The Use of Blockchain in the Film Industry
Web 3.0 technologies are making further inroads into a variety of traditional businesses, hence introducing innovation to previously established protocols.
This encompasses creative industries that have a long history, such as the music business, as well as more contemporary creative sectors, such as the film industry.
The new film Fuzzy Head will have its world debut this year at the Slamdance Film Festival, which is an Oscar-accredited film festival for independent filmmakers. The production of the film was made possible by the blockchain-powered crowdfunding site Untold.io. “The most crucial part of crypto and blockchain integrations in the film business will be increasing fan interaction through NFTs and opening up a new asset class to all different sorts of investors via compliant security tokens,”
Dapper Labs and Untold have formed a partnership in order to advance Untold’s technology and provide its programmes with more accessibility.
Other noteworthy movies, such as “The Comeback Trail,” which stars Robert De Niro and Morgan Freeman, have also received financial backing via this platform. It is not the first time that a film festival has seen the use of cryptocurrency and blockchain technology in films that are making their world premieres.
In 2019, representatives from the Filmio blockchain platform went to the venerable Sundance Film Festival in order to explore potential ideas for the blockchain-based entertainment platform that they are developing.
During Sundance Film Festival of the previous year, Liquid Media Group made an announcement about their first blockchain film streaming with a slate of digital panel discussions.
Additionally, the business discussed the effect that nonfungible tokens (NFTs) have had on filmmakers and the communities in which they work.
The movie “Prizefighter,” which was directed by Russel Crowe and released in 2022, used non-traditional forms of financing (NFTs) in order to partially support its production. The director described the movie as being “audience-driven.”
According to Aksu, the use of blockchain-based technologies by heritage directors and large festivals adds awareness to these tools for small filmmakers, who stand to gain tremendously from using them. These are also wonderful possibilities to build a genuine community that supports ground-breaking initiatives like blockchain.
The previous year, film director Anthony Hopkins was successful in selling all of the items in an NFT collection that was based on characters from movies that he had previously produced.
In addition, Quentin Tarantino developed novel film techniques (NFTs) based on his groundbreaking film Pulp Fiction.
Later on, he became embroiled in a big legal dispute with the film production business, which centred on allegations of copyright infringement.