How did the NFT become a tempting opportunity to increase the profits of the movie industry?
There are many uses for non-fungible tokens or NFTs in today's world. And here she is, reaching the world of fame and celebrity in Hollywood. And with the remarkable development witnessed by these symbols, the demand for them began to increase and even exacerbate, especially from the major filmmakers in the world.
And it has become possible for filmmakers to use the NFT to sell digital and exclusive pieces of their work, and to achieve greater and more important profits, especially for independent filmmakers.. What are the uses of non-fungible tokens in the world of cinema?
. Launch the movie as an NFT
This use is still new to the scene after it was almost impossible in the past. In fact, it is not possible to launch entire feature films as an NFT, thus limiting it to short films or video clips only. But with technology evolving day by day, last September the first Hollywood feature film to be released as an NFT appeared, Zero Contact starring the well-known actor Anthony Hopkins.
Enderby Entertainment studio released this movie on its own blockchain platform. NFTs from this movie were sold for approximately $90,000. The provider of this platform Currency Works indicated that it receives a royalty after each purchase or sale of NFT.
. Financing film productions through the NFT
There is no doubt that selling non-fungible tokens as a way to fund movies has become very popular in the arts community. This method aims to contribute to the financing of a production that competes with the traditional method of financing and the models that independent filmmakers usually turn to.
Traditional financing methods are still the basic rule and first choice, and it seems that financing studio releases through NFT has contributed to the democratization of the film industry. Fundraising through non-fungible tokens can play a fundamental role in attracting a broader audience base and even help producers find an audience that is engaged and invested in the film itself.
Goods sales via NFT
The most common way to monetize new movie releases with non-fungible codes is almost certainly through merchandise sales, which usually, but not always, takes place after a movie has been released to market. For example, the movie The Matrix has expanded into blockchains.
Indeed, the production studio in question, Warner Bros., released an NFT series inspired by this movie, prior to the release of the second part of it. There is no doubt that the world is in continuous development, and this development must affect all areas of life that surround man, his environment and his work.
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