3. Further monetizing the film through NFT merchandise
Merchandise sales are a trendy way of advertising newly released movies. Recently, movie companies are selling various merchandise as NFTs, and it has proven to be the most efficient way to monetize films. When the film industry finally shifts to NFT, selling merchandise as NFT will be the most sought way of publicizing a film.
Even old movies like Pulp Fiction are getting attention from the new generation thanks to NFT. Quentin Tarantino sold several uncut scenes from pulp fiction in an auction in the form of NFTs. The NFTs sold for around $1.1 million.
The Keanu Reeves blockbuster franchise matrix also stepped into the NFT game. Warner Brothers released some NFTs related to the matrix series to advertise the latest entry in the franchise, Matrix: Resurrection. Dune also did the same for the rerelease of the 1984 classic.
NFT Films Building Strong Communities
NFTs are an excellent means for stopping ruthless film pirates. Movie fans can make great use of the NFT film distribution platform, which would also fuel fandom. Producers and NFT platform executives all agree on one common goal; the aim of releasing films as NFT is to build a community rather than just business purpose.
Platforms that release NFT films are also a great source of getting various collectibles that aren’t usually available at the box office or physical release. NFT is also giving people the pride of ownership. When you purchase a film on DVD or Blu-ray, you are not its owner. You are just in a deal with the production company to have a copy of that movie.
With NFTs, you can have all legal rights to a movie and use it in any way you want. You can monetize it or store it just to yourself as a piece of art that no one ever sees but you. With blockchain technology, the community holds more power. The fans used to get nothing from the industry up until now.
They spend their hard-earned money watching a movie and getting nothing in return. In the process, a few handfuls of people get rich. NFT is changing that. Average movie enthusiasts can get something in return for their enthusiasm for the genre.
Future of the Film Industry at the Hands of NFT
NFTs are unique digital assets. People can use them in various ways, and that’s the best thing about NFTs. It can be used as currency, in-game items, collectibles, pictures, logos, etc. One unique aspect of NFT is that it is stored on the blockchain; this ensures the asset’s security.
NFTs are open to the mass public, which means anyone can invest in this technology. When a company releases a movie as NFT, there is no restriction as to who can watch it or not. Anyone can pay the designated amount to watch that movie. NFTs are a speedy way to reach mass audiences and are the safest.
As NFTs are extremely popular, getting investments as NFTs is also easier. There are so many viral NFT projects already available. Celebrities invest massive amounts in these projects. If a filmmaker chooses one of such NFT projects, it will be much easier for him to get funding right away.
Another great feature of NFTs is ownership. Digital asset ownership is safer in blockchain technology. NFT is helping people to understand more about blockchain. Movie makers releasing their projects as NFT will ensure both the audience and the legal right holders of a film hold the right to their respective properties.
Various NFT platforms are helping the film industry make film-related NFTs. With all these things considered, it’s safe to assume that the future of the movie industry moving to NFT is highly likely to be a game-changer.
NFT is pretty recent hype but has become extremely popular faster than anyone could expect. It started as a mere hobby; to some, it is also an investment. However, NFT has a far-reaching impact, and the collaboration with the film industry has proven it.
Various filmmakers and companies adopt NFT to facilitate their ventures, and many NFT platforms enable the cause. It’s great to see an all-around effort to a recent innovation, and hopefully, it will go a long distance in the future. Thanks for stopping by and hopefully this write up was able to raise some awareness on the potential of NFT films.