Hollywood is on the lookout for a new source of revenue in the growing market for non-fungible tokens (NFTs) which are now seeing unprecedented growth.
As a result of COVID-19, many moviegoers have been driven away from theatres and it made it more difficult to sell blockbuster tickets. Following this change, a few companies have started to get more creative with blockchain technology in order to improve their chances of being successful.
A brand new science-fiction film starring Anthony Hopkins will be auctioned off as an NFT, and it will be the first film ever to do so.
The film “Zero Contact” is being auctioned off in collaboration with Vuele, a non-profit film distribution network that aims to establish a new paradigm for the future of movie distribution.
The movie was initially offered via two NFT bids on OpenSea, the world’s largest NFT marketplace.
The first auction, which included a grouping of “10 of 10” elite edition NFTs, concluded on Monday, September 27 without reaching its reserve price, but the reserve price was met in the second auction, which closed on Tuesday, September 28.
The beginning bid price will be three Ethereum digital currencies (3 ETH), which is about $8,500 (£6,300).
About Zero Contact
The film, which was shot in 17 different countries (all virtually) during the 2020 COVID-19 pandemic, follows five people from all over the world who are connected only by their love for Finley Hart, the late creator and tech tycoon played by Hopkins.
In an interview with Yahoo Finance Live, Vuele Co-Founder Rick Dugdale said that the company’s wish is to demonstrate that there is a revenue stream in Hollywood that has never been seen before.
Dugdale also works as a director and producer for the Vuele production company and adds that ‘blockchain technology is the future of the film business,’ says the filmmaker.
According to Dugdale, filmmakers might earn a few hundred thousand dollars from a non-conventional release, after which the film could follow the traditional path to the theatres and earn more money.
NFTs Are Definitely Becoming More Popular
NFTs make use of blockchain technology to create secure transactions for the authentication of digital art, which may include everything from movies to music to artwork.
It will be necessary to utilize the NFT protocol in order for the NFT-based film to be able to function on the CurrencyWorks blockchain, which has cross-chain capabilities with Ethereum.
Not only does it offer the opportunity for greater fan engagement that would otherwise be inaccessible via a traditional release, but it also creates a potential new revenue stream for the industry by allowing movie lovers to own a piece of a film.
As an added benefit, many of the NFTs contain riddles that fans may compete to answer in order to win prizes, which will create a feeling of community amongst those who participate.
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